Entrepreneurship Evolves When Technology Penetrates Rural Areas: Ritesh Agarwal The rapid build-up of Internet infrastructure gives the scope for more entrepreneurial growth in the country
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India has become the third-largest Unicorn ecosystem in the world and saw a surge in companies attaining Unicorn status, and the annual run rate is brisk. The important part is that Tier II and Tier III cities and beyond are now becoming hotbeds of innovation, said Ritesh Agarwal, founder and CEO, OYO Rooms.
"The small towns of India are now more exposed to the world than ever before. Now every Indian is seeing the same dreams regardless the place they belong to. The structural shift is happening to a greater extent in the small towns of India. This creates a better space for the entrepreneurs to come," he remarked.
He was speaking at the Global Unicorn Summit 2022 organised by CII Future Business Group along with the Department for Promotion of Industry and Internal Trade (DPIIT). The theme of the event is "1000 unicorns by 2030'.
"Our country has a huge rural mass. The integration of technology to the rural infrastructure can be an integral part in the upcoming entrepreneurial evolution. As a part of this, OYO has worked with the village home stays in the rural parts of the country where we have enabled the villages to bring their houses online and generate income."
World is a combination of ecosystem and infrastructure as well as a sense of motivation towards entrepreneurship that has created a significant enablement. Talking about the enduring pattern of entrepreneurship in India, Agarwal said, "India is always been in an entrepreneurial design. It shows how small business and retailers power the Indian economy. But the scarcity of opportunity is the actual challenge."
In the world of rapid revolution of Internet infrastructure, the cheap and quick distribution of products combined with the ability to make sure that the capital becomes easily accessible gives the scope for entrepreneurial growth.
"As you all know the last couple of years, we as a country, started our momentum towards the 1,000 unicorns. In this journey our country will see many more entrepreneurs joining the league," he added.