Today, India as a nation is young as never before, with 65% of its populace below 35 years of age. This is a vital bit of statistics but what is paramount is the spirit of this young nation- the energy and testosterone levels make us the “most energetic nation today”. Add to it our democracy and what we have is the “Largest young democracy” in the world. Any economist would look at it more as a high potential market.
Youth in any age, & anywhere, has a way to create its own identity. It likes to break the glass ceiling and hates being fettered. Thinking differently and out of the box is the hallmark of GenY. The aspirations of these young Indians coupled with their confidence and self- belief makes them fearless. They don’t shy away from taking calculated risks. They are enterprising in every sense of the word. They want to make it big in quick time. Start-ups are one domain that caters to the aspiration of the youth in probably the best manner, at least at present.
The echo system and ambience are congenial for start-ups. Capital is available for the right business proposal and there is a high demand market for it. The growth and success of start-ups are the proof. As Mr Shiv Khera says “You don’t have to do different things, do them differently.” Multiproduct online business to customised services, all are in good demand. If you have a decent proposal, there is an angel investor waiting for you. The best part is that the government of the day is all out to make your life easy and wants you to succeed. Start-up India, Stand-up India showcased the earnestness of the government.
From wanting a job to creating jobs, from working for someone to working for self, from working for somebody else’s vision to realizing your own vision – it’s all a paradigm shift. It’s not a change but a redefinition. The stakes are high, challenges formidable but the youth says bring it on; they love to push their boundaries – the excitement and of course, the returns.
India knows the importance of the role that start-ups are going to play in the Indian economy. They have the potential to change the face of our economy for this very reason. The government has recently announced a five- fold increase in its budget for funding start-ups in the next fiscal, under the ‘Start-Up India’ initiative, providing seed capital to 50-80 new ventures with funding ranging from Rs. 50 lakhs to Rs. 1 crore and increasing funding to Rs. 200 crore.
The ease of doing business will act as a catalyst. It will not be an overstatement to say that start-ups are there to stay. Watch out for the new age Ambanis, TATA and Birlas – they are the first generation rich.
Watch out for the domino effect! Stay tuned