ON RIGHT PATH – START UP INDIA
It’s a “cool” word today & famous among the youth; every citizen is talking about and supporting the concept – ‘Start-up’. Surely the government’s initiative has made the term start-up & entrepreneurship, well known and mainly well accepted concept across the nation. It is successful in removing barriers of starting new business. Rather made it more acceptable and certainly highlighted entrepreneurship as a possible career option, which is not doing job but creating many. Many parents are happy today because their son or daughter is running his or her own start-up. It’s a great thing of changing mentality of parents and also other stakeholders in the society.
How do we define a start-up? Can a grocery shop or a local sweet mart call itself a start-up? The answer is no; because a definition of start-up explains as ‘a unit with a turnover of not more than INR 25 Cr., not more than five years old, working towards innovation driven by technology or IP. One needs to understand that technology or IP is a must element if it is to be called as start-up. So what we can make out from the definition is that a start-up is a company which is in the first stage of its operations. These companies try to develop a product or service for which their entrepreneurs believe that there will be good demand in the market sooner or later.
Today’s India requires millions of start-ups to come up every year and that to from all part of the country, which is currently missing. All such benefits of the scheme are noted, accepted and executed by the public living in metro cities. Also we need to revisit the definition and think about major focus put on technology & IP; rather we should consider any legal business which is generating jobs for others. It may be a traditional business, which may be accepted for the same.
Another concern is about getting more and more VC from abroad, by which are we not increasing the flow of INR to other countries in the form of profits? We surely need more and more business to start every year in all part of the country but also should address the concern of inclusion or more local people and finding local VC so that we can retain money in the country only. Finally all seems to be bright, let’s wait till the time tells us the difference.
By Dr Yogesh Daudkhane,
Indira School of Business Studies