Abstract
Financial support ecosystem means the availability and access of financial resources to Micro and Small Enterprises Sector and generally includes financial support in terms of consultation support services, government funding support, sufficient government subsidies available for new and growing enterprises, venture capital fund support, adequate financial support schemes available, social investment and other financing resources. Financial Support forms an important contextual environment factor for the establishment, growth and sustenance of the enterprises in Micro and Small Enterprises Sector. Absence of a positive financial support ecosystem has been reported as one of the major constraints for the overall entrepreneurship development in the MSEs Sector throughout the world economies. The present study aims to assess the existing financial support ecosystem for the Micro and Small Enterprises Sector in the state of Jammu and Kashmir against the parameters of sufficient supply of capital / funding, adequate number of financial support schemes, collateral security a big problem for MSEs in availing the finance and access to finance cumbersome due to complex procedures and formalities. And on the basis of the findings suggest measures to improve the financial support ecosystem for the robust entrepreneurship development in Micro and Small Enterprises Sector in the State. Findings indicate that to the extent that the collateral security and procedural hiccups were streamlined and more supply of funds made available, there will be remarkable entrepreneurship development in the MSEs Sector of the State.
Highlights
The financial ecosystem, in addition to other contextual ecosystems, forms an important component of the macro or external environment for the overall entrepreneurship development in any economy
In the contemporary literature on entrepreneurship, macro or external factors are considered to be more central in the entrepreneurship development of any economy and among these macro or external factors the „Financial Support Ecosystem‟ is considered to be the crucial factor having a significant impact on the overall entrepreneurship development process of economies throughout the world
Data collected was subjected to analysis by using SPSS software version 20.0 and the results obtained thereof, on the basis of the response of the representative respondents against the given parameters, are presented as follows: 5.1 Financial Support Ecosystem Parametric indicators
Summary
The financial ecosystem, in addition to other contextual ecosystems, forms an important component of the macro or external environment for the overall entrepreneurship development in any economy. There are plenty of ecosystem constraints that an entrepreneur faces while exploring this huge entrepreneurial potential and among these raising start-up capital for a business venture is seen as a bigger constraint for knowledge based and innovative ventures. Researchers point out that the financial environment existing in a particular economy results in an environment framework having a very strong influence on the development of entrepreneurs. All this necessities the importance of entrepreneurship development analyses through the lens of the „financial support ecosystem‟ assessment setup . Very less number of studies throughout the world have been undertaken more in developing countries in this direction
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