siliconindia | | February 20198Post-liberalization era in India continues to witness a remarkable shift in the ideology of Indian youth in favour of entrepreneurship and entrepreneurial activities. Reliance on entrepreneurship in giving momentum to a fast-moving economy is felt across all quarters. It is well understood that the development and propagation of entrepreneurship would not only tackle the teething problems of unemployment in a 1.3 billion nation, but also bring-in economic opportunities towards wealth creation. A gamut of government-led programmes like Startup India, Make in India, Skill India, and Digital India activated across 2014-16 is seeing its initial direct & indirect effects. Growth in the number of active investors in India from 220 in 2014 to 490 in 2015 is further accentuated by the increasing entrepreneurial intent from nine percent in 2015-16 to a 14.9 percent in 2016-17, as reported by the Global Entrepreneurship Monitor (GEM) survey. Falling `fear of failure' perceptions among prospective entrepreneurs in India is also adding towards upgrading India's status among the BRICS nations in terms of entrepreneurial opportunity and capability scales. While indications are encouraging, it is time that we take stock of the situation and question whether we are in need for the next version of entrepreneurial ecosystem in India at the moment. The Indigenous Entrepreneurial Ecosystem in India: A Closer LookAccording to the World Economic Forum in 2014, the indigenous entrepreneurial ecosystem in India is the third largest and fastest growing in the world. A reported figure of 10,000 new ventures being created in a single year's span in 2015 speaks for itself. Considering factors like accessible markets, availability of finance and quality of human capital as the three most important domains of any entrepreneurial system, the emerging entrepreneurial ecosystem in India shows a pretty picture. Upbeat fund raising figures taking-off from early 2015, a large market with healthy competitive vibes from indigenous and global players in the business, and a ready access to low cost skilled labour in India has all been reinforcing their virtuous linkages. Even when we have been able to work-out our unique ecosystem that fits well with our local conditions, the structure still appears to be caught in its own chasm after the phase of initial euphoria and action. It is evident that we do need to take the big leap forward to make it to the next level of entrepreneurial activity in India. Though many IN MY OPINIONREIMAGINING EDUCATION FOR THE NEXT-GEN ENTREPRENEURIAL ECOSYSTEM IN INDIA By Dr. Rituparna Basu, Associate Professor & Marketing Area Chair, IMI KolkataHeadquartered in Kolkata, IMI Kolkata is one of India's leading B-schools offering wide range of Management Development and Executive Development Programmes across various industries and sectors. Dr. Rituparna Basu
< Page 7 | Page 9 >