The start-ups play an important role in OECD (Organization for Economic Cooperation and Development) economies. Start-ups have emerged as an essential driver of job creations, innovations and navigating the economy. This pandemic situation has proved that a start-up doesn’t need to only grow in the country from where it has emerged or where the resources are easily available, it can begin from anywhere.
Developing countries like India have presented a few exceptional examples stating that countries with significant needs usually present enormous opportunities. Start-ups are usually small-scale companies which if given the opportunity can play a remarkable role in the economic development of the country. Start-ups generate a reasonable amount of jobs which means more employment and more employment is an indicator of an improved economy. These start-ups not only boost the economy but also bring new technologies and innovations in society to compete and serve the community with multiple handy services and ideas.
New entrepreneurs bring revolutions and various technologies on the table which is needed to stir a healthy competition. Also, it is important to notice that start-ups directly impact the cities and its people where they make a hub, they improve the pattern of employment and provide equal opportunities to both young and experienced professionals.
During the COVID-19 calamity, the start-ups have still played a vital role in uplifting the economy and providing job opportunities with radical innovations. In the combat economic situation, young firms stood accountable for providing more than 20% of employment and creating half of the new job opportunities. It has been quite a novelty to watch young firms being flexible with the current situation and has helped several countries to shift towards digitalization of education, office work, innovation in medical and health services.
Despite the serious economic disruption caused due to COVID-19 crisis the government of various countries have started taking measures to mitigate long term impacts on employment and innovations. Start-ups have augmented the faith globally that the challenging times not only give birth to new entrepreneurs but also allow them to explore new possibilities to build and renovate the economies worldwide.
Various start-up opportunities can upscale the absolute game of innovation in the pandemic situation. A lot can happen in the field of online education, home deliveries, food processing ventures, personal and beauty care sector, counselling and what not. But it is important to find a niche as the COVID-19 outbreak has induced purposeful changes in the society and consumer habits, these ideas should forecast and support the lifestyle changes of consumers. Apart from the traditional business ideas for start-ups, there are few innovative lines of businesses where an adequate amount of growth has been observed.
These areas include freelancing and full-time remote employees which turn out to be a trend for 90% of the tech start-ups, it provides them with a platform to seek work opportunities globally by staying in their hometowns and saving expenses. It is a fact that start-ups are the most convenient and adaptable mode of business during the present and post COVID situation. The start-up founders can be of any age group who believe in finding the right opportunities at the right time to grow a business. Other than investing time and money an individual needs to develop few entrepreneurial skills such as creativity, a basic understanding of the remote environment, emotional intelligence, sustainability skills and interpersonal skills to manage their employees and business at the same time.
Given the small size of start-ups and SMEs (Small and medium-sized enterprises), they have not just uplifted the economy but also impacted society to fight back on bigger issues such as gender equality while providing job opportunities. Tech start-ups have stood up and promoted gender equality and helped in minimizing the gender gap in the technology sector where women were earlier not much involved. Contribution of more women in the tech world is ensuring that girls and women have accessibility to education, digital skills and healthcare.
The COVID-19 situation seems to be a long-term hiccup globally but fortunately, it has changed the perspective of start-ups to work in future, they will not just have to survive but prosper for a longer run. This is the time when the voice of start-ups needs to be heard in the aisles of government and get all the support they need. Start-ups have proved themselves and surely, they can build our economies back only if they get start-up friendly policies and fund support from the government.
Policies that support start-ups will not only help the young businesses but also benefit the consumers who are associated with them who rely on the results of innovation that start-ups bring in. The government of India has taken a few initiatives to support start-ups and local businesses. They have launched few schemes and policies like Prime Minister’s Employment Generation Programme (PMEGP) to support Khadi and Village industries, Udyam Sakhi Portal for Women Entrepreneurs to support 8 million Indian women to support their start-ups, Stand up India Scheme that provides loans from Rs. 1 lakh to Rs. 1 crore.
To conclude, in the era of economic crisis start-ups are showing a promising future for more job opportunities, attracting investors globally and creating wealth, providing the standard of living with innovative technologies and enhancing the financial growth of a country. Start-ups will change the world in upcoming years, more the start-ups more the innovating technologies. Looking at the current scenario it seems that entrepreneurship is the only key to strengthen the economic growth of a country. So, if you have any idea do not hesitate because of the success or failure rate to initiate an innovative solution which may lead to change your future for better.