The Indian entrepreneurial spirit has risen remarkably as India serves as the fastest growing startup-base worldwide. As per the report, India ranks third in number of start-ups globally as three to four new Indian startups are emerging every day. India stands third in technology driven product start-ups just after US and UK respectively. Due to the current competition in e-commerce sector, a rise in the investor funding in India is experienced.
The country also took a step forward with start-up India, with Atal Innovation Mission, which brought together academics, entrepreneurs and researchers to collaborate on concepts that could drive economic growth and job creation. Entrepreneurs play a vital role in economic development as key contributors to technological innovation and new job growth. Though India has millions of traditional entrepreneurs, they are mostly small business owners so they stick to traditional cash flow businesses and family businesses. One of the key drivers of entrepreneurial growth is mental fortitude. Risk is another inherent aspect of entrepreneurship. All of us are born with the ability to take risks, think creatively and challenge the everyday way of doing things. Through aiding entrepreneurs to start businesses and by making it easier for companies to invest, India can propel its industries to lead on the global stage.
Women entrepreneurs have become more prominent in the innovation economy. Several women-run start-ups such as limeRoad, Kaaryah, Zivame, CashKaro; media companies like YourStory and POPxo. The big challenge is startups face is in securing capital. Securing capital is important for the success of entrepreneurs in the early stages of development. Another challenge is team building, picking the right team for a startup is stressful and difficult. The right set of mentors is vital for the successful development of a new venture.
The writer is Manish Gupta, Chairman, JIMS, Rohini