What You Need to Know About Start-Ups in G20

Over 90% of start-ups fail. To say they are a risky business is an understatement. For the first time, G20 has put startups on the agenda. India has led that move and Chintan Vaishnav of NITI Aayog—the Indian government’s public policy think tank—discusses startups in India and the G20.

 

This edition of FO° Podcasts examines start-ups. Historically, the US has given birth to this strange beast. Since the 2007-08 crash in Western economies, things have changed. Start-ups are starting to take off in poorer economies, especially India. As chair of the G20 this year, India has put startups on the agenda for the first time. 

 

In emerging markets, start-ups were not always popular. People were afraid to take risks. With economic growth, broader access to technology, and changing demographics, start-ups are on the rise in many G20 countries.

 

India has been a shining example of rising entrepreneurship. Forbes estimates that there are now 100 unicorns in the country. As per Pew Research Center, 40% of India’s population is under 25. This population is more educated and technologically savvy than ever before, producing a huge demand for goods and services. Naturally, entrepreneurs are emerging to serve this demand.

 

Vaishnav takes the view that entrepreneurship is just getting started in India and many other G20 countries and start-ups have a long way to go. He explains what makes a healthy start-up ecosystem possible, the national and international forces that influence such an ecosystem, and how it can be a driving force for economic and social good.

 

Vaishnav also outlines why India has placed start-ups front and center of the G20 agenda.

 

Author Bio

 

Chintan Vaishnav is a socio-technologist, an engineer trained to design and build large-scale systems that possess both human as well as technological complexities. Presently, he serves as the Mission Director for the Atal Innovation Mission (AIM), a flagship initiative of the government of India under the auspices of the NITI Aayog. Chintan is on leave from the Massachusetts Institute of Technology (MIT) for his present assignment. As a teacher, innovator, and entrepreneur, he has split his time between teaching and research at MIT, and living and working with rural communities in India to build solutions that improve living conditions despite resource constraints.

 

Photo: https://aim.gov.in/chintan-vaishnav.php

Email: chintan.vaishnav@gov.in

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Credits: 

"Loopster" Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 4.0 License
http://creativecommons.org/licenses/by/4.0/ 

 

[Matthew Knudson produced this podcast.]