In a knowledge-driven society, innovation is the new rapid force emerging in our economy on all levels of organizations. Because of the high risks present in the launch of the new products, these innovations are commercialized through individual formal genesis known as Startups. A Startup Company or start-up is an entrepreneurial venture or a new business in the form of a company, a temporary organization designed to search for a repeatable business model as per the books. The main purpose of a startup is to develop anything new and problem-solving in uncertain circumstances. If that satisfies a new need in a broader global perimeter, then it has great potential. Start-up Entrepreneurship is very crucial to the economy as they keep testing new and different business models until they find the right one, leading to the creation of jobs and bringing in new competitive dynamics because of their innovations in the business ecosystem.
The Indian Government came to power with the promise to cut inequalities and increase job security, to replenish India’s business-friendly image which stands among the 40 favorable countries globally for encouraging new startup enterprises. But, as Startup India has captured the mind of Urban India, the inclinations of Rural India remain slightly untouched. As per the research, for the Niti Aayog, it is found that government jobs remain to be the holy grail for youth with low income. However, more than 80 percent of residents from the local and semi-urban areas are solely focused on being ‘self-employed’ entrepreneurs in comparison to the urban equivalents who were least interested in entrepreneurship. Although, these results are counter-intuitive. Why would low-income youth from the rural and semi-urban areas, well aware that the least shock of misfortune can bring them down to destitution from survival, not take up stable jobs? The answer to why such a small percentage of youth dream of formal-wage employment lies between experience and the present opportunities in India. Nearly, all rural workforce has been employed in casual forms of labor or farming throughout the generations where individuals have had the choice to choose their schedule and work freely. They are bound by fewer restrictions on their actions or time, making the formal employment sector unattractive to them.
The Global Entrepreneurship Monitor data has shown that, globally, an entrepreneur with wide potential creates an average of 3 times more jobs than an entrepreneur with less potential to think big and resolve big. Hence there are only 4% of entrepreneurs who can be recognized in the group of dynamic companies that have the ultimatum and can grow on a global market level, which on average, reach at least 20% of annual income growth and truly contribute to the economy’s development by creating as much as 38% of jobs. In society, there are only 6% of entrepreneurs with an average potential, amongst which, if we consider those who reach 5% - 20% annual income growth, they create most to most 28% of all jobs. Therefore, growth is generated by entrepreneurs with high potential and promising solutions to problems that help grow their companies quickly and increase the employment rate.
India holds a unique name in the world for the most legitimate reasons and having such an amount of youngest population, it is a pivot point to churn an advanced future. With more than 55% of the population under the working age and 54% below the age of 24, we have the perfect opportunity to leverage the skill and ability to drive the nation towards success through output and innovation. While India has been an entrepreneurially-driven nation for centuries, the last decade and a half have witnessed significant changes in structure- from the founding of new startups to global investor interest, to advances made in infrastructure and policies, India alone has raised upward of $20 billion funding and achieving unicorn statuses in the year 2021 itself. The startups that have built solutions even amidst the 2021 pandemic, one of the highest paradigm shifts brought through technology was the systemic shift to online education which, the Indian startups have seen widespread adoption throughout the globe and not just domestically. Being able to communicate without the fear of being heard over is vital to being effective in applying knowledge to combat challenges in various sectors. We live in a country where data is the new oil and it will be sold by companies to anybody willing to pay for it. GroupIN Pvt. Ltd. Being the safest and secure platform for all your communication needs stands out with world-class security and privacy, not only enables you to connect with colleagues, clients, and partners, it helps you establish valuable connections globally. Our mission is to ensure that you use technology that is safe and equipped with top-notch security where you and your data are highly respected, where you can fully exercise your Right to Privacy and come out of the fear of being exposed and create a new world full of opportunities. We want you to build a sustainable network and improve your business strategy to change the world.
At GroupIN we celebrate National Startup Day to appreciate the efforts of budding entrepreneurs working hard each day to change the world and provide indigenous, tech-enabled solutions to overcome challenges. Given achieving this high transformation at scale, GroupIN shall see the collective efforts of both public and private sectors combine and help unlock the untapped potential of Rural and Semi-Urban India to truly lead Industry 4.0 and beyond.