We all are geared up towards rejuvenating our financial health on individual as well at macro-economic levels at the onset of FY 2022-23. Economic predictions have already pointed towards some very positive trends such as a very promising GDP growth rate projected at 8.5%. Several other very optimistic predictions are flying around in air to keep us motivated and determined to ‘Bounce back’ to the trajectory of economic progress during FY 2022-23. Resilience and agility of the Startup ecosystem in India is the most vibrant accelerator to make the economic recovery possible during the post- pandemic phase.
It’s a well- established fact that Startup ecosystem in India has already shown its capacity to absorb the external threats. Starting from the pandemic till the geopolitical crisis like the war, it’s the Startup ecosystem that can ensure the resilience of socio- economic fabric of the country.
India is today the land of third- largest Startup ecosystem in the world. India has over 61,400 Startups recognized by the DPIIT with at least 14,000 recognized during fiscal 2022. A record 44 Indian Startup Unicorn status in 2021, taking the overall tally of Startup unicorns in India to 83. It’s the Startup ecosystem that can accommodate the surge of talents that have just stepped out at the job market or added to the volume of unemployed talents by losing their jobs due to pandemic.
It’s quite simple to comprehend the uniqueness of the Startup ecosystem that makes it agile and vibrant to accommodate the emerging changes in business and commerce.
- Innovations and proactive way of functioning are the two key features of any Startup business. Thorough attention towards adopting most effective and efficient solutions is a must for any Startup. This might not be a practice in case of conventional business practices.
- Youth engagement is a critical focus of the Startup revolution. It actually ‘Democratizes Business’ by making it accessible to young entrepreneurs. It has the capacity to accommodate the talent- explosion, which is popularly known as ‘Demographic Dividend in India’.
- Startup ecosystem is the only environment that encourages new and first generation entrepreneurs. It expands the scope of doing systematic business with active support from other stakeholders of the ecosystem including the investors and mentors. Availability of incubation supports from the government, private bodies and foundations have made it more accessible to first generation entrepreneurs to plan and implement success business models in the Startup ecosystem.
So, it’s no more an option, but a compulsion for us to be more supportive to strengthen the Startup ecosystem in India to make the complete financial recovery possible. Identify your own stake at this ecosystem and get the best return of all your efforts, as entrepreneur or mentor or investor.
The new FY and thereafter is going to become resilient to future pandemics or any other shocks in future. Ensure your stake there immediately.