You can be on Entrepreneur’s cover!

6 Things You Need to Discuss to Boost the Indian Startup Ecosystem Our 5 trillion economy aspiration needs an executable plan, Entrepreneurs are already playing a pivotal role in it

By Abhishek Kumar Gupta

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Shutterstock.com

India was ranked 17th position among 100 countries in Startup Ecosystem Ranking for 2019. We were standing at 37th spot last year. That's not something we should be too proud of Delhi, Mumbai, and Bangalore are 3 of the most vibrant startup cities globally.

What do we Need to do to Create the Next Wave of Disruption?

The disruption has to happen from the roots. Where are our roots? How can we achieve the next wave of changes? We don't have a simple "objective type' answer to this. Before coming back to the manifesto for change, let's make a ground reality check.

We have come a long way off. Startups like OYO, Paytm, Ola, Flipkart have attracted global attention and it's great to boost the Josh. Also, Flipkart's situation taught us that we need to rethink our stand on Differential Voting Rights.

The 5 Trillion Economy

Our 5 trillion economy aspiration needs an executable plan. Entrepreneurs are already playing a pivotal role in it. We need to make the fertile grounds ready

Angel investing is a serious business both in terms of risk and potential. The Union Budget 2019-20 has focused on solving the issue of angel tax to encourage angel investment and that's a great move that would have a lasting impact.

The government has established a ₹10,000 crore Fund of Funds for Startups (FFS) to extend funding support to innovation-driven startups the percentage of funds utilized is not satisfactory.

SIDBI uses a network of registered Alternative Investment Funds (AIFs) to invest in DPIIT recognized startups. There are 19,351 DPIIT registered startups and 49 AIFs according to government's sources. Sidbi has committed ₹3,123.20 crore to these 49 AIFs, but only ₹483.46 crore has been drawn from FFS.

The Route to Disruption

The startup ecosystem is unfolding it another face in India with a renewed interest from investors. The question is where do we go next. Here are a few things we can consider.

Tier 2 Cities

There is a strong need for building an ecosystem that we have been delaying. We must create the grounds for innovation, incentivize the innovation ecosystem in tier 2 cities and democratize the access to schemes, knowledge, people, and infrastructure. Coworking spaces can be a shift changing move. This is the root we must take care of. Innovation has to echo from the tier 2 cities of India.

The Talent Agenda

There is a big gap in useful skills. We can't ignore the workforce. We will need to create smart resources. Skills that can actually solve problems.

Collaboration

The government needs to encourage corporations to use services from startups. The CSR funds can play a huge role if properly channelized to create the innovation ecosystem.

Mindset

Mentality shift is an easy word to say. It takes years to happen. Startup communities can help to achieve it from the ground level by creating platforms to come together and understand to help each other grow. Entrepreneurs need to have the humility to face failures, the courage to celebrate others' success and the empathy to understand the struggles of peers.

Abhishek Kumar Gupta

Community Head of Startup Delhi & Founder of Next Big Brand

Business News

I Designed My Dream Home For Free With an AI Architect — Here's How It Works

The AI architect, Vitruvius, created three designs in minutes, complete with floor plans and pictures of the inside and outside of the house.

Culture

50 of the Best Work from Home Jobs That Pay Well in 2023

If you're tired of driving to an office and would love to work at home, there are plenty of high-quality full-time work-from-home jobs for you.

Business Solutions

Handle In-House Projects More Efficiently with MS Project Pro — Just $24 Through April 16

It's designed to help teams stay on task with features like management templates, timesheets, generators, and more.

Business Ideas

7 Link-Building Tactics You Need to Know to Skyrocket Your Website's Rankings

An essential component of SEO, link building is not just a 'Set them and forget them' proposition, but a dance of skills and strategies.

Science & Technology

These Are the Top 6 AI Threats to Your Business Right Now

The modern workforce is forever changed by artificial intelligence. If you fail to understand that we will all need to learn AI to some degree, you haven't been paying attention.

Business News

Here's One Thing Americans Would Take a Pay Cut For — Besides Remote Work

An Empower survey found a high percentage of respondents would take a pay cut for better retirement benefits and remote work options.