As we move forward to the next level of startup ecosystem, it is important for entrepreneurs and policymakers to come to terms with the global markets. Now that the startup ecosystem is in place, moving from domestic to global market is what we should look at, said experts at the CNBC Young Turks event, held in New Delhi on Wednesday (July 12).
While the experts stressed that India — having created a large pool of entrepreneurs — is a very conducive environment for startups, has the work on ground become easier for startups to build up?
Entrepreneur and TiE Delhi president, Pramod Bhasin, said, “A number of companies are doing astonishing work across the country. But we still have lots of pains in the setting up, building up and flooring level.”
“Overall momentum is huge and in the next three years, we should be the greatest startup country in the world,” Pramod Bhasin said
Talking about the pain in structuring of the startup ecosystem, Bhasin pointed out three major challenges. “First is the amount of red-tape on ground-level. It is too much and unnecessary. Second is shutting a company down and how it impacts an entrepreneur in shaping up his future and morale. Thirdly, legal reforms—getting things done through the law court is tough.”
Bharat Shah of ASK Group spoke about how the digital market is doing currently. “In year 2000, I think GE, Citi group etc were among the top five companies in the world, but today guess who are the top 5 now? –Amazon, Apple, Google, Facebook etc. The theme we are betting on is India’s online penetration is still miniscule.”
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“Today, folks coming into entrepreneurship are people who want to leave a legacy. The customers are primed up for the digital world. We have 2 trillion dollars of GDP. We have the management and we have the money because where else can you see 7% GDP growth and 100% digital entrepreneurship growth,” he said.
“The only thing now is to head towards the digital way of entrepreneurship,” said Bharat Shah
Niti Aayog CEO Amitabh Kant also feels that for the Indian entrepreneurship scene to scale, it needs to go global. “Whatever you are going to get in the domestic market, it is 10 times out there in the global market. Indian start-ups should not just look at the domestic market, look at the global market because that’s where the big bucks are. And what the government has tried to do with Startup India hub is to enable them to sustain.”
“Learn the art of scaling up to start-ups and we will make a quantum jump this year. Also, I feel that if eastern India does well, then India will move forward. Why I say that is because the south is doing great, the west and the north are also keeping a track but if states like Jharkhand, Bihar etc keep up with the startup revolution, there is no looking back, said Kant.