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Are Start-ups The Next Big Thing?

Are Start-ups The Next Big Thing?


Experts predict that there will be 100,000 start-ups with a valuation of $500 billion in the next 10 years in India. On #IndiaHangOut, Mohandas Pai and Ajit Balakrishnan discuss the potential of these start-ups to spur the Indian economy.

 

“Young Indians coming out of top educational institutions today see the entrepreneurial job as something to aspire for. This is very different from what the scenario in 70s. There was a dramatic social climate change in the 90’s in India, which is now coming to fruition,” said Ajit Balakrishnan, the founder and Chief Executive Officer of Rediff.com.

 

“The current government’s commitment to create jobs rests on the start-up industry. We estimate that 3 million jobs will be created in the next ten years in start-ups alone. 75,000 to 80,000 jobs are created every year currently,” said Mohandas Pai, the Chairman of Manipal Global Education.

 

Speaking about the scope of the growing start-up culture, Pai said, “18 million people are going to come into the workforce. But the good thing is that failure is becoming a great learning experience for all these young entrepreneurs. Failure is now going to be an acceptable part in the future. Earlier, there was no scope. Now the scope is immense. If you fail in one, you can join another.”

 

Pai picked B2c (business to consumer) companies as a trend that is dominating the market. “In the future, I see a lot of B2B (business to business) high-tech companies coming, trying to make businesses much more efficient. I see companies emerging in healthcare, education, laboratory technology, 3D printing designs – a very wide range of industries. They are all leveraging technology ,” he said.

 

Watch the above video to find out the panelists’ advice for all aspiring entrepreneurs.



1 Comments

1 Comment

  1. Sameer Vakil

    August 3 at 12:49 pm

    Excellent subject and great view points by Ajit and Mohan, very deftly brought out by Govind. While, there is great likelihood of achieving the ambitious and magical number of $ 500 Billion of valuation (or more) by start ups, we need to prepare ourselves to see a higher rate of success – and by contrast, lower rates of failure. That can happen better if we create the right ‘start-up culture’.
    I think start-ups, like every established and successful business has done, need to focus on fundamentals to ensure improved success and relevance. If the fundamental driver is an improved way of meeting a current need or a way to deliver against an unmet need, that has a better chance of succeeding and in the process creating value for the promoters and teams than if the fundamental driver is value creation.
    Like the panelists said, the opportunity is huge and all it will take for entrepreneurs to prosper is to be patient, be committed and be sincere in their purpose. Let wealth creation be the by-product of a great business idea, delivered meticulously and built efficiently.
    Entirely agree with Ajit ,that a number of framework considerations should be addressed rather urgently, to further the positive environment and protect basic business and personal considerations.
    If we build the right start-up culture and provide the right environmental framework, the stretched aspiration of a Trillion Dollar valuation may not be so far fetched, after-all!

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