National Startup Day – What does this mean?
Managing Partner, Mela Ventures
60,000+ startups, 55 industry sectors, 42 unicorns and counting (2021), 250,000 registered trademarks (2021), moved up from 81 to 46 on global innovation index – Now that is the power of Indian Startups. We’ve just seen the beginning, and there’s a long journey ahead.
I am really excited about the announcement of making January-16 as the National Startup Day. It highlights the following things:
Recognition to the startup ecosystem
While a startup is a brainchild of one or few, the impact creation is the work of an ecosystem that includes the startup, customers, employees, investors, industry bodies, Government, academia, accelerators, and more. Celebrating a day as a startup day recognizes the entire ecosystem’s effort. It is the ecosystem that makes the journey longer, enjoyable, and less risky.
More entrepreneurs – more jobs
Value creation is one of the essential aspects of a business. For a nation, it is job creation. Startups don’t just create more jobs, but they create high-value jobs in terms of impact. National startup day recognizes the ability and capacity of startups to create more new jobs in the future. This is an excellent cycle that will feed into each other. Entrepreneur culture will create more jobs, and more jobs will generate more potential entrepreneurs.
A startup by definition, is the beginning of a journey of a new idea. We are seeing a new India which is innovating at the speed of light. The current generation of innovators are not scared of failure. Instead, they’re thinking about failing fast and getting to the next new idea. This attitude helps innovation thrive, whereas the conservative culture takes its time. The National Startup Day recognizes how close we are to making India the global innovation hub.
The impact that startups have made in a very short time is evident before us. It shows the ease of taking an idea and converting it into a viable business, the umpteen opportunities available, the depth of talent available to realize the dreams, and the market that can consume any number of startups.
While we continue to focus on innovation and value-creation, there are two focus areas needed:
- Creating role model leaders within the ecosystem – ones that the whole world will be proud of
- Governance as important as innovation right from the beginning
These are the best times to be in. A startup solving a real-world challenge with a meaningful solution that leaves the world a better place for the future generation is within you. And doing it in a manner that will make all of us proud.