India is growing to develop better reforms to help start-ups grow and prosper. Here's how individual states are leveraging existing ecosystems to offer support.
India boasts of having almost 9,300 tech start-ups alone, along with 1,600 deep tech start-ups.
India is the breeding ground for more than 50,000 start-ups and over 30 unicorns. India boasts of having almost 9,300 tech start-ups alone, along with 1,600 deep tech start-ups. The country even has 335 incubators and accelerators. As per the Nasscom-Zinnov analysis regarding the Indian tech start-up ecosystem, the country is expected to witness almost 100 unicorns by 2025 who would have the potential to create over 1.1 million direct jobs.
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The Government of India recently declared the second round of its state start-up ranking. The current Government had initiated the start-up ranking system to encourage the Indian states to create an environment that is conducive to the growth of entrepreneurs. The idea behind conducting such an activity is to build capacities at the State level to support innovation and entrepreneurship.
As per the 2019 start-up ranking list, the states which were ranked as emerging start-up ecosystem were Tamil Nadu, Sikkim, Chhattisgarh, Madhya Pradesh, Assam, Uttar Pradesh, Nagaland, and Mizoram. The States which were ranked as Aspiring Leaders were Punjab, Jharkhand, Haryana, Telangana, Uttarakhand. The overall top performers of the study were Karnataka and Kerala. A special category as Best Performers had Andaman and Nicobar Islands (among UTs and North Eastern States) and Gujarat (among all other States) as winners.
So, what is it that made these States achieve the spots of entrepreneurship development States Let us have a look.
The State of Karnataka had been recognised for the implementation of its futuristic policies that would help out the new and disruptive technologies, reviewing the challenges faced by start-ups working in emerging technologies, and holding the Elevate programme to actively support and fund new start-ups.
Along with Karnataka, even the State of Kerala has been recognised as an institutional leader, procurement leader, regulatory change champion, and incubation hub.
While talking about the State of Kerala, it has been recognised for its institutional support particularly to the women entrepreneurs, robust venture funding mechanism for the Start-ups, along with support from the various Government departments. The exemplary performance of the State was because of its leadership status in the stages of procurement, incubation, seeding, and scaling innovation.
The State of Gujarat secured the position of being the top performer due to the proactive mechanisms which have been designed to identify regulatory issues from disruptive sectors. Along with this, the State has also set up one of the largest incubators in the country - iCreate, and the Student Start-up and Innovation Policy with the objective of increasing the capacity of premier educational institutes.
Looking at the tremendous growth in entrepreneurs and the rise of unicorns in the country, certain suggestions can help budding entrepreneurs from different states to join the league.
Product - entrepreneurs must focus on techniques to reimagine new products, how the output can be used, and what is saleable in the present times
Processes - entrepreneurs must focus on how they can constantly redesign and reengineer the processes of doing the same thing to make it easily accessible to the clients
People - Start-ups should focus on developing people-centric ideas, keeping the consumer at the centre of all new ideas of the innovative ecosystem.
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