POST COVID START-UP ECOSYSTEM IN INDIA

These trying times have motivated most of us to dig deep to discover new ideas while developing, and assessing opportunities. The Post-Covid job market is witnessing transformations at all levels. These are the days when skill at discovering new ideas, and delivering them, has become one of the most important practical job skills. “How a good idea can become a viable business opportunity?” – People are exploring an innovative dimension of entrepreneurship based out of wide variety of environments, be it small businesses to social enterprises or may be large corporations. Majority focuses on to choose ideas having the best potential for success and create opportunities. To create something of your own is the real motive. Here I remember the famous quote saying “Be a job creator rather than being a job seeker!” and today in reality people are trying out ways to follow these lines.

Starting an enterprise might be really doubtful by nature, but yes! There are analytical ways to follow which can definitely increase certainty and decrease some risk. A pivotal process for budding Entrepreneurs is to appraise potential opportunities while using thoughtful processes to decide on and choose opportunities which can be better positioned for growth. The key pillars of a successful transformation of idea to start-ups lie in

• Conception
• Design
• Organization
• Management

Technology entrepreneurship and impact entrepreneurship are the factors which must align creating a platform where both diverge to draw a clear vision of opportunities to create a small enterprise. In addition, learning how to create a repeatable and scalable business model is sought from aspiring Entrepreneurs. To talk about recent scenario, the COVID-19 epidemic has made many people want to understand the science behind pressing questions like: “How many people have been infected?” “How do we measure who is infected?” and these queries have initiated the formation of various small to medium scale start-ups. Be Bound India Pvt. Ltd., Faclon labs Pvt. Ltd., Ayu Devices Pvt. Ltd., Pulse Active Stations Network are to name a very few amongst various Start-ups in India who are successfully answering the questions while offering solutions. In a nut-shell a successful venture creation is all about learning to utilize proven techniques while identifying the prospect, assessing the occasion, hypothesis testing and finally creating a prototype.

Idea to Venture

Launching the Start-up, requires practical, real-world knowledge about the lean approach, the minimum viable product (MVP), the exact time to pivot, when to quit your day job, master the art of the pitching, building and managing a team, equity allocation, and building your external team, advisory board members, professional services, and entrepreneurial strategy. India since ages has provided a fertile land for self growth in terms of production of goods and creation of services.  To boost-up the entire start-up ecosystem Govt. of India has floated various schemes over the past few years which further geared up with the launch of Startup India Action Plan on January 16, 2016, by Hon’ble PM Narendra Modi. In 2020 a very close to 28000 start-ups, has been recognized by The Department for the Promotion of Industry and Internal Trade (DPIIT). Post Covid situation has opened up a wide platform for creation of ventures on a no. of technical themes like development of Crowd management apps, Covid-19 detection kits, non invasive tests for various diseases, PPE-Kits production, etc. Idea to start-up creation is a really long journey which includes a no. of factors most important being the funding. Govt. of India under various different Ministries has been providing aid to potential start-ups which may seek help from a wide variety of financing options ultimately paving the path to prosperity, but how do you know where to choose from?

Govt. Funding Schemes:

These are just a few to name scheme by Govt. of India. Gone are the days of waiting with bated breath for start of funding, whatever theme you are working upon or whatsoever technology there’s always a scheme of getting funded. Start–up India (https://www.startupindia.gov.in/content/sih/en/home-page.html) offers it all that you will ever look for. Remember Start-ups are designed to grow quickly, but successful start-ups with right timing and knowledge grow real smarter and faster!