The concept of a startup is one that has evolved over time. While the term itself didn’t appear in the english language until the late 1970s, the concept of a startup has been around for much longer. The earliest form of a startup was a small business, and while they are still common today, they were even more prevalent in the early days of the United States. In fact, small businesses were essential to the growth of the country, as they provided goods and services that larger companies couldn’t or wouldnt. One of the most famous examples of an early startup was Benjamin Franklins printing business. Franklin was an entrepreneur who saw an opportunity to make money by printing books, pamphlets and newspapers. He started his business in 1730 and quickly became successful. His success was due in part to his innovative printing techniques and his commitment to quality customer service. He became so successful that he was able to retire from his business at age 42 and devote himself to public service. Another early form of a startup was the trading post. Trading posts were set up by traders and merchants in remote areas where it wasnt easy for large companies to access customers. They sold items such as food, clothing and tools that were not available in the area and often provided services like repair and maintenance. The industrial revolution brought about new forms of startups. With new technologies came new opportunities for entrepreneurs, such as those who established factories and mills. These businesses often had far reaching impacts on their local economies as well as on global markets, as they could produce products on a much larger scale than ever before. As a result, many of these businesses grew into large corporations that dominate entire industries today. The concept of a startup has changed greatly over time, but its core principles remain the same: finding an opportunity, taking a risk and investing resources to create something new. Today, startups are more often associated with technology-based businesses that offer innovative products and services, but the basic principles still apply: find an opportunity, take a risk and invest resources to create something new. No matter what form they take, startups have been essential to economic development throughout history and will continue to be into the future. We can explain startup system as (i) The rise of the startup culture: The rise of the startup culture has been an interesting phenomenon to observe over the past several decades. For much of the twentieth century, the traditional corporate structure was the dominant form of business. This structure was characterized by large, hierarchical organizations with a top-down approach to management. Yet while this model had its advantages, such as stability and predictability, it also lacked dynamism and innovation. In the late 1970s and early 1980s, this began to change. A new generation of entrepreneurs began to emerge, driven by a new set of values and ideals. The rise of the startup culture has been an exciting journey that has only just begun. It is likely that we will continue to see more innovation and disruption in the years ahead as startups continue to shape our world in unique ways. (ii) The dot com boom and bust: The dot-com boom and bust was a period of time from the mid-1990s to the early 2000s where technology startups experienced a dramatic rise in venture capital investments and initial public offerings (IPOs). During this time, countless startups were founded, many of which quickly became household names. This period is often referred to as the dot-com bubble due to the rapid rise and sudden fall of many of the companies involved. The dot-com boom was fueled by a combination of factors, including increasing public interest in technology, the emergence of venture capitalists willing to fund new ideas, and the rise of the internet. Many investors saw the potential of technology companies, believing they could make huge profits in a very short amount of time. As a result, companies went public with little to no revenue, and investors were willing to pour money into them without much regard for the company’s long-term prospects. At its peak, venture capitalists invested billions of dollars into dot-com startups. The dot-com crash began in early 2000 when the nasdaq composite Index started to decline rapidly. The crash was caused by several factors including overvaluation of tech stocks, lack of profitability from newly public companies, and an overall decrease in investor confidence. Companies that had once been valued in the billions experienced dramatic drops in their stock prices and many went bankrupt within months. The dot-com boom and bust ushered in an era that changed the way people think about technology startups. Although there were some successes during this period, such as Amazon and eBay, there were also many cautionary tales. Investors now approach technology startups with more caution, waiting for signs that a company has long-term potential before investing. (iii). The modern startup ecosystem: The modern startup ecosystem is a complex, interconnected web of investors, entrepreneurs, mentors, incubators and accelerators, technology providers, and more. It is a dynamic and ever-evolving environment that has been shaped by the growth of the internet, advances in technology, and a variety of other factors. At the heart of the modern startup ecosystem is venture capital (VC). VC firms provide early-stage funding to startups with high potential for growth. They also provide guidance and mentorship to entrepreneurs in order to help them develop their business ideas. VCs are typically focused on certain industries or technology sectors, such as healthcare or software. In addition to VCs, angel investors are another important component of the modern startup ecosystem. In recent years, a number of organizations have emerged that provide support for entrepreneurs. incubators offer shared workspace and access to mentors, while accelerators provide early-stage funding and resources for startups. (iv) Success stories From tech giants to million dollar exits: Success stories come in all shapes and sizes. From tech giants such as Microsoft and Apple to million-dollar exits, these stories are the lifeblood of the entrepreneurial spirit. Success stories often start with an idea and an individual who is passionate about making it a reality. They may have a limited budget or no experience in the industry, but they are determined to make their dream a reality. One common thread among successful tech companies is the ability to pivot when necessary. A company may start out with one idea but quickly realize that its not working as well as expected. Instead of giving up, they can adjust their strategy and explore new avenues that could eventually lead to success. (v) Struggles and failures in the startup world: Startups have been around since the 1970s, when the term was first coined to describe fledgling companies in the technology sector that were looking to disrupt existing marketplaces. In the early days, startups were often seen as risky investments. Many of them failed due to lack of funding or a lack of understanding of the market they were entering. Today, however, startups are far more common and are seen as viable options for entrepreneurs looking to get their business off the ground. One of the biggest struggles for startups is finding the right funding. Securing investors can be a long and complex process and there is no guarantee that an investor will choose to back a particular startup. Additionally, many startups fail because they don’t have a clear business model or product strategy. This means that its essential for entrepreneurs to have a well-thought-out plan before they launch their business. 8. Further reading on startups: The history of startups is an interesting one, tracing the development of businesses from early days to today. While the definition of a startup has evolved over time, the core concept of creating a business out of an innovative idea remains the same. As technology advances and new trends emerge, startups have become a major part of todays entrepreneurial ecosystem. The history of startups is now evolving at a rapid pace and entrepreneurs have more resources than ever before to launch their ideas into reality. Those interested in learning more about this fascinating field should start by reading up on some classic titles like The Lean Startup by Eric Ries and The Startup Owner’s Manual by Steve Blank. For those looking for something more recent, books like The Innovator’s Dilemma by Clayton M. Christensen and Zero to One by Peter Thiel are excellent options. Additionally, there are plenty of online resources available that offer advice on starting a business, such as blogs from successful entrepreneurs or websites like Entrepreneur or Tech Crunch.
“The National Startup Day Festival 2024 is more than just an event; it’s a convergence of minds – innovators, venture capitalists, entrepreneurs, and startup enthusiasts. This festival is a powerhouse of inspiration, connection, and the launching pad for the next big ideas into the stratosphere of business success. Get ready to witness history in the making at the National Startup Day Festival 2024 – where dreams transform into reality.”
India, an ancient land, well-known for its Gurukuls and Universities such as Nalanda and Taxila, has always given precedence to higher learning. These institutions have remained a significant part of the country’s fabric, imparting special skills and knowledge to students that have shaped them into the pillars of society and contributors to its economic progress. It is said that eminent alumni such as Chanakya (the author of the famous work of Economics, Arthashastra), Mauryan emperor, Chandragupta and Ayurvedic healer Charaka, passed through the portals of Taxila! When it comes to higher-end learning then, India has a rich and illustrious history, a past which has paved the path of knowledge dissemination over the centuries and brought us to the current age. Indian institutions of higher learning need to sow the seeds of entrepreneurship on their turf itself. They need to encourage students to take the unbeaten path and be generators of employment rather than employees themselves. Well known institutions of advanced, higher-end learning such as Neemrana-based NIIT University (NU), SKUAST-K are already on this path and have been incubating some fresh ideas which have translated into innovation-led startups. SKUAST-K like our leading institutes is providing a nurturing atmosphere for `would be, potential’ entrepreneurs, is also exposing them to other successful startup ventures to learn about what makes these players tick. Indian universities therefore, can be the hotbeds of innovation and entrepreneurship provided they can lead their learners down new avenues and fresh pastures. What is Startup India Scheme? It is an important government scheme that was launched on 16th January 2016 with an aim to promote and support the start-ups in India by providing bank finances. It was inaugurated by the former finance minister, Arun Jaitley. Startup India has rolled out several programs with the objective of supporting entrepreneurs, and transforming India into a country of job creators instead of job seekers. National Startup Day 2024 is a day to boost entrepreneurial culture in India. In 2023 National Startup Day was established by Prime Minister Narendra Modi on 16th January 2023 and during the launch of the event, Narendra Modi said startups are the backbone of new India. These companies have helped India to improve its rankings in the Global Innovation Index from 81 to 40. The official theme of National Startup Day 2024 has not been announced yet by authorities. Last year, the theme was “Founders of Today, Leaders of Tomorrow”. The theme emphasised the idea of how entrepreneurs are going to shape the future of India. The economy of India is booming with a large number of startups building their own fortunes. The government of India is also encouraging the startup culture in the country by launching schemes like Atma Nirbhar Bharat. National Startup Day is an initiative to recognize and guide entrepreneurs to succeed in their startups. This day provides a platform for successful businessmen from different fields to share their ideas and discuss solutions to potential problems. The event scheduled on 16th January 2024 in Bangalore will include speeches from business leaders, different workshops, various interactive sessions, and more. According to International Brand Equity, the company managing the event, this day is going to provide the following opportunities to Businesses. (a) A Platform for Pitches – Startups from all over India can pitch their business ideas and models to investors and leading figures in the Industry. (b) Guidance and Mentorship – Young entrepreneurs will get a chance to discuss the issues they are facing with business leaders. (c) Bharat Startup Awards – These awards will be given to successful startups. This will inspire youth to come up with their own idea of business. (d) Playground for tech enthusiasts – Many tech startups will participate with their unique innovations and products. We will get chance to see the latest AR/ VR products. (e ) Invaluable Networks – Your connections can be the key to the success of your business. Through this event, we can meet with people who can help us in the future. (f) Inspiration – Last but not least, we can get inspiration from those who started from basic infrastructure to become owners of multi-million dollar companies. Main Reasons why successful startups are so important for India’s Future: (i) Innovation – New startups often create new technologies that solve problems faced by normal users in their daily lives. (ii) Job Creation – Today, India is the most populous country in the world. The government is finding it difficult to provide jobs to everyone. A large number of successful startups can give jobs to a huge population of India. (iii) Increase in export – With new products and services, the export of India will increase reducing the trade deficit. (iv) Foreign Investments – If the idea of a startup is great then it can attract foreign investors. A rise in foreign investment can bring new opportunities in the country. (v) Skill Development – These startups can also fix the problem of the high number of unskilled youth in India. The Startup India Initiative stands on three robust pillars I.e., (i) Simplification and Handholding, (ii) Funding & Incentives and (iii) Incubation & Industry. In the race to become the world’s second-fastest digitizing economy, India is taking center stage at the National Startup Day. In brief,
(While Dr Bilal A Bhat is Professor Statistics at S K University Of Agriculture Sciences & Techology-SKUAST Shalimar Srinagar, Sabreena Bhat is a researcher. The views, opinions and conclusions expressed in this article are those of the author and aren’t necessarily in accord with the views of “Kashmir Horizon”.)