5 Reasons Why New-Age Entrepreneurship is More About Breaking Barriers, Than Money Making Startups today are focussed on delivering solutions

By Rahul R

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In the age of technology it's the instinct of innovation which drives young people to new ventures rather than just the pressure to do something for a living.So, If you are planning to turn an entrepreneur, you have lots to cheer about with respect to the opportunities on offer and the potential contributions that you could make towards society. However, if latest trends are closely observed, then it is imminent that deriving money is seemingly not the only option that modern entrepreneurs are looking at; but rather, offering technology-driven solutions to make lives of people easier.

Also, with the investor community today; both angel as well as venture capitalists; actively searching for creative ventures to fund/mentor, your idea could be amongst the lucky ones here, but only if you accord preliminary priority to offer solutions whilst maintaining your priority to make your business scalable intact.

To analyse why entrepreneurship in 2018 is not just about focus on money, Entrepreneur India lists 5 key pointers why societal impact models have overtaken money-making:

  • It's all about simplification: New-age entrepreneurs are constantly engaged in making lives of people simpler and easier through harnessing technology. The best example her is that of Flipkart which used the internet to let people order stuff they wanted to, thus saving people from having to stand in queues to buy products. Similarly, the internet itself has been a simplifier. Also, considering the investor interest in ventures like Flipkart (even before the Walmart acquisition), it should do no harm for you to place focus on making technology accessible to people; finances should automatically flow in post your venture producing results.

  • Societal impact versus money: Once your venture has made a technology-driven difference in the lives of people, the recognition and positive talks coming your way should hold you in good stead for a potential big push. In these circumstances, money usually comes in automatically, along with mentoring by industry experts. Hence, keep the creative juices flowing without getting stressed up on finances.

  • Connecting with others is the key: Summarily, your vision finding the right connect with others (the like-minded community) is the key for new-age entrepreneurs. Consider this, India's very-first crowd-funded film – Lucia which is a Kannada movie was crowdfunded and made in a budget of INR 50 lakh. The film connected globally due to its content and the storytelling, and the fact that the movie did not have stars with lavish sets and sequences did not hinder the like-minded community from crowdfunding and supporting the film. Hence, what matters is the right vision and the right platform to express your vision creatively. Focus your entrepreneurial energies on these aspects primarily.

  • Breaking barriers: Undoubtedly, technology could break barriers. Entrepreneurs today, the young especially, have been looking at exploiting trends like the Internet-of-Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML) to find solutions such as smart healthcare processes, smarter retail operations, efficient connected homes; and more; aren't these ideas potentially trendsetting when it comes to making human lives easier?

  • Prototyping now dominant: If you are a new-age entrepreneur, your idea needs instant prototyping with plenty of room for improvisation. You could always prototype ideas without getting hassled by finances. This approach has resulted in the advent to startups which have now found itself on the minds of global investors and mentors. In summary, the key for entrepreneurs today is to dive into the water and learn to swim; resources would come your way provided you display the survival acumen creatively.

Rahul R

Former Staff

Rahul R is a media professional with over 6 years of experience. Prior to Entrepreneur India, Rahul was a Senior Technical Journalist at EFY digital magazine. 

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