'Entrepreneurship Is A State Of Mind'
Many startups in the country want to shift abroad as they lack opportunities for receiving funds from foreign investors
Photo Credit : Subhabrata Das
The ecosystem of startups is trying to discuss what the government is mapping post-budget. The government has always been pushing out new initiatives and new motivations. Entrepreneurs do require a support system from the government.
Demonetization is believed to be ineffective to startup owners because they were already heavily engaged in a cashless economy. Demonetization although has brought in a push to e-wallets and the Bharat Connectivity Plan is showing good promise for the same. Although availability of data, education of internet transactions and security over the internet are mainly to be worked on with respect to the same. One thing that tech startups are expecting to change are the services of software need monthly payments unlike software companies abroad.
Anuj Garg, CEO & Co-founder, Inscripts India Pvt Ltd, says: "Startups are not restricted to technology. Entrepreneurship is a state of mind, we can do more beyond technology. Clarity, compliance ease, consistency."
After the removal of FIPB the next thing that the companies look forward to is the body that that will replace it. Many startups lack the opportunities of receiving funds from foreign investors since many startups in the Indian market lacked funds although they were encouraged by foreign companies and entrepreneurs. Due to this, existing companies are moving abroad in foreign markets.
"We need to have a liberal approach towards listing companies in India," says Paras Berawala, director of transactions, E&Y.
Conditions have changed in the startup industry. The investors were expecting to bring tax parity in domestic consumptions. Angel investors usually known to startups are expected to come through. Due to implementation of funds the government has kept complete transparency and hence according to many experts implementation of funds matter. This will allow the ease of doing business in the country not just for reputed companies but also for startups. Since the government of India has already promoted self-certification, the companies will be more careful in certification without breaking laws.
"I believe that in order to maintain and promote the startup industry in the country it is important that we auction start up hubs and incubators," said Aninda Pal, partner at Hemant Sahai Associates.