While there are successful examples of young innovators like PC Musthafa (iD Fresh), Sampriti Bhattacharyya (Hydroswarm) and Vijay Sharma (One97), the harsh reality is that an inordinate number of start-ups fail. That is the reason why academic institutions and organizations should help and support the development of entrepreneurs to ensure a high survival rate.
Young Indian entrepreneurs make headlines regularly. After a whole generation of cautious Indians who viewed entrepreneurship with suspicion, preferring stable and predictable careers in government service, banks, as doctors, lawyers and engineers, the tide is turning. There is optimism in the air as young entrepreneurs dare to go global, drive innovation and experiment with unique business models.
The latest Global Entrepreneurship Monitor (GEM) report reflects this important cultural shift. The report noted that 58% of Indian adults (aged 18-64) consider entrepreneurship a desirable career option and 66% think entrepreneurs receive a high level of status and respect. And this is not just because Indian tech entrepreneurs are becoming global rock stars. It is because young entrepreneurs across all sectors from agriculture to manufacturing are setting India on a new path of growth and development.
Take the story of PC Musthafa, 42, who gave up a high-paying banking job in Dubai to return to India because he wanted to create job opportunities for rural youth. He started iD Fresh Food, a dosa batter company, with his cousins, 550 square feet of space, two grinders, a mixer and a sealing machine. They started by selling 10 packages of dough a day. Today iD Fresh Food sells 50,000 packs a day, has expanded its product range to ready-to-eat food and is a R100 crore business employing 1,100 people. Musthafa’s goal is to become a R1000 crore company employing 5000 people in the next five years.
Among the more innovative ideas his company is exploring is a Trust Shop—in apartment complexes and corporate offices—where you can pick up ready-to-eat idli-dosa dough, parathas, and wheat chapatis, and deposit the money in a box. . in the shop. The store has no sellers and is not monitored by cameras to keep an eye out for non-paying shoppers. The stores are proving to be a success. Buyers who don’t have money in them come back the next day to drop off the cash. It’s a unique low-cost model that can be scaled, ensuring prices stay low and stores are conveniently accessible 24/7.
Now take the case of Sampriti Bhattacharyya, 28, whose company Hydroswarm designs and manufactures autonomous drones that can scan the ocean floor, search for missing aircraft, identify oil spills and detect radiation under the sea.
Entrepreneurs and innovators like these are playing an important role in bringing unique ideas, offerings, and business models to market—ideas that large companies don’t want to explore because they don’t have a clear, well-charted future and could pose a risk. to your growth plans.
A recent study by a leading analyst has suggested that the Micro, Small and Medium Enterprise (MSME) sector, which includes these entrepreneurs, will increase its contribution to India’s GDP from 8% in 2011-12 to 15% by 2020.
The growth is not just because young Indian entrepreneurs dare to dream up big new ideas, but also because they understand the value of hiring the best talent in the country. Take Vijay Sharma’s One97 Communication, the digital goods arm of Paytm, as an example. Sharma’s company announced its expansion into Europe and the US in July, utilizing some of the country’s best business talent to enable growth. In other words, Indian businessmen are aware of what it takes to be globally competitive.
Going global should not be difficult for Indian entrepreneurs. Today, the best minds in the country dream of undertaking. This year’s IIT-JEE winner Deepanshu Jindal says that after graduation he wants to become an entrepreneur. Young people from prestigious educational institutions across the country such as the IIT and the IIM show similar inclinations.
All this is great news. But the harsh reality is that an inordinate number of start-ups fail. Studies have shown that 47% of jobs created by start-ups are eliminated because the company closes within the first five years. This emphasizes the importance of having academic institutions and organizations that help and support the development of entrepreneurs to guarantee a higher survival rate.
If India is to continue on its path of growth, the contribution of entrepreneurs to wealth creation will play a key role. This is why the importance of including entrepreneurship as part of standard curricula cannot be undermined. We must start by creating a formal culture of entrepreneurship that begins in the classrooms where young minds and the nation’s future are shaped.
