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Innovation and entrepreneurship are the rudders of growth in an economy and India is no exception to this rule. Although relatively late in entering the startup ecosystem, India has grown to become the third largest startup ecosystem in the world. More than a hundred unicorn companies are part of this large ecosystem, which is growing at 12 to 15 percent annually. The country has the largest youth and adolescent population in the world; a UNFPA forecast claims we will continue to have the youngest population by 2030. This large pool of human resources can propel the country at breakneck speed. Developing a conducive entrepreneurial atmosphere is a step in the right direction as we will be able to create employers instead of jobseekers. As the government pushes for this through programs like Startup India, our country’s rising youth will be able to do things that can leave a lasting impact as private actors, PPP organizations, investors and other stakeholders join forces. We must steer their aspirations and ambitions in the right direction to help them join the startup revolution. IMPunjab has been at the center of several development initiatives and is preparing to jump on the startup train by creating a greenhouse for young entrepreneurs.
Startups and micro, small and medium-sized enterprises are the pillars of any economy that ensure economic growth, job creation, competitiveness and wealth creation. Punjab is a leading state with multi-industry growth and profitability. It is blessed with people who are ready to take advantage of any potential opportunity that comes their way. Punjabis are hardworking people who have found their way through even the toughest of times and places. They are innate risk takers, founding companies and startups to bring about the change they want. With this zeal, Punjab witnesses the emergence of startups in various sectors such as IT, AgriTech, Healthcare, Education, Nutrition, Renewable Energy and many more.
Many booming startups today, say Flipkart, Zomato, Jugnoo, Bonn, Ola Cabs, Mother Sparsh, PayMart, etc. have one thing in common. It was founded by people with Punjabi roots. However, these companies began operations out of state because their home state did not have a favorable ecosystem to support them. They had to rely on the resources available in other states. We could not provide proper and adequate support when they needed it most.
However, things are changing now; The government, some catalysts and incubators have made it their mission to stamp out the problems startups and entrepreneurs face. Aspiring startups and young talents looking for your support get the help they need. There is a need to further strengthen the burgeoning ecosystem and create a tight network of all incubators, mentors and industry specialists to guide young entrepreneurs and emerging talents.
In addition, the educational universe of the state is expanding day by day. Many reputable educational institutions are opening their centers in the state, while existing educational institutions in the state are developing the potential of talented young people studying there. As the Punjabi diaspora increasingly seeks to return to their roots, Mohali and Chandigarh are becoming their favorite spots. They bring in investments that can fuel startup growth in the state.
In addition, incubators and catalysts motivate young people to take the plunge. The mentors encourage the young entrepreneurs to work on their ideas and take them to the next level. Thriving startups who have knowledge of the industry and know it inside out and have faced their fair share of struggles to get where they are right now. They team up with these catalysts to help young startups by guiding them with their insights and solutions. Through continuous mentoring and support, they help identify the challenges and motivate them to find a solution. Ironing out obstacles like these will lead to the germination of startups in multiple fields across Punjab.
The startup ecosystem in Punjab is developing rapidly. Our state is full of young talent; With the development of an efficient ecosystem that can compete with other startup ecosystems in the country, we will soon turn Punjab into a startup hub.