In a population of 2 billion people, with increasing education rates, technological and professional institutes that are churning out brilliant minds every year, an inherent business acumen that doesn’t always need the finesse of schooling and great ideas being produced at the bat of an eyelid, India has a lot to offer the world of start-ups and entrepreneurs. However, we haven’t yet seen as many Indian business ventures get the accelerated growth they deserve – which could have led to a boom in the economy every year.
So what’s holding India back – so much that we’re regarded heftily as the pioneer resource of human intellect, but not of enterprise or innovation?
To create a picture that encourages innovators to take a step and open a market, we need to clear several of their obstacles. Here are a few traditional and modern puzzles of the jigsaw that we feel are missing.
Are we as political or administrative & corruption free as we’d like to be?
For asking for favors, or for doing tasks that are part of the process, we’ve always heard lore of how Indian bureaucrats score pathetically on the ethical system. Many start-ups remain ideas that are nipped in the bud because the paperwork, processes, permissions and legalities are not only cumbersome, but also cost more than what the tariff says. While we all yearn for the perfect process, only a few have actually encountered it.
Even if it’s a perceived problem, it’s the frequency at which it is found (often hinted at) that exasperates the idealistic or even self-respecting person, and makes taking even the first step toward realizing their dreams, formidable.
Do we have the right soundboards and mentors for our entrepreneurs?
A mentor plays a great role in shaping the entrepreneurs that we want to see in India’s future. With their knowledge, expertise and experience, a mentor acts as a soundboard, a guide, a critic and an ideal audience at once – so entrepreneurs can be shown what to expect from their market once it is established. It also helps set ethics and practices that help in growing the brands.
In India, these mentorship programs are limited, and mostly conducted only at B-schools. It’s only recently that seminars and conferences that help in the exchange of ideas have started; thereby giving the right platform to every idea that ought to be shared with the market. While we have the street-smart tactics to run businesses, bringing innovation to the forefront and allowing it to turn heads is a matter of expertise. With the right mentors and guidance, more and more people shall join hands to make it a success.
Is their idea protected enough?
The IP laws in our country do exist, but are not adhered to or within reach of the law enough to vouch for the safety of their new ideas. The possibility that a good ideas could get stolen, packaged with a slight difference and sold to the audience is one that could be potentially halting innovators from investing further into making their product a public idea. Should there more stringently adhered-to laws, it’s only a matter of time that these intellectuals will take a step into the spotlight and make their move.
Nonetheless, we would like to believe that the times are changing. The new government has come in with promises for development and support to entrepreneurs across sectors. The laws are about to change, and with umbrella projects such as Make in India showing the right way ahead, it’s probably a good time to be an entrepreneur here.
If you too have entrepreneurial dreams or wish to have a venture of your own, you need to have faith in your Chatur Idea. You will always wonder who will fund this idea and from where will you find investors. In that case, you can participate in the #BeAChatur Contest and not only be mentored but also stand a chance to win a whopping Rs. 10 Lac funding for your dream startup idea.