Millennials born in our country have a fundamentally different disposition than their parents and grandparents. Our parents grew up in a country where economic freedom was withheld, where the market was contained and supervised by aggressively socialist leaders. Many of them received a sub-par education which was promised as part of a skewed election manifesto. Opportunities were partial towards those raised in an affluent family. A couple of decades of instability, with our political system all over the place, delayed our economic advances.
The 1990s can be thought of as the beginning of a new era, that brought a feeling of optimism which lingers even today in Indian zeitgeist. Usually ‘new eras’ don’t last long, the excitement boils down and people remain nonchalant till another ‘new era’ seems forthcoming. But the last decade of the last century saw India emerge out of a restrictive financial cocoon and prosperity was finally imminent.
We can extrapolate from the above time series statistic that the emergence of new companies in different sectors or levels of commerce was a lively trend in the middle of the last decade. Level one stands for agro-based companies and level 2 includes local trading companies. Since companies at level 1 and level 2 interact with the local market, many of them are not registered. The vocational activities undertaken by rural residents and local retail stores and restaurants are a few examples of level 1 and level 2 ventures.
Our generation is accustomed to an economy where initiatives can be undertaken, where a person can customise his financial approach, where opportunities can be created on our own with an undercurrent confidence that ideas matter to our people and will be supported.
In a recent survey by the Deloitte group, India ranks 2nd globally as home to the fastest growing technology firms. Like every other country in the world, we have problems that need to be resolved and people are finally coming forward to address these as issues that can be tackled without a compulsory government involvement. An Indian woman, in order to compare prices of offline stores online, creates a website whose evaluation is now in crores. Two young Indians create an online shopping store that revolutionises the Indian shopping experience. An IIM-A professor creates a knowledge network to recognise rural innovators and file patents. In IIT-K alone, there are around 23 companies that have been incubated by SIDBI.
The Indian entrepreneurial ecosystem has become more vibrant with student entrepreneurs lining up with matured ideas to get traction on various available platforms. Nasscom Indian start-up report highlighted that 72% of start-up founders are 35 years old or younger. National knowledge commission in its study of Indian entrepreneurs reported that the median age at which people interviewed became entrepreneurs was 27.
Now in 2016, entrepreneurs continue to stimulate our economy, creating jobs and diversifying Indian products and services. They’re exploring fields which were hitherto left untouched by the government and major business corporations.
This year, E-Cell, IIT Kanpur will celebrate the advent of the entrepreneurial Indian with E-Summit 2016. Years down the line, our heritage will encompass financial integrity and independence along with all our social and cultural values.
Every country needs a revolution to make history, the Indian entrepreneurial phenomena will be ours.
For more information, visit our website- ecelliitk.com/esummit/