Role of entrepreneurship in economy growth

NEW DELHI, INDIA: As the TiEcon 2012 sees a gala thumbs-up from the entrepreneur community, the role of entrepreneurship in economic uplift has resurfaced. The Delhi chapter of TiE has recommended a fund a corpus fund of Rs 5,000 crore as well as setting up of National Entrepreneurship Mission.

Dr Saurabh Srivastava, Chairman Emeritus, TiE Delhi-NCR, said that the key gaps in the entrepreneurship include lack of collaboration amongst stakeholders and educational courses. “There is a need of government policy and regulatory framework,” he added.

There is a need for enhancing and scaling up venture incubation programs, he added. Demanding the encouragement, Srivastava said that there should be an easy exit policy for investors and regulatory hurdles that inhibit domestic fund raising should be removed.

On crowd funding, Srivastava also said that they have not excluded it from the core. “There are many areas that need to be looked that include investment size. Crowd funding is not excluded from our agenda,” he informed. Of late, crowd funding has had attracted security concerns.

Actor and director Shekhar Kapur said that IT business in India is growing, and innovation and entrepreneurship have become keywords. Kapur stressed that capital structure should in itself become systematic so that it could compliment entrepreneurs.

“It was an entrepreneurial idea that facilitated James Cameroon who created blockbuster Avatar movie,” he added. Kapur believes that there is a need to change the traditional mindset to assist innovation and creativity.

NASSCOM president Som Mittal said that we should not just support entrepreneurs but encourage them. “With government’s intent to create robust broadband network, we should look at new opportunities,” he added.

As the IT industry is poised to become US $225 billion industry, Mittal said that they should work in close coordination with state and local governments, besides the Union.