Authored by: Nitin Khanna – MD- Merger Tech
Pune: India which stands in second place in terms of its population worldwide is all set to emerge as the 3rd largest economies in the world outdoing Germany and Japan in the decade to come and this conversion seems swifter in terms of purchasing power parity (PPP) as per reports on world economies by experts. Expanding economic base and increasing its market globally is vital for any emerging economies and establishing new business entities help a lot for economic growth. Big business establishments are like the backbone for the economic progress of the country while start ups are like the heart beat. Any country which encourages the start ups will have wider chances for quick progress and democratizing entrepreneurship will enable economic growth at a faster pace apart from big business establishments.
Trends in the recent past have proved that entrepreneurship has played key role in economic development and honing in on entrepreneurship furtherance is critical for stimulating economic growth in emerging markets. A supportive environment for entrepreneurship becomes crucial where start ups and small businesses grow expeditiously to contribute to higher rate of economic emergence.
As per a report of Nasscom, India continues to be the third largest base for startups globally, set to surpass 10,500 start ups by 2020 employing over 2lakhs people pan India. A Randstand work monitor survey indicates that 83% of manpower across India wants to be entrepreneurs while 56% personnel show interest to start off their own business leaving their jobs. The report reveals the strong ambition of young generation/workforce to become entrepreneurs over jobs.
What is prompting the new generation to choose their own start up over jobs? Is it the innovation and creative ideas of talented people who are dreaming of materializing their projects despite a lack financial support? Or is it the current initiatives of Union government which is encouraging the young generation to come up with project ideas and go out with funding for the same. The answer is yes for both.
On keen observation the findings shows that Make in India and Digital India initiatives motivating people to look forward for establishing their own enterprise. The ease of doing business policies of Union Government prompting NRIs also look forward to invest in India to uplift the ecosystem of start-ups.They are extending their assistance to talented but financially starved entrepreneurs to materialize their dream projects to come true. Merger Tech is one such company which has been inspired by the central government initiatives has invested $5mn dollars in India to extend support to start ups.
The company has invested Punjab-based software startup iSoS Inc. By helping startups, Merger Tech hopes to encourage more innovation in India’s technology marketplace while giving back to emerging technology companies. Under the initiative, it will foster entrepreneurship, mentor entrepreneurs, incubate startups and provide all the assistance, support and training that they need to become successful entrepreneurs.
The help needed for entrepreneurs is often in terms of guidance and in support services so that they can focus on their core offering. The best part about India is that tech entrepreneurship are plentiful in Tier 2 cities as well, from where some extremely brilliant ideas and services have made successes as startups.