Startup India – New Ideas Thrive Within the Right Startup Ecosystem
India is a land of natural resources and a vast population. Sometimes conventional methods of getting the people to utilise the resources or vice versa hamper development. Thus, the same problems could lead to finding a new solution. New ideas are generated every minute of the waking hour. Moreover, the educated class are now turning to entrepreneurship as a career of choice. With that, India is beginning to recognise the power of startups in India and launches Startup India initiative.
The Beginnings
New ideas or improved methods of traditional processes are always a debate. For most of us, if a new design brings more benefits, we welcome it with open arms. But to reproduce into mass production, new entrepreneurs would have to convince a variety of people to get it off the ground. Thus, the government of India steps in and helps pave the way for startups to flourish in India. Startup India not only helps startups with fund access, but it is also to create a complete startup ecosystem that will benefit everyone. It is meant to drive entrepreneurship, opportunities as well as innovation. That said, startup culture in India will enable more job creators and add value to the labour force.
The Action Plan
Startup India comes with a detailed action plan to ensure startups of all kinds will benefit. The action plan focuses on simplification and handholding, fund access and incentives as well as industry-academic partnership incubation. Startups will continue to flourish when all it is backed by legal policies for intellectual property protection. The action plan further outlines startup entrepreneurs can benefit from the enhanced infrastructure, including incubation centres. Startups can benefit from intellectual property rights facilitation which is the basis of protecting new ideas to ensure it grows and blooms into commercialisation. Before such facilitation, patenting new ideas was a bane, and now Startup India makes it easier for entrepreneurs to file for patents. Most new entrepreneurs are enthusiastic about growing their ideas, but oblivious to the regulatory environment. This movement ensures that regulatory remains critical, but entrepreneurs will find it easier to understand and fulfil the necessary criteria. For example, entrepreneurs can comply with statutory formalities through self-certification through a specific mobile app. Startups can also register with relevant government agencies through a mobile app as well as via a website. Most entrepreneur and startups anticipate funding access as well as tax exemption. Startup India is handing out three years of tax exemption during the initial years of operation. As for access to funding, startups can get a credit guarantee. There is also a funding mechanism called the Fund of Funds. It is to ensure that only serious entrepreneurs have access to the funds.
Startup Spread in India
With the launch of Startup India, every state in India is taking up opportunities to be part of this dynamic ecosystem. From biotechnology to creative innovation, the widespread of startups seems never-ending.
