India from being the 4th largest startup in numerous the world back in 2015, did exceedingly well to become the No. 2 Startup ecosystem in the world (as reported in the Government’s Startup India website). Investors were upbeat in 2014-15 and heavily betted on numerous startups, many missing out on fundamentals of businesses. Over the next couple of years, the tremors or moderator due to those bad investment decisions. While some investors multiplied many times, those and startups lacked basics had to shut down or scale down or relook at their business model.
The shakeup has indeed made investors wiser and startups too are turning smarter. There seems to be
First let’s look at how a Startup ecosystem needs to be created that is scalable, sustainable and can contribute to the growth of our economy.
An ecosystem means inclusive; one that supports each other across all aspects that are required for the Startup Businesses to succeed. As we all compare how SiliconValley has been a startup success showcase, we need to pick those intrinsic attributes
There has been a good initiative from the Central Government few years ago, and things many startups have registered under this umbrella and taken benefits right from
The recent initiative Patna Ideathon 2018 from the Govt. of Bihar and Department of IT, was an event well organized and planned – be it scale and quality. The push right from the Chief Minister, Dy. Chief Minister and IT Secretary can be clearly seen as they realized that Patna has missed out in the development scale and had
- There has
beincubators and accelerators, and not just real estate business of co-working spaces making money without adding value to aspiring entrepreneurs and startup founders.
- Ecosystem should be mentors spread across specialization right from business, to finance, to operations, legal, etc. who can lend their helping hand to startup businesses.
- Investors, financial institutions, banks, to understand the specific demands, challenges, and nuances as to how startup businesses work and provide support through financing them at the right time, and at the right stage. This is easy said than done, as most find it difficult to evaluate the right startups and whether or not and how much to fund (considering their risk appetite).
- Media should be showcasing those startups and in numerous not become a big paid media activity, to garner eyeballs. Then the fundamentals of building a and startups thwarted. Genuine startups need to be identified, highlighted as they too need the right visibility to build.
- We also need a community that can help startups when faced with specific challenges or when they seek advice. This way, right at even an ideation stage, the aspiring entrepreneurs, startup founders need not reinvent the wheel for solutions which
haseither not worked, or not having the desired market opportunity.
- Support from Government to ensure that this is
engine, through ease of process, transparency, and regulations, and showcasing intent in building this startup ecosystem. awell-oiled
Jobs cannot be created by the Government (as their employees) to the extent of what’s required for billion plus population here. Neither the large
Look forward to your views, and happy to play a part in whatever way we can!
Leave a Reply
You must be logged in to post a comment.