Rana Kapoor, MD and CEO of Yes Bank, said the recent steps taken by the government have led to a growth-oriented movement in the country.
According to him, India is on the cusp of innovation-led growth where Silicon Valley was 25 years ago and the next step lies in creating the momentum.
"Though still in a nascent stage the momentums are being felt. We need a system to support the growing momentum," said Kapoor, who announced that Yes Bank will launch 20 incubators in the country to give mentorship to budding entrepreneurs.
Last week Yes Bank, the country's fifth largest private bank, launched an incubator platform Yes Head-Startup to help building new enterprises and foster innovation.
"We need to focus on fostering an innovation ecosystem in India, which is built on cohesive policies that address concerns related to availability of technologies, greater access to funds, mentorship and training for budding entrepreneurs, availability of skilled manpower, adequate infrastructure, and access to markets,” Kapoor said at the National Competitiveness Forum and Porter Prize 2016.
Stating that Indian ecosystem is still fragmented and not very well connected, the concept of DICE - Design, Innovation and Creativity - led entrepreneurship can play a major role to overcome many existing challenges.
Kapoor said MSMEs should be the focal point of innovation as they are the core of the economy and have an effect on startups and large enterprises.
"There is an unlimited lateral talent in the MSMEs and if they are supported efficiently they can make a significant change," he said.
He added, "As a professional entrepreneur myself, I believe that entrepreneurship in India can be encouraged using what I call the 'F.I.V.E.' approach involving focus and defined support at key life cycle-stages of enterprises; namely Funding, Incubation, Vesting and Expansion."
BW Reporters
The author is Senior Correspondent with BW Businessworld
