Good Governance Must For Startups To Grow: Gaurav Singhvi, We Founder Circle
"Diversifying funding sources and creating avenues for startups in various regions and sectors to connect with investors could foster greater inclusivity," Gaurav VK Singhvi, Co-founder, We Founder Circle
1. On the lines of India being a case of strong growth trajectory, given that it is becoming one of the leading economies, how do the startup Entrepreneur’s plan/strategies to contribute to the larger goals of India.
Certainly, with India's remarkable growth journey and its rising status as a major global economy, startup entrepreneurs are playing a pivotal role in advancing the nation's broader objectives. These entrepreneurs have an innate drive for innovation and problem-solving. They're aligning their plans to meet India's bigger goals in several ways. They're creating new solutions that tackle challenges in sectors like healthcare, agriculture, and education. These solutions don't just make life better for people but also push India's growth further. Moreover, they're generating jobs, especially for the younger generation, helping to reduce unemployment. Startups are also placing a strong emphasis on sustainability and positive social impact. They're adopting environmentally friendly practices and creating products that contribute to a greener future. Additionally, they're collaborating with the government's initiatives, amplifying the nation's growth trajectory. By focusing on all these areas, startup entrepreneurs are weaving their strategies into the fabric of India's overarching development objectives.
2. What factors, according to you, will drive this?
The driving factors behind this positive trend are innovation and collaboration. Startup entrepreneurs bring fresh ideas to the table and use technology to turn these ideas into reality. They work alongside established businesses, the government, and communities to ensure their ideas have a positive impact. Furthermore, their commitment to ethical practices, social responsibility, and environmental consciousness helps create a positive business environment. In addition, the determination to create meaningful solutions and address challenges head-on propels startups.
3. What is the road ahead?
The road ahead for startups is bright. As India's growth story unfolds, startups will thrive by embracing innovation, collaboration, and sustainability. With increased access to funding and favourable policies, they'll drive economic growth, create jobs, and address pressing challenges. The startup ecosystem will flourish, contributing significantly to India's advancement as a leading economy and fostering a culture of innovation that shapes a prosperous future.
4. You being an investor and the builder of many strong businesses, what can be done better, Mention three things?
As an investor and a builder of many strong businesses, I believe there are three key areas where improvements can be made to further enhance India's economic and business landscape. Firstly, addressing inefficiencies in the system is paramount. Whether at the legal, distribution, or taxation level, these inefficiencies can hinder business growth. A concerted effort by the government to identify and rectify such inefficiencies will create a more conducive environment for businesses to thrive. Secondly, an increased focus on infrastructure development is crucial. The recent emphasis on infrastructure by the government is a positive step, and this momentum should be sustained for the next decade. A robust infrastructure network, including highways, ports, airports, and railways, will not only reduce transportation costs but also improve the overall supply chain and international trade. Thirdly, fostering innovation through the education system is essential. India should aim to nurture a culture of innovation from early school days, continuing through university education. By establishing research-based institutions akin to world-renowned universities such as Stanford, Harvard, and MIT, India can significantly support its innovation ecosystem. Just as these institutions have been instrumental in driving technology and product innovation in the US, India should strive to create similar hubs for innovation within the country.
5. Do you see some loopholes in the ecosystem that need attention? Would you be able to suggest the ways as to what more can be done and can add value?
One notable area is access to funding, particularly for early-stage startups and those operating outside major urban centres. Diversifying funding sources and creating avenues for startups in various regions and sectors to connect with investors could foster greater inclusivity. there's potential to strengthen mentorship and incubation programs, particularly in smaller cities and rural areas. These programs guide startups through challenges and offer networking chances. Improving infrastructure, including highquality co-working spaces and accelerators in various regions, will create a more inclusive ecosystem and promote entrepreneurship outside major cities. Furthermore, facilitating market access is crucial. Providing startups with platforms to showcase their offerings and facilitating connections with potential customers and partners can help them overcome initial market entry barriers. In the digital age, cybersecurity and data privacy deserve attention. Given the data-driven nature of startups, enforcing robust cybersecurity measures and data protection regulations is crucial to building trust and ensuring consumer privacy. Addressing these aspects requires collaborative efforts from stakeholders including government, investors, industry associations, and startups themselves. By working together to strengthen these areas, the startup ecosystem can become more resilient, supportive, and conducive to innovation and growth.
6. One prediction, how will things unfold and shape up in the next 12-24 months?
I strongly believe that India's startup ecosystem will continue to flourish. In the last 6 to 7 years, it has evolved a lot, and has seen a lot of exciting changes. Despite recent challenges like funding becoming more limited, startups are becoming more efficient and smart in how they work with the money they have. Investors are also getting smarter, looking at important numbers rather than just focusing on high valuations. This shift in thinking is making both startups and investors work towards a sustainable and stable growth path. Looking ahead, I predict that by 2030, around two to three startups will become part of the top 50 companies listed on the NSE stock exchange. Some of these startups might even become unicorns, symbolizing the new wave of innovative companies. Also, in the next seven years, electric vehicles (EVs) will become a common sight on the roads. As the world becomes more aware of environmental issues, the shift to EVs is picking up speed. In a nutshell, these predictions paint a bright picture for India's startup world. It's a future where startups work smarter, grow responsibly, and collaborate to bring innovation to the forefront.
Around The World