AUGUST 202119Generate Employment OpportunitiesAccording to several independent pieces of research and surveys, it is the startups and not the big multina-tional companies that primarily add to net job growth in the country. Since the startups are growth-orient-ed, they continue to generate more and more jobs as they keep on evolving. The bigger a startup becomes the larger number of employees it needs to manage the business.Direct Impact on the Standard Of LivingIf the startups become successful, they can influence direct change in the cities where they are located. Compare what the city of Redmond looked like before Microsoft and what it looks like now, and you'll under-stand the difference. By generating job opportunities and generating wealth, the startups can change the face of an entire city.Startups Drive the Economic EngineStartups drive the economy and prevent it from stalling. Therefore, we need to come up with methods that would help us create a nurturing environment for startups.One of the most important things needed for creat-ing a good startup ecosystem is support from the cen-tral and state governments. Instead of simply easing the regulations, we need to take a proactive approach towards startup building. Individual cities need to foster programs that encourage entrepreneurship. The start-up industry has unlimited potential for driving economic growth; all we have to do is set up an infrastructure that can help us tap that potential.One way of making it easy for startups to become successful is to help them with funding. Funding is an extremely significant aspect in line with meeting the vision of a business. These days, we have options like crowdfunding, angel investment, venture capitalists, incubators and accelerators, etc., which we didn't have earlier; therefore, it should be relatively easier for the startups to get the funding that they need.Yet, there are plenty of startups in the country strug-gling with liquidity issues, and they're finding it hard to generate funding. Due to the Covid-19 pandemic, many investors have become stingy and the foreign invest-ment has also seen a sharp fall. In light of these facts, PM's call for "self-reliance" could prove to be the catalyst in the growth of homegrown companies ­ and in effect, the entire economy.
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