Startup India, Standup India: Setting the Stage for the Great Indian Dream
Startup India, Stand up India' action plan came just in time for aspiring and enthused Indian entrepreneurs eager to set goals for their company. The much awaited event which was held in New Delhi on 16th January, 2016 attracted a diverse lot - from the tech titans of Silicon Valley to the most sought after Indian unicorns.
- (1888PressRelease) January 22, 2016 - Among the invitees was the CEO of July Systems, B.J. Arun. He is also a member of the Board of Directors of TiE, The Indus Entrepreneurs, a not-for-profit global network of entrepreneurs and professionals dedicated to the advancement of entrepreneurship since 1994. He is currently serving his second term as Convener for TiEcon 2016, the world's largest conference for entrepreneurs (5,000+ attendees, 200+ speakers).
B.J. Arun participated in a panel discussion at the Startup India event moderated by Jayant Sinha (Minister of State for Finance) and expressed concern about seeing a bubble in the Indian startup valuations and cautioned entrepreneurs against the dangers of financial indiscipline.
"When people get too much funding, it's a recipe for disaster as we have seen in the Silicon Valley during the dotcom boom in 1999-2000. I would like to caution my fellow entrepreneurs that not everybody should become a unicorn. It's fine if you make 5 crore a year and are not valued at $2 billion." - The Hindu, 16th January 2016.
What is important for an emerging economy like India is the need to encourage investment, create jobs and make the market more competitive while staying rooted in ground realities. There is no better time than now for domestic investors to step up and invest in startups who show promise of solving problems peculiar to the Indian economy.
Interest in entrepreneurship is higher than ever in the youth of India as there is a deeply felt desire to move up the value chain. The Indian business climate which has not been conducive to the growth of startups so far is now slated to change with the government turning its attention towards building an entrepreneurship ecosystem.
By reducing regulatory burden and rolling out pro-startup policies like establishment of a Startup India hub, introduction of fast track mechanisms for patent applications, provisions for faster exit, exemption of tax on profits for the first 3 years and exemption from capital gains tax, the Indian government is trying to ensure that all entrepreneurs operate on a level playing field.
B.J. Arun lauded the rapidity at which the Modi government rolled out its startup action plan - "I have seen politicians come and give speeches, make promises, do shopping and go back but I was shocked at the speed of this government." - Economictimes, 16thJanuary, 2016
If the new startup policy is executed well, then there is a good chance that any average Indian man or woman committed to innovation can become a successful entrepreneur without the privilege of political connections or the backing of a wealthy family.
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