What makes a startup successful? Some may say it’s a team’s expertise or the simple act of budgeting. Yes, these factors contribute to a company’s success--yet, government policy is what changes the game--and Indian policy has spiked the revenue and success of their startup ecosystem exponentially.
Creation of new ‘Innovation Zones’ and hundreds of new incubators and accelerators in the next four years is slated to externally bolster success. Easability for startup growth and innovation in India is spelled out clearly in a 2019 Manifesto written by the BJP party.
A new promise to Indian Entrepreneurs
According to Inc42, Startup India is one of the most effective initiatives instated under prime minister, Narendra Modi. “And with Modi 2.0, many entrepreneurs are hoping and eagerly awaiting the next iteration of Startup India or “Startup India 2.0,” says Inc42.
And despite some criticism, this manifesto looks to be exactly what those entrepreneurs were waiting for: “India has once again given a clear mandate instead of a fractured one. It should bear fruit for us in the coming years,” says Siddhartha Gupta in an interview with Inc42--they point to a clear underlining optimism echoing through the Indian startup ecosystem.
So let’s focus in, and take account for what these hundred new ‘Innovation Zones promise entrepreneurs, and how Incubators and Accelerators, like those in Silicon Valley, can foster exponential growth.
Zones for Innovation
From the manifesto, 100 new ‘Innovation Zones’ are going to be built, which can only bode well for those in the field of ‘innovation.’
An Innovation Zone is a cluster of schools designated by schools and districts--in this case, India’s various regions--that have special autonomy to innovate, accelerate, and alter the way education is taught. India is using these zones to solve urban issues, such as traffic congestion, mosquito breeding, stray dogs, and pollution.
The implementation of innovation zones will allow individuals to solve pertinent issues and create the entrepreneurial mindset of change, progress and ingenuity.
Incubators and Accelerators
The BJP’s manifesto also includes the creation of 500 new incubators and accelerators throughout the region.
Incubators are a place for early stage companies to brainstorm, create, and develop their idea and/or product. Accelerators take what’s constructed in incubators to build out their business with the help from mentors. Merging these two types of platforms establishes the solid foundation and stability India needs for their number of startups to grow and thrive.
India’s policies are positively impacting India’s ability to innovate and grow their startup ecosystem -- and it’s only just the beginning.