To invigorate latent Entrepreneurship Talent In India, Mr Modi unveiled the flagship Startup India Venture on 16 January in New Delhi. ( I came to know about a bit late and could not timely plan my trip to New Delhi to attend the monumental event.) The venture has started with a corpus of INR 10,000 crore with initial corpus of INR 2500 to be invested over a period of four years. The plan has many innovative reforms which we look briefly later.
According to NASSCOM’s “Startup-India : Momentous Rise of Indian Startup Ecosystem” report, India ranks third globally with over 4200 start-ups ( Source: Hindu). Number of incubators/ accelerators grew by 40% from ~80 in 2014 to ~110 in 2015 Nearly 50% of the incubators/accelerators are setup outside NCR, Bangalore and Mumbai, providing an opportunity to entrepreneurs from non-metro cities. The funding in 2015 alone accounted for more funding for Startups for the period 2010-2014. 50% rise in share of female entrepreneurs in 2015 over 2014, driven by 4.5X growth in funding to women driven start-ups
India serves as the fastest growing startup-base worldwide and stands third in technology driven product startups just after US and UK respectively. The startups contributed employment of 80000 to 85000 people in India in 2015.
A detailed comprehensive report will be coming out soon. The report will be very different from my earlier report for its going to be in itself very innovative, creative and educational. So wait and watch here