With the world’s third-largest start-up ecosystem, India is steadily developing as a start-up powerhouse. This pattern is paving the way for a new era of entrepreneurship. While its origin traces back to four decades ago, the Indian start-up ecosystem has grown rapidly over the past two decades. The support that it has received across is immense. The contemporary entrepreneurial ecosystem in India is driven by information technology (IT), consumerism, and innovation.
Deep Dive into the Concept of Entrepreneurial Communities
ETF defines entrepreneurial communities are forward-thinking, innovative, and locally based partnerships. These communities come together in community-based partnerships to generate effective and sustainable employment by developing their human capital. Building on community-level partnerships, entrepreneurial communities stimulate talent and entrepreneurship in an innovative way. By thinking outside the box, entrepreneurial communities can help to unleash entrepreneurial.
The need for these communities’ stem from the fact the entrepreneurs need support not only financial but also psychological and leadership-driven assistance. As much as government policy and investment are essential, support from fellow community members, aka, entrepreneurs, is equally important.
Entrepreneurial communities are characterized by various qualities-
Driving Growth in the Indian Startup Ecosystem
Many a times companies in India fail owing to a lack of support, working knowledge of an industry, financing, mentoring, and so on. This is when entrepreneurial communities enter the picture. They assist entrepreneurs in all aspects of launching and scaling their businesses.
Over the period of time, with the growth of the Indian start-up ecosystem, the emphasis has shifted to developing a community and connecting individuals with similar interests together, in this instance, entrepreneurs and businesses. Event hosting, casual networking meet-ups, webinars, seminars, and other industry expert-led events, as well as travels to worldwide conferences and summits are all facilitated by entrepreneurial communities.
Entrepreneurs, particularly first-time entrepreneurs, require teamwork, infrastructure, and a proper atmosphere to foster their enterprises. Networking is also an important aspect of startup success. Entrepreneurial communities have created a structure in which companies may acquire all of this and much more.
Entrepreneurial groups in India also give infrastructure support to startups, including legal aid, accountants, marketing firms, and so on. Other extensive assistance alternatives provided by such organisations include technical training and access to industry experts.
In addition to entrepreneurs, incubators and accelerators are essential components of such networks. They may have varied emphases and aims, but the intention is the same: to give help to early-stage companies, both present and potential, and entrepreneurs.
Today, there are various communities in India that are actively supporting the Indian start-up ecosystem. Some of the notable ones, include – CII, TiE, NASSCOM, Indian Startups, Entrepreneurs Association of India, Startup India Hub, etc.
All of these communities have chapters around the country and even globe, and they all seek to help entrepreneurs become successful. Some organise conferences for entrepreneurs and encourage women entrepreneurs, others provide programmes for college students that focus on real-world learning, access to resources such as a knowledge bank, and even assist entrepreneurs turn their concept into a company plan in 50 days. Start-ups incubated under the communities and chapters have grown significantly with assistance from such communities.
Considering today’s scenario, the need of the hour is that entrepreneurial communities should leverage the resources to support startups’ growth and help the Indian market match pace with the global ecosystem. With the required resources, assistance, capital, guidance, and other support, even the process of launching a venture or growing and the associated costs and efforts can reduce significantly. With this collaborative and sharing of resources culture facilitated by entrepreneurial communities, we can appropriately say that they have been pivotal in driving startups’ success and will continue to drive the growth of the Indian startup ecosystem.
For more information visit the official website for CII Centre of Excellence for Innovation, Entrepreneurship and Start-up.