When we discuss startup culture, we are surrounded by the thought of a small office carved out of a space in the home or some cheap place. But that’s not the only thing, there are many good and fascinating things about startups and their transformed modus operandi. In recent times, owing to the change in the perception of people, things have become more adaptive and smooth. Individuals are embracing risk associated with startups. But is it sufficient enough to compete with the likes of Silicon Valley or Shanghai? The answer is quite obvious; a big no.
So, what does it take to develop a mammoth startup or innovation hub? Although Bangalore or Bengaluru is often referred to as the “Silicon Valley of India”, still we are yet to come terms with the grandeur of Silicon Valley or Shanghai. What exactly needs to be done by the government or the relevant institutions to nurture a more developed and better startup hub at par with the top places?
First and the foremost, we need to encourage innovations and risk taking capacity to let the ideas take shape. From the very beginning of the schooling of children, there should be a separate class or curriculum to make them solution-seeker. They should be allowed to express their opinions about anything and everything that they think is complex. Their version of solution needs to be analyzed and should be given a distinct space to flourish.
As far as the government is concerned, it has a vital role to play on the economic front. To help prosper any idea, it is important to remove roadblocks and bottlenecks. Some of the hindrances to this end are cumbersome paper work, corruption and complex tax structure. If government is able to tackle these challenges, startups will sure shot be benefitted a lot. Initially, startups should not be taxed for at least a couple of years or for five years. This will help them grow economically, without the fear of being taxed.
The growth of startups will ensure the growth of jobs which will ultimately lead to a high GDP (Gross Domestic Product) and positive growth in PPP (Purchasing Power Parity). Startups nowadays have become the key to success and high growth rates. For a long term and sustained growth, it is suggested to help them grow in every possible manner. There is badly a need of competitive atmosphere which rewards the startups creating more jobs with less resources. Their ways and means must be idolized so that other startups of the same domain could learn.
Apart from this, society has also an important part to play. They need to find out the hidden talents and help youngsters explore their passion and the things in which they are good at. It becomes the responsibility of the parents not to pressurize their kids to follow a certain path just because so and so person followed the same. Parents need to understand that everyone is born with some unique talent and traits. They need to help and encourage their young minds to nurture something that proves out of the box.
They need to help kids become the best version of themselves. They should compete with themselves in order to bring the best out of their personalities. In the higher secondary, students should be made economically literate. They should know quite well about the “Dos” and “Don’ts” of investment and assets and liabilities to ensure the economic liberty so that they could experiment with their ideas in the later years. Investment is a topic which needs to be taught from the very beginning of high school because ultimately everyone is to deal with the money, in the end.
India has, somewhere down the line, failed to make the school going kids or even the undergraduates economically aware in practical world. This is where many developed countries score more than us. We need an environment where not only adults but the teenagers too know the intricacies of investment and expenditure. There should be case studies made available of the famous business personalities from all around the world.
In this way, they will become familiar as to how those people became what they are today. They will get to know their lifestyle and daily routine. Moreover, they will get to know their reading habits and their work practices. We don’t need to make students bookworm rather we should work out to make them live in the practical world. They should know that real world is entirely different that works on the practical measures.