| Pub. Date | : Dec, 2022 |
|---|---|
| Product Name | : The IUP Journal of Entrepreneurship Development |
| Product Type | : Article |
| Product Code | : IJED031222 |
| Author Name | : Shameera M K and D Vennila |
| Availability | : YES |
| Subject/Domain | : Management Journals |
| Download Format | : PDF Format |
| No. of Pages | : 14 |
Startups have a significant impact on India's economy. People with innovative ideas are setting up startups with minimal resources. While skills are key to creating successful startups, innovation is a prerequisite for the development of any nation. To promote entrepreneurship, the Government of Kerala has launched different schemes for young entrepreneurs in the state. This paper mainly covers the schemes available under the Kerala Startup Mission for young and innovative entrepreneurs and information relating to startups in the state.
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India has been known for its Information and Communications Technology (ICT) capabilities for decades and more recently for its speed. Economic development through digital transformation and innovation has been taking place in India. The recent rapid economic development has made India the largest startup-friendly county in the world. India's startup ecosystem is constantly evolving, and the past few years have seen an increase in the number of angel investors, Venture Capital (VC) funds, and incubators. Accelerators and support from government initiatives such as Digital India, Startup India, and smart cities have given momentum to setting up of startups and investment activities in every sector. The number of unicorns, rapidly increasing purchasing power, mobile Internet usage, new Internet access, hypermarkets, social media adoption, innovation, cheap prices, and favorable consumer demographics lead to growth in startup investment now. The Kerala government has been providing various support facilities for startups.
Entrepreneurs are the backbone of any country's economic development and are important initiators for setting up of new enterprises. The ultimate results of these activities are balanced growth in regional development, effective distribution of resources and active involvement in the country's economic development. Entrepreneurship has been adopted worldwide as a measure to inculcate economic involvement in young people.