Shaping A Nation Of Entrepreneurs And Innovators

"India has made significant investments in digital public goods, including the rollout of 5G networks, the development of digital payment systems, and the expansion of e-commerce platforms. These investments have helped to create a favourable environment for entrepreneurship and innovation"

"One of the most significant steps that the Indian government has taken in recent years is the establishment of the Atal Innovation Mission (AIM). It catalyses the culture of innovation and entrepreneurship in India by supporting innovative startups and promoting entrepreneurship amongst students"

India has a rich history of entrepreneurship, innovation, and global trade. From ancient times, Indians have been known for their business acumen, with trade routes stretching from the Middle East to China. India's prowess in trade and commerce is also evident in its rich literary tradition. The Arthashastra, a treatise on economics and politics written by the Indian sage Kautilya in the 4th century BCE, provides a detailed account of the workings of the Indian economy and the principles of good governance.

A hub of entrepreneurship and innovation

India has a long history of entrepreneurship, with small businesses and family-run enterprises forming the backbone of the economy for decades. This entrepreneurial spirit has been carried

forward by a new generation of innovators who are leveraging technology and disrupting industries to create new opportunities and solve complex problems. This tradition continues to this day, with India being one of the fastest-growing economies in the world.

India has long been known for its abundance of skilled talent and its ability to produce top-class professionals across a wide range of fields. Nurturing entrepreneurship and innovation is essential for the economic and social growth of any nation. Today, India continues to be a hub of entrepreneurship and innovation. From the IT sector to the automotive industry, from the fintech to the space tech startups, Indian companies are making their mark on the global stage. From e-commerce and fintech to health tech and edtech, Indian startups are disrupting industries and creating new markets with innovative solutions that are changing the way we live, work, and interact. The country's large pool of skilled talent, supportive government policies, and thriving startup ecosystem have made it an attractive destination for investors and entrepreneurs alike.

One of India's greatest strengths is its demographics. With a population of over 1.3 billion people, with 2/3rd of them less than 35 years of age, India has a vast pool of talent and potential entrepreneurs. Furthermore, the country has a relatively young population, with a median age of just 28 years old. This means that India has a large and growing workforce that is eager to embrace entrepreneurship and innovation. Another key advantage for India is its global-best digital infrastructure. The country has made significant investments in digital public goods, including the rollout of 5G networks, the development of digital payment systems, and the expansion of e-commerce platforms. These investments have helped to create a favourable environment for entrepreneurship and innovation.

Atal Innovation Mission & Startup India

One of the most significant steps that the Indian government has taken in recent years is the establishment of the Atal Innovation Mission (AIM). It catalyses the culture of innovation and entrepreneurship in India by supporting innovative startups and promoting entrepreneurship amongst students. Through its various initiatives, AIM has been able to identify and nurture young talent, and provide them with the necessary resources and support to turn their ideas into successful businesses. Another key initiative that has been taken in recent years is the creation of Startup India. The initiative offers a range of benefits and incentives to startups, including tax exemptions and funding support. Startup India has also launched various programmes and events to encourage entrepreneurship and promote innovation.

What More Can Be Done to Foster Entrepreneurship and Innovation

India's culture also plays a crucial role in promoting entrepreneurship and innovation. Indian society has a long tradition of valuing education, hard work, and creativity, all of which are important qualities for successful entrepreneurs and innovators. Moreover, India's cultural diversity and openness to new ideas provide a fertile ground for innovation and creativity.

Building a culture of entrepreneurship and innovation is essential for any nation that wants to foster economic growth, create jobs, and solve societal challenges. A strong entrepreneurial culture can

empower individuals to take risks, think creatively, and pursue their passions, ultimately leading to new businesses, products, and services that can transform entire industries.

Second, a supportive ecosystem is essential. Entrepreneurs and innovators need access to funding, mentorship, and networks that can help them launch and grow their businesses. Governments (including state governments) and private sector organisations can provide support through initiatives like business accelerators, venture capital funds, and mentoring programmes. While there are some venture capital firms and angel investors operating in India, early stage investors are still relatively scarce compared to other major startup ecosystems like Silicon Valley.

Next, for longer term mindset shift to accepting entrepreneurship. The education system should emphasise creativity, critical thinking, and problem-solving skills. It should also offer courses on entrepreneurship and provide access to mentorship programmes and incubators. A robust education system can create a pipeline of innovators and entrepreneurs who are equipped with the necessary skills and knowledge to start new ventures. This is where the New Education Policy (NEP 2020) is a game changer idea. Encouraging research and development can lead to breakthrough innovations and create new opportunities for entrepreneurs. Governments can fund research institutions and universities to undertake research in key areas, such as science and technology, and create a supportive environment for researchers and inventors to commercialise their inventions.

Finally, we need to shift our cultural mindset to embrace risk-taking and failure. In many cultures, failure is seen as a negative outcome, but in entrepreneurship and innovation, failure is often a valuable learning experience that can lead to future success. If we can shift our cultural mindset to view failure as an opportunity for growth, we can encourage more individuals to take risks and pursue their entrepreneurial dreams. Entrepreneurship and innovation are risky endeavours, and it takes a lot of hard work and perseverance to succeed. Governments, media, and other organisations can celebrate and recognise the achievements of entrepreneurs and innovators, and inspire others to follow in their footsteps.

Srinath Sridharan

Columnist Strategic counsel for over 27 years, with leading corporates across diverse sectors. Independent Director across multiple sectors. Advises organisations on the intersection of finance, digital, consumption economy, GEMZ (Gig Economy, Millennials, gen Z) & ESG. Coaches & mentors senior leaders. Active engagement across industry-growth policy conversations & public policy issues. Visiting faculty at various management schools and with regulatory learning centres. Prolific media columnist across topics he works with. He is also the Editor and co-author of ‘Time for Bharat’ (book on public governance). Visiting Fellow at the Observer Research Foundation. Posts all published work at https://srinath.blog