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Challenges behind Start-Ups – ‘THE INDIA STORY’

CONNECTING STARTUP CITIES

25.05.2016, 11:30-11:50

Location: ESMT (European School of Management and Technology)

Address: Schlossplatz 1, 10178, Berlin, Deutschland

Senate Department for Economics, Technology and Research

Description: Start-up is typically construed to be a new-venture in a high-tech area. In India most start-ups are founded by young professionals or students right after college. It is internet based with fierce competition due to scant smartphone & Internet penetration in India. The first building block for any start-up is idea, followed by money & talent. Ideas need to be innovative, technically sound, free of legal issues, socially acceptable and have the potential to make lots of money. This translates that we are assuming that the group of founders will have technical geeks, legal experts, business honchos and sociologist. This is hardly the case. In the west funding for start-ups come either from friends & families. Big companies are also little more helpful to the ecosystem. However in India it depends on angel Investors who apply constant pressures on the founders and have very little trust on them due to weak law enforcement. The Indian government has recently introduced several schemes and opened up formal banking channels to give support to start-ups. How far this would turn up in to success story is still any bodies guess. India has still to produce a talent like Bill Gates, Steve Jobs, Larry Ellison or Mark Zuckerberg. These were individuals who are mostly technical people having spent a lot of their time writing computer codes, making circuit testing and debugging their designs until they succeeded. The weak university system in India has yet to tap the skills of our smart tech savvy minds and many of the non-tech skills too are hard to come by. India falls short in all account and hence the challenges behind start-ups are immense. However the positive side is that in any new market a ton of money and time has to be spent in gaining experience before one can see a growth phase. India is still a fledgling story. Dr. Ganesh Shankar, Indo-German Technology and Innovation Cooperation Specialist