Startups, as the very name suggests are those upcoming “young” companies that are beginning to develop. They are small in size and initially financed and supported by a few founders or even one individual. A startup, therefore, is usually in the first stage of its operation and the aim or the purpose is developing a product or service for which there is reasonable assured demand.
Having said so , we find that there is sort of mushrooming of these startups in towns and cities and in unconventional segments like agriculture and social sectors. The Prime Minister has realized their importance and the need to help them come up on a sustained level and promised Rs. 1 lac crore of funding for them. Start ups have undergone a change in structure and their purpose to capitalize on a particular product or a service. Cumulatively, that can mean a lot of economic activity and the resultant employment opportunities as well.
Startups , however, do not mean only digital and technology innovation but with changed times and perception, they are now expanding their areas and are engaging their activities in other fields including agriculture. It is expected that their role would transform agriculture in its own way , expectedly even in a major way.
It is heartening to note that the Union government has created a Rs. 10000 crore fund of funds to help such start ups across the country. The Prime Minister reaches out to people in his peculiar style via Na-Mo app video conferencing and the recent interaction involved young entrepreneurs from cities like Dehradun, Guwahati and Raipur. The theme was how the Government would support and help these startups. In this connection, an amount of Rs.7000 crores has already been released by venture capital funds. That is precisely based on Government’s initiative which has the potential of elasticity of over Rsd.1 lac crore over the periods across the country.
Not only these startups shall enjoy funds support from the Government but also certain tax incentives, support in legal issues, in issues of intellectual property rights, removing of regulatory hurdles, setting up of incubation centres and labs etc. The Government support being there fully, the market being promising and vast, what is needed is sincere hard work by these young entrepreneurs to emerge successful and not only create employment for themselves but for others too.