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India needs more "Gazelles"

Christo Jacob
Wednesday, January 30, 2013
Christo Jacob
It takes five things to succeed as an entrepreneur – Dream, Hard Work, Positive Attitude, Consistency and Resources. Our Indian entrepreneurs have all these qualities and that is the key reason the image of India has changed today, from being just a center of outsourced business processes to driving growth and progress through entrepreneurship. But still Indian entrepreneurship ecosystem maturity is a few years behind the Valley. This gap arises because of our approach towards entrepreneurship.

Entrepreneurial ventures vary widely in their characteristics – from self-employment or necessity based entrepreneurship to opportunity based entrepreneurship. Opportunity based entrepreneurship is usually structured on significant innovation in the realm of technology, business process or the likes and is set up to grow, right from inception. A significant share of new employment, particularly in the U.S., is created by the latter kind – a small bunch of fast growing firms referred to as "gazelles". India still needs to work on producing more "gazelles" and that's the key reason we do not have any Google or Facebook out of India.

However, amidst formidable barriers that exist for entrepreneurship in India, we have observed that there is a considerable honest attempt made by our entrepreneurs to produce high growth potential companies. As per Zinnov, the number of product startups has increased 789 percent, and funded startups by 2,173 percent in the last three years. Moreover, in 2012 Bangalore registered the highest number of startup launches over the past five years, recording 591 new technology companies, followed by Delhi-NCR with 237 and Chennai with 203 launches. So today we need to go back and reflect how many "Gazelles" are out there in the market who tried to bring in significant innovation in the realm of technology.

In this issue, we have put together a story about Magzter founders — Girish Ramdas and Vijaykumar Radhakrishnan who strived to bring in innovation in the digitalization of print media.

Please do share your thoughts with us.

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