Start-ups are a significant driver of the economy and, thus, of the country. In order to sustain growth, it is vital for start up to have a diverse ecosystem of entrepreneurs, investors, and marketplaces. Here are 4 factors that will promote start-ups in 2022.
Factor 1: Visionary Entrepreneur
This is a crucial component of the start-up ecosystem. It is often said that the difference between a great entrepreneur and one who is young, ignorant, or simply unaware of concepts like innovation, is that the former has a vision of where he wants to go while the latter does not, and this is what leads to his growth as an entrepreneur. A visionary entrepreneur can even take existing ideas and make them better by implementing new concepts.
Factor 2: Investors and Angel Funds
Investors provide the funds that a start-up needs to become successful. They also guide entrepreneurs by giving them advice. A start up, just like any other business, needs money to incur costs for its operations, for example hiring new employees or purchasing machinery, which can, in turn, be a vital part of its growth.
Factor 3: Collaboration between academia and corporates
Innovation is what changes the world we live in. This is currently very apparent in the technology sector, where innovation is redefining our lives. A necessity for this level of innovation and the continuous development it entails is a highly skilled workforce. This can be achieved through collaboration between universities and major corporates.
Factor 4: The Startup Community
Lastly, the community a start-up has will be pivotal in its success as it provides assistance and support to entrepreneurs on their journey. For example, there are now organizations specializing in helping startups with social media advertising. The Startup Community is, by definition, always a growing entity that is never complete. The effectiveness of the start-up community can be seen when all persons involved contribute towards the advancement of the venture.
In general, the success of a start-up is partly dependent on the strategies and actions of the founders to form and complete their business, as well as on the incentives that are offered by investment instruments.
Dil Bole Oberoi
