Fostering Entrepreneurship, Innovation, Inclusiveness: Start-up and Stand-up

Abstract

The article focuses on new directions and strategies of entrepreneurship, innovation and inclusiveness through two programmes launched by the Union governement in January 2016, for which the Department of Industrial Policy and Promotion (DIPP) is the nodal agency. They are Startup India and Stand-up India initiatives. Start-up India, as outlined in the Action Plan, refers to promotion of innovative enterprises with considerable extent of research and development carried out in collaboration with higher educational and scientific research institutions. Technology Business Incubators promoted for this purpose are normally established in collaboration with a host of leading higher educational and scientific research institutions. Linking industry with academia to focus on new areas that have potential for development is the direction planned to be pursued for encouraging startup entities in various sectors. The entities are sector and scale neutral. To facilitate the youth to take up innovative ventures, creating a favourable and liberal eco system is a pre-requisite. Easier entry and faster exit are emphasised for the success of these enterprises which involve high risk. The article presents opportunities and challenges along with strategies. In this programme, the key players that deserve special mention are Department of Science and Technology (DST) and Department of Industrial Policy and Promotion of the Government of India, and Small Industries Development Bank of India (SIDBI) among development financial institutions. Stand-up India programme refers to promotion of micro, small and medium enterprises (MSMEs) by women and SC/ST entrepreneurs across the country with focus on rural and semi-urban areas, and remote and less developed regions. This speaks of inclusiveness. Entrepreneurs promoting MSMEs can pursue these high potential directions which are prone to high risk and yield high reward.