Growth of Startups is High in Developing Nations
Silicon Valley and its plentiful stories make us believe that there are no more welcoming countries than the United States when it comes to entrepreneurship and business. As soon as we hear some success story of a business, the first thought that comes to our mind might be a story from USA or United Kingdom. But that’s no longer the case. Things are now changing.
Startup plays a very important role to market innovative solutions for tackling all kinds of challenges. For a very long time, the western world has dominated the market of scalable business and innovation globally. But in the 21st century, the equation has turned. With the potential to change the world’s economy, more and more startups are growing in developing nations.
The countries with the highest needs today have the biggest opportunities for entrepreneurs. Startups are at home in underdeveloped countries, nations in a scuffle, and those countries new to entrepreneurship. Such environments offer many problems that startups can take advantage of, not just to make a profit, but also to make an impression in a struggling economy.
Small startups today are focusing on solving larger social problems with innovation, and also generating job opportunities for the youth. Startups, being small entities, play a dominant role in economic growth. However these days such solutions do not only originate solely from Silicon Valley in the US or from Canary Wharf in London but from the smallest parts of the world. From central business districts to small start-ups, the world is full of innovative individuals determined to start their own companies.
In developing countries, people tend to have more business opportunities to start ventures than in developed countries. Self-sufficiency and business ownership are often the only way to make money in developing countries. Through innovation and scalable technology, startups can generate impactful solutions, and thereby act as vehicles for socio-economic development and transformation.
The Print has reported that leaving Silicon Valley behind, 5 other nations have emerged as a startup hub in the world – Singapore, the Republic of Korea, Brazil, Kenya and Israel. The emergence of these nations is a result of the development of strong startup policies and to support of the entrepreneurial ecosystem in the country by their governments.
In India, the number of startups has increased fast and more support has become available in all dimensions in recent years. TV shows like Shark Tank India and the pitches that came in the show became a dinner table discussion in an ordinary Indian family. Youngsters are more attracted to the world of startups and they dream of starting one. But the problem lies with the lack of entrepreneurial education.
Young people have great ideas and a long-term vision to work on but don’t have enough information on how to register a company, the rules-regulations-policies, documentation, setting a team, getting funding, pitch deck, sales etc. Without literacy, it’s hard to actually set up a sustainable and scalable organization. We at Netratvahsaala, through our Aarambh initiative, are trying to solve this larger problem. This initiative focus on training young minds through an interactive syllabus, to create enormous enterprises for them. The aim is to create an entrepreneurial ecosystem in the country to encourage startups to grow.