Dr. Ashish Dikshit (Ph.D.– HR)
(IIM Ahmedabad, Alumnus)
Keywords: Start-up, Entrepreneur, Entrepreneurship, Unicorn
In India on Jan 16, 2016, a very important movement called the Start-up India Movement was launched for encouraging start-ups by Prime Minister Shri Narendra Modi. Shri Narendra Modi ji wished the Indian youth to turn from job-seekers to job-creators and to focus on crop wastage and cyber security as major issues faced by our nation.
A “Start-up Company” is a new venture, developing innovatively a product, process, or service to meet the marketplace needs. Successful Start-ups are usually created by those who are driven by an idea and are passionate about solving problems faced by the masses as a social cause. Hence such entrepreneurs are not into making money but passionate about solving problems, wherein money turns out to be a by-product for them.
We feel proud to say that today India is amongst the five largest start-up communities in the world and the youngest of them all as per a survey statistical report available.
Entrepreneurship proves to be very important as it causes economic growth by creating job opportunities. Employment creates wealth for the people, thereby increasing their purchasing power.
Startups requiring low investment can easily be set up in rural and semi-urban areas hereby checking the migration of the local youth to the metros. Growth of business and industries in such areas also leads to various other benefits like the development of road transport, and focus on health and education.
To boost the Start-up India movement various incentives were declared for the Start-ups: 1. Start-ups will be exempted from paying income tax on their profit for the first three years. 2. Mobile app for start-up registration in one day. 3. Start-up India Hub as single point contact. 4. Exemption from capital gains tax on personal property sold to invest in the start-up.
Startups with more than a Billion Dollar valuation are known as Unicorns. We too in India have 107 unicorn companies, making them the poster boys of the country’s startup ecosystem. The most remarkable fact about the Unicorn founders is that the maximum number of founders have been from IIT – Delhi. Also we can see that the founders of Unicorn companies have been PGDM students from top B-Schools like IIMs, XLRI, SP Jain, MDI, and IMT.