DARE - Because Entrepreneurs Do

• Create the right environment: Entrepreneurs should have easy access to funds through venture capitalists or angel investors. A major challenge for India is to create areas of excellence—a breeding ground where ideas could turn into businesses.

Dr Sriparna B Baruah Head, Indian Institute of Entrepreneurship

• Enable easy access to skill: Most Indian start-up businesses face two skill gaps: Entrepreneurial (how to manage business risk, build a team and identify and get funding) and Functional (product development know-how, marketing skills, etc.).

• Ensure access to smart capital: In the recent past, several venture funds have entered the Indian market. However, the country still has very few angel investors— affluent individuals who provide capital to business start-ups before the VCs get involved.

• Facilitate networking and exchange: Entrepreneurs learn from experience—theirs and that of others. The rapid pace of globalization and the fast growth of Asian economies present tremendous opportunities as well as challenges for India. The need is to capitalize on the opportunities.

What India lacks
There is an immediate need to chalk out a nation level entrepreneur development policy, which will serve as a framework (direction, philosophy and roadmap) for the future. In this regard, the government needs to:

• Encourage the spirit of enterprise by involving universities and academic institutions. A good way to start would be to modify the curriculum at universities to fit today’s changing business landscape, particularly in emerging markets and to build centres of entrepreneurial excellence in institutes.

• Support the flow of venture capital and create a global support network of angel investors willing to support young business. Through planning and focus, India should aspire to create a pool of entrepreneurs who will be world leaders of tomorrow.

It is necessary for both Central and State governments to provide sustained support to new ventures as it is only through the creation of new enterprises that it is possible to create jobs and increase national output.

 

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