19 March 2022 | csk speaks - education - effective communication - online communication

Unfolding The Current Wave Of Entrepreneurship In India

Entrepreneurship is gaining a huge spotlight in the present economic situation. Entrepreneurship is not only a crucial aspect of economic dynamism but also an imperative for economic growth, productivity, innovation, and employment. Hence, many countries have made entrepreneurship a detailed policy priority. As globalization is reshaping the international economic landscape and technological changes are developing greater uncertainty in the world economy, entrepreneurship is acknowledged to offer new ways to meet economic, social, and environmental challenges.

India’s startup economy has been booming and exploding. The last decade has seen notable action on multiple fronts involving the founding of fresh startups, amount of funding and number of investment rounds, the influx of global investors and startups, development of regulatory infrastructure, global mergers and acquisitions, and internationalization. Till now, India had 26 unicorns, with 8 new entrants joining the club in 2018 alone.

Entrepreneurship and business have bloomed in India for centuries. Formed on these foundations, India’s current entrepreneurial ecosystem is a result of these three waves of entrepreneurial activity with certain focus areas – Information Technology (IT), consumerism, and innovation. Each of these waves is marked by certain kinds of businesses, widespread activities, and ecosystems comprising various social, regulatory, technological, economic, and cultural elements. Today, startups are applying Artificial Intelligence and Machine Learning to create solutions across sectors. Novel use cases of IoT, blockchain, and IndiaStack are also arising. We are observing startups that are born global, creating solutions for the world as well as those that are applying next-gen technology to address deep and complex challenges of inclusion and employment in India.

The State of Indian Startup Ecosystem Report 2021, according to it, India has over 5,694 active investors and 38K startups. It shows that the trend of entrepreneurship and startup boom is increasing.

Some of the Current Trends in Entrepreneurship Development are:

• Launch of Startup India
• spend on social media and digital marketing is increasing
• Growth in new technology and its adaptation
• Micro-influencers are helping drive sales
• Growth of Entrepreneur Communities
• Re-establishing connections with colleagues