India's Moment: Leading The Global Start Up Charge

Bengaluru is ranked 20th out of the Top 20 places (Q3 2018 to Q2 2024) according to Development Score. Other Indian cities, such as Mumbai on the 25th and Gurugram on the 31st, are listed in the pitch book, but is it really fair considering that the US has 12 cities in the top 20, China has 8, and we have just one? Why, with thousands of startups and the government supporting us, can't India be at the top? Why is there no city in the top 10 and just one on the list of the top 20?

 Source PitchBook.com

Why India Should Lead the Global Startup Ecosystem???

• Growing Market Size: India, home to more than 1.4 billion people, is a sizable market for fresh ideas. Due to the growing use of digital devices and the internet, companies in any industry—from banking to Ed-tech—can grow quickly.

• Young and Dynamic Workforce: India is home to the world's greatest young population. Startups gain because of a huge, educated, and technologically sophisticated workforce that is full of talent ready to innovate and tackle real-world issues. Another way to tell this is that each year, between 15,000 and 20,000 students are placed immediately in the United States and other major cities throughout the world.

• Government Support: Initiatives such as Digital India, Startup India, and tax breaks have created an atmosphere that enables entrepreneurs to experience rapid growth. The government's efforts to simplify administrative procedures and eliminate red tape promote the creation and expansion of businesses.

• Expansion in Investments: India is now among the top locations for venture capital. Due to the potential of India's unique markets, enormous amounts of money were invested in industries including fintech, e-commerce, and SaaS by international investors. Over 100 unicorns were found in India in 2023, a sign of the country's thriving startup culture.

• Resilience and inventiveness: Indian businesspeople are renowned for their jugaad, or the capacity to come up with creative ideas from a lack of resources. Because of their dedication, Indian companies are able to endure setbacks and solve obstacles, giving them a competitive edge in the global market.

• Diverse Problem tackling: Indian companies are taking on issues for a worldwide audience rather than merely developing for regional markets. Indian innovations have the potential to touch millions of lives globally, ranging from financial inclusion to healthcare technology.

• Global Reach, Local Roots: Indian startups have the advantage of being deeply connected to their local communities while thinking globally. This dual perspective gives them the agility to craft products that are culturally relevant but have universal appeal.

The Roadblocks Hindering India’s Startup Dominance

I am gonna be honest even though it’s harsh but deep in our heart we all know it’s true

• Family support: While some families support their children to start ventures of their own, the majority of parents still think in the same ways and have set clear expectations for their kids, telling them that starting a business is extremely dangerous but the only thing they need to do is study, find a wonderful job, and settle down.

• School support: It feels terrible when teachers start discouraging students who really want to participate and start backing off so they don't have to do anything in it. The teachers and the entire school may focus on the Olympiads and sports tournaments, but they are unable to take any risks to encourage their students to participate in any start-up or skill-based competitions. Although they both contain the same level of importance.

• We are unforgiving of failures: We all know that we have egoistic personalities and a lot of attitude, but it's all fake because we can't handle failure. This fear affects both the person and his family equally because they have been taught from childhood onward that failure is the end of life and that failing means you are nothing, just like the entire ecosystem. However, you soon realize that this is your own fault because you are afraid to take these people seriously and that's why you can't handle failure because it's your personality and you can still change it.

• Old educational system: The excellent educational system that is actually still using the entire outdated curriculum, despite the fact that everyone knows it is time for a change. It consists solely of cramming textbooks and tests without any opportunity for practical learning or skill development. If we actually evaluate, more than 50% of students in senior courses still don't know how to use the MS products correctly since we simply need to pass the exam, nothing more. I still have acquaintances who received more than 85% on the boards, but after a month they forget everything.

• Predetermined Timetable: I am focusing on this aspect because it is very amazing—imagine a roadmap. The competitive life of students begins around the time they are in ninth grade, when they are informed that boards are very important. After four years, students can take competitive exams like JEE, NEET, CA, and CUET. A bachelor's degree takes three to four years, and a master's degree takes two years, if the student so chooses. Some students even start their own colleges. After graduating from college, students must repay their education loans, upgrade their living, and deal with parental pressure. By the time they manage all of this, they are approximately 25 to 30 years old, and their golden years are gone.

• Lack of information and comfort zone: The students are unaware of the many government initiatives at their disposal, that startup India offers a plethora of benefits to assist entrepreneurs with key aspects, and that the comfort zone—a silent killer that keeps them from working and spending most of their time in bed doing cool things that aren't really necessary—keeps them from taking advantage of these opportunities.

How We All Can Resolve This Issue Together

• The shift in perspective: To adapt to the future and provide opportunities for people to maintain faith in others despite setbacks and provide mutual support, we must shift from conservative to adaptive thinking. This is crucial in raising awareness of the fact that if you don't act now, there won't be a tomorrow.

• The shift in education: Teachers and the school need to realize that their lessons can be more beneficial if they stop lecturing students in an ineffective manner and instead begin to engage them in interactive learning. This problem can be solved if the teachers help students realize their goals rather than just snatching them and pressuring them to study hard and get good grades so they can improve their own and the school's portfolio. After all, the student will become a working machine like everyone else and most likely won't achieve the desired financial freedom.

• Changes to the Education System: Even though they have already begun, education should bring about change, and schools must be forced to adjust. It's a reality that kids have a wide range of electives to pick from, but schools prefer to use inexpensive teachers and resources, which the majority of students and parents are unaware of. The government must exert pressure on the school and, if at all possible, the branches in charge of these stringent regulations. It should also concentrate more on enabling students to identify their true passions and provide guidance to both them and their parents for their futures in those fields.

• You must have faith in: Even if a student doesn't succeed right away, you should encourage them by saying that nothing is impossible and that they should try again, fail, and learn from their mistakes. After all, we never know if we'll live to be 70 or just pass away at 25. It is possible for any of us could have an accident when we are 38, therefore we must take action toward our goals. Imagine that you are lying in a hospital bed, counting down the seconds till you pass away, and reflecting on your entire life.

• Required courses for skill development: I'm talking about this topic specifically because it's crucial. Even though the government is working to promote skill development, it also needs to teach people how to monetize their talents. They must understand that there are various ways for each skill to be earned money. In addition, they need to gain some initial experience, which the government can easily arrange by offering internships and setting up a portal through which startups can apply for internships directly from start-ups. because in the end, they actually have to impart the fundamental knowledge of finance.

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