Did you know that India ranks third in the global start-up ecosystem?
Every Indian youth today aspires to join a promising start-up. The lucrative world attracts everyone, not just the youth. And why not? Start-ups are changing the working environment of India. With more innovation, dynamism and passion is something the Indian market has rarely seen in the past. The evolution of the entrepreneurial era has just begun and is here to stay for long.
Should we support this budding culture? And, if so, why?
CBRE India Chairman & CEO Anshuman Magazine says, “In a developing economy like India, it is imperative to become tech-ready and encourage businesses working towards a transformation that will take the industry to a truly global industry which is tech-ready”.
Indian start-ups hold huge potential in changing the Indian business and economic scenario. The innovations in technology can disrupt the old mundane ways of doing business. The fast, exponential working environment creates more jobs for people, along with bringing foreign investments.
The start-ups can have a significant positive impact on local businesses. Many highly successful businesses started as start-ups. And a successful start-up can uplift the society’s or nation’s status through its services. Additionally, start-ups can create a multiplier effect. The capable entrepreneurs bring in more wealth and stability for local economies. That is why it is very crucial to support these start-ups to become organizations.
How can we support start-ups?
There are multiple different ways of supporting budding innovators. It can be financial support, management support, mentorship, etc. Here are some of the various ways to boost start-up culture in India:
The most crucial support a new start-up could get is funding. Without financial aid, they cannot achieve anything, no matter how great the idea is or how revolutionizing the tech is.
A large number of VCs, angel investors, incubators are available now to fund start-ups. Different investors have different areas of focus for funding. For instance, some of these programs focus on technology, some in life sciences, while others may be interested in a social cause. The potential investors should invest in the start-ups that they believe can succeed.
2. Create networking opportunities
“The richest people in the world look for and build networks, everyone else looks for work”.
This quote from the author of the famous book Rich Dad Poor Dad by Robert T. Kiyosaki fits perfectly here.
This is just what the start-ups need right now. Networking is essential for the growth of any business, for both short-term and long-term growth. The more people the entrepreneurs meet and connect with, the more chances they get to create a relevant impact on their business.
Organizing more networking events for the start-up people to come and interact with their peers and leading personalities in the field can help them get new insights. These events create possibilities to connect with just the right people who can potentially invest/partner/mentor in their start-ups.
The one thing that most of the current start-up’s lack is a proper direction. After the initial path, the entrepreneurs lose track of their objectives. That’s the reason for most of the pivots. What they need here is a guide who can tell them what to do at the right time.
Everyone needs a mentor. Even the second richest man in the world, Bill gates. Gates has often stated in his interviews that his close friend Warren Buffet asked him some tough questions during his early days which shaped Microsoft into a tech giant.
Teaching from the experiences of successful businesses is among the best things one can offer to the talented lots. A proper mentorship can help them avoid the obvious mistakes they are going to make in their journey. The start-ups save a lot of time and money by detouring from such mistakes, which is a huge achievement for small teams. The insights gained by those young talents is far more rewarding for them.
Renting office space is usually one of the largest expenses that a business has, which someone can’t afford when just starting. The skyrocketing prices of real estate have made it almost impossible for anybody to rent/lease/buy a location. The new start-ups cannot afford office space in Indian cities like Bengaluru, Mumbai, Delhi.
Incubators who see potential in a start-up can offer office spaces and help them materialize their dreams. Much like a coworking space, multiple start-ups can sit under one roof at a much reasonable price. Recently, coworking spaces have been in trend for start-ups. As per JLL, there will be 13.5 million people working in the coworking spaces by the end of the year 2020.
5.Marketing and advertising
Marketing is one of the fields that is not a forte for every person. Especially for an innovator. The entrepreneurs are more inclined to developing new things and might or might not have the knack to sell their end product. As important it is to design a new product/service, it is equally important to bring it out to the market. That’s where they might need help in marketing and sales.
Managed workspaces can help start-ups in advertising and marketing their products using their networks. They can guide them in deciding their niche marketing platforms and can fund them to reach out to the audience.
Starting an entrepreneurial career is one of the biggest decisions in someone’s life. Creating and building a start-up is a very hard job. With the current generation leaning more towards start-up culture, we need to support this phenomenon as a society. The policymakers should ease down the process of initiating a new company. More people should come out to lend any possible support to these upcoming leaders.
Start-ups are very important for our country’s economic growth. Companies like Flipkart, Snapdeal, Ola, Zomato, etc. are leading examples of how a small start-up can become giants with the right kind of support. And this is what we should support i.e growth and success of entrepreneurs and a positive start-up culture for the growth of society’s economy.