Opportunities


Startups will create umpteen job opportunities in 2014

Dr.T.P.Sethumadhavan

                 India needs innovation in the Science and Technology sector to reach the productivity frontier and to use the best practices for production. Ninth innovation summit held at Bangalore  reiterated the importance of startups in the country. The desire for innovation in India has been driven by search for low cost solutions to public problems. Innovation is the application of new ideas to solve problems with resultant benefits to different stakeholders. Through innovation incubation, students can become employers rather than employees. This is the success behind start ups in United States and UK. UK is among the world’s top research nations which derive much economic benefit from its innovations, excellent research and entrepreneurial ecosystem. Universities like Oxford, Cambridge, Imperial and University College London ranks among the top ten Universities in the world. India needs to create 1.5 crore jobs per year for the next ten years to provide employment to youngsters. In this juncture accelerating entrepreneurship and creating business are crucial for massive employment generation. Government of India is promoting start ups to scale up startup ecosystem in the country. There are 120 Government sponsored incubators in India sponsored by educational institutions. These incubation centres will convert the innovations in to viable products. Opportunity for startups was unparalled especially in the IT sector because cloud and mobile technologies have reduced the cost of doing business.
              India’s premier IT and software services trade association NASSCOM has opened its first co-working facility called Startup Warehouse for tech startups and the entrepreneur community in Bangalore. Nasscom aims to nurture 10,000 startups in the next 10 years and give a major boost to software product development in India. It has already received some 2,000 applications stating interest in this Startup Warehouse initiative. The Startup Warehouse will provide a well-connected, top-class office space for technology startups, and will support entrepreneurs in their early stage of operations as well as act as a hub for innovation, collaboration, and entrepreneurship. NASSCOM will start similar Startup Warehouse facilities in other cities across India, aiming to offer good infrastructure to tech startups at an affordable price. Innovation in startup ecosystem depends on ideas, validation process and good partner relationship. Major steps in this process are laying the foundation, creating a challenge book, building participation,experimention with cost, speedy implementation, building innovation sand box and putting a margin of safety.

 

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