In a building economy like ours there is a lot we can learn from our neighbours. Lately Indian government has started focusing on startups and policies to support businesses in India. But are the steps taken by government enough to get going? Well I doubt.
Most business owners would agree that the major challenge in India is getting started with your business. India is one of the most difficult places to start a business. Despite that we are one of the most buzzing startup center in the world.
Shanghai, in an attempt to encourage entrepreneurship, has started incubating college students and preparing them to start their own businesses. There are learnings which we may take from what this Chinese startup policy is doing to society. In an attempt to make a Chinese Silicon Valley, many striving entrepreneurs and students in Chinese Universities are getting training, subsidies, free office space and other support from district governments and universities.
This itself is a great move by the Chinese authorities. For a bootstrapped startup and first time entrepreneurs these are the things which can make great difference to the entire business. While trainings can help new folks understand and learn business critical things and functioning in a ecosystem, giving out subsidies and free office spaces can help bring in more talent towards entrepreneurship and in turn create new unicorns in the society.
When we are talking about Indian startup ecosystem and mindset of young towards starting up, we would clearly notice a lot of inclination and enthusiasm towards entrepreneurship. But what stops a lot of people from starting their own business venture is the know-how of starting up and the funding required. Ninety percent of startups never make it to the doors of an investor. With such a scenario, it would be a great step in our startup ecosystem to have such incubation programmes by government itself. Giving out office spaces to new business can help them cut a lot on their expenses, plus they would get a fair chance to interact and socialize with other startups working in those common spaces. Such social environment can help build lasting business relationships and prospective customers.
With that said, many would debate that such acts of giving out too much to new inexperienced entrepreneurs can result in a lot of failed businesses and less wages in such bootstrapped businesses. This is however a debatable subject, but I believe leaving negatives and focusing on positives can bring a change to society and also give people more experience.
Image Credit: By Wechselberger (Own work) [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0) or GFDL (http://www.gnu.org/copyleft/fdl.html)], via Wikimedia Commons