Entrepreneurship Development | Journals

The IUP Journal of Entrepreneurship Development

Gig Economy and Entrepreneurship: A Study on Digital Marketing, Seed Financing and Freelancers' Satisfaction

Article Details

Pub. Date	: Dec, 2023
Product Name	: The IUP Journal of Entrepreneurship Development
Product Type	: Article
Product Code	: IJED031223
Author Name	: Naveen Kumar R, Janani M, A John William and Muthu Kumar T
Availability	: YES
Subject/Domain	: Management Journals
Download Format	: PDF Format
No. of Pages	: 18

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Abstract

India's gig economy professionals often transition into successful startups, attracting seed funding for growth. Their success is attributed to their expertise, niche focus, market relevance, local insights, adaptability, innovation, networking, government support, scalable business models, and effective pitching skills. The journey from gig economy worker to startup success in India is marked by a blend of digital marketing acumen, adaptability, and understanding of local market dynamics. This study analyzes data from 232 freelancers who have applied for seed funding to have startups in Tamil Nadu, assessing their expectations and satisfaction levels. The study uses Confirmatory Factor Analysis, AVE, HTMT, and SEM to examine the relationships between digital marketing, seed financing, and freelancers' satisfaction. The study result shows that the freelancers are satisfied with their work as they get work flexibility and timing, and it is also found that when seed financing is made available to these freelancers, they could build their own startup and provide employment opportunity to others.

Introduction

India's gig economy is expected to grow to 23.5 million workers by 2029-30, with the demand for freelancers increasing. The gig sector is expected to grow to $455 bn at a CAGR of 17% by 2024, with the potential to grow two times the pre-pandemic estimates (Pramshu, 2022). The Covid-19 pandemic has disrupted the labor market, leading to a shift in work culture and gig economy. The gig economy offers flexibility, competitive payouts, a variety of projects, and autonomy, making it a leading choice for the young working populace. However, the gig economy faces challenges, such as mistreatment, low salaries, and bureaucratic delays in policy implementation. To address these issues, fine-tuning labor laws and social security