The startup culture that is slowly gaining momentum calls for adequate support at various levels to sustain itself. In the absence of the same, the enthusiasm may soon lose its vitality. It is necessary to make an assessment of the diverse support infrastructure that has to be erected to make the mission a thumping success.
Concerted efforts at national level
The National Investment Promotion Agency of DIPP, Invest India, needs to collaborate further with relevant agencies to offer aspirants clarity of purpose and confidence to persist despite challenging odds.
Development and delivering of cutting edge and insightful seminal programs by industry leaders, expert academicians, and corporate bigwigs would command the attention of people with potential in them but lack avenues to give vent to the same. Industry certifications for prolific investors would further fuel the growth.
Tailored interaction sessions need to be progressively organised to make strong impressions in youth freshly graduating out of top institutions. Discerning market leaders would champion the case of startups in such sessions to inspire young minds to think differently. Real life success stories and resilience to tackle failures have to be articulated for entrepreneurs who have resolutely treaded the path and emerged successful by braving out the odds. Such motivation coupled with stepwise guidance to craft a failsafe business plan would prove to be life-changing for the bootstrapping generation. Discussion forums where information exchange takes place in an unrestrained manner among established and prospective entrepreneurs would develop faith in aspiring candidates.
Online support to be made available
Digital India theme is being touted enthusiastically and online platform can be used productively to engage thinkers. A robust learning space with modules gradually instilling the skills for making a bold statement of one’s novel ideas should be in place. The pedagogic channel should be accessible on the go. HD audio video media can be used to drive a better understanding of key concepts. The extent to which an individual has mastered the startup concepts can be evaluated through assignments involving strategy framing, decision making, team management, fund mobilisation and other issues to tackle real life business issues. Dashboards, wherein one can post questions and receive expert responses, would also sustain the interest in imbibing entrepreneurial concepts.
Clarity on legal issues
Another hassle that discourages most would-be entrepreneurs from setting out on the path of innovation is legal conformance. There is lack of information at ground level in public domain about legal frameworks one has to ensure compliance to. Also, there is an alarming absence of discerning experts whom one can resort to for seeking guidance. This loophole has to be decisively plugged. It calls for identifying and assessing of innovative startup ideas at an erudite platform. Next, all resources required for building an unshakeable legal foundation have to be brought together under one roof for the optimal convenience of the one who is bootstrapping as well as to facilitate saving of time and energy. Broad understanding of legal formalities in the process would also result in meticulous business planning.
Fundraising fundamentals need to be instilled in enthusiasts to empower them with insights and proven means to collect sufficient capital to fuel ventures. It is also important that one should develop a thorough understanding of the various incentives and sops offered by the government to stabilise startups. The significant budgetary announcements that can come handy for any nascent firm need to be communicated to innovators in a bold manner. This will serve to generate confidence in them and help them tread the dreaded path. Income tax exemption for three years in the seven years period after hatching business is a real motivator. The relaxation in carrying forward losses by doing away with the stringent shareholding pattern norm would help owners introduce fresh blood to steer business’ course successfully. The tax burden has been reduced sufficiently by allowing promoters to carry forward the tax losses to be offset in coming years.
Idea assessment and market cornering tactics to be ingrained
Idea assessment is another important aspect that helps enthusiasts choose the most strategic business conducive to growth by utilising the prevailing potential of aniche market. Once the target market has been shortlisted, it is important to understand the expectations of the prospective consumers from various perspectives. The proprietor has to engage in thorough research to comprehend what distracts prospects, additional service benefits they have been seeking, what inspires them to unhesitatingly initiate a buying decision and more. The present competition and way to turn the market sentiments in one’s favour have to be mastered.
It is also important that a forum is created which will invite foreign companies to mentor, train and financially empower startups whose promising ideas may fail to materialise owing to lack of adequate funds and intellectual support.
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