StartupTalky

Tag: Independence Day 2024

  • Startups and India’s Vision 2047: How Founders See Startups Influencing Economic Development and National Policies

    As we celebrate the 78th Independence Day on 15th August 2024, it’s clear that startups are shaping India’s future in remarkable ways. With a vision set for 2047, startups are driving economic growth, creating jobs, and promoting innovation. In tune with this, StartupTalky reached out to several founders to understand their perspectives on how startups are influencing India’s path to becoming a developed nation. Here’s a glimpse into their insights on the role startups play in advancing economic development, shaping national policies, and contributing to sustainable growth.

    Driving Economic Growth and Technological Advancement

    Shashank Avadhani, Co-Founder and CEO of Alyve Health, highlights the role of startups in accelerating economic development:

    Startups have always contributed, and they will continue to turbocharge the development in India. For economic development, all the cylinders in the ecosystem need to ignite and must continue to do well. For e.g., Startups in the semiconductor space are working towards technological advancements, and startups in the AI space are working towards AI growth, similarly, Alyve Health is playing a part in building the health-tech space.

    Avadhani stated there are 2 ways to grow GDP: 1.) Incremental growth 2.) Non-linear growth. The only way the GDP can grow non-linearly is through technological advancements.

    Drawing parallels to historical examples, Avadhani noted that during the 70s and 80s, Japan’s GDP grew because startups like Sony took on the mantle of technological advancement. In the last decade, China has been doing the same. In the last 3-4 years, India has become one of the world’s fastest-growing large economies. This has happened because of a vibrant startup environment which infuses plenty of growth in the ecosystem.

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    Key Contributions of Startups to Economic Development

    Nimish Pant, Founder Director of SVATANYA, echoes this sentiment by emphasising technological innovation and investment attraction. He highlighted some key aspects of how startups are playing a crucial role in helping India become a developed nation by 2047:

    1. Employment Generation: Creation of job opportunities vital for our country having a young employable population.
    2. Technology & Innovation Attracting Investments Leading to Economic Growth: Startups are often at the forefront of developing new technologies and solutions leading to more efficient and innovative ways of doing things thereby fostering a culture of creativity. The productivity gains and technological advancements position India as an innovation hub thereby attracting substantial domestic and international investments leading to GDP growth. This influx of capital not only supports the startups but also the broader economy.
    3. Addressing Societal Challenges: Many startups focus on solving critical issues such as healthcare, education, livelihoods, and sustainability thereby contributing to the overall development of society.

    By fostering innovation, creating jobs, and attracting investments, startups are pivotal in driving India’s economic growth and helping the country achieve its goal of becoming Viksit Bharat by 2047.

    Impact on Job Creation and Policy Influence

    Anshul Khurana, Co-founder and CEO of Entitled Solutions, provides a snapshot of the scale of impact:

    As of December 2023, approximately 117,254 startups, including 110 unicorns, have created over 1.24 million jobs. Startups are pivotal in advancing economic development and achieving India’s goal of becoming a developed nation by 2047. 

    Khurana highlighted that startups drive technological advancements and create competitive industries, addressing gaps in sectors such as healthcare, agriculture, and education. They encourage risk-taking and resilience, crucial for economic dynamism. Startups also influence national economic policies by advocating for favorable regulatory environments and investment climates.

    Khurana emphasised that while the ecosystem faces challenges, initiatives like “Make in India” offer immense opportunities. He noted that combined efforts from startups and the government are essential for sustainable growth and economic stability, making startups integral to India’s prosperous future.

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    Influencing National Policies and Sustainable Growth

    Surinder Bhagat, Founder and CEO of Gigin Technologies, discusses the role of startups in shaping national policies:

    Startups are pivotal in advancing economic development and achieving India’s vision of becoming a developed nation by 2047. They drive innovation, create jobs, and foster competition, thereby enhancing productivity and economic resilience. By leveraging advanced technologies and agile business models, startups can rapidly address socio-economic challenges, stimulate local economies, and contribute to GDP growth.

    Bhagat highlighted that startups play a crucial role in shaping national economic policies and fostering sustainable growth. By introducing innovative solutions and business models, they highlight gaps in existing regulations and drive policy reforms that support entrepreneurship and digitalization. Their agility and responsiveness to market needs encourage a dynamic economic environment, fostering resilience and long-term sustainability.

    Collaborative efforts between startups and the government can significantly advance India’s socio-economic objectives, explained Bhagat.

    Job Creation and Policy Needs

    Gurashish Singh Sahni, COO & Co-Founder of ReCircle, highlights the impact on job creation and policy needs:

    Acting as incubators for cutting-edge innovations, startups are not only pivotal in job creation and disruption of entire industries but also drive economic growth. Startups have been significant contributors to job creation, with over 500,000 direct jobs created by startups in 2020 alone (NASSCOM, 2020). 

    Sahni explained that this surge in employment can bolster India’s economy and impact local economies by exerting a positive influence on the cities in which they operate. Right from creating an influx of revenue for local economies to infrastructural upgrades, to supporting overall communities, and increase in flow of capital within the Indian market, startups have proven time and again that they have an impactful influence on the Indian economy.

    For sustainable growth, Sahni emphasised the need for policies that strike the right balance between social justice, environmental preservation, and economic growth. He also advocated for more incubation and innovation centres, entrepreneurial cells, and a bigger push towards instilling an entrepreneurial spirit to drive India towards a developed nation.

    Broad Impact on the Economy

    Nirupama VG, Founder of AdAstra Consultants, reflects on the broader impact:

    In the report titled, ‘The Indian Economy: A Review January 2024’, the Department of Economic Affairs said that the 1.14 lakh startups recognised by the Government under the ‘Startup India initiative’ created more than 12 lakh jobs (as of October 2023).

    Startups play a critical role in advancing economic development through:

    • Providing jobs across levels and geography.
    • Improving technological advancements, innovation, and overall productivity.
    • Boosting the economy by inviting domestic and foreign funds into India through PE and VC firms.
    • Promoting holistic growth by stimulating economic activity in Tier-2 and Tier-3 cities, reskilling people, and providing wider opportunities, ensuring growth not only in large towns but also in smaller towns.

    Overall, they play a pivotal role in transforming the economy and improving India’s GDP.

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    Explore how startups are driving job creation and economic growth in India as we celebrate the 78th Independence Day in 2024 and work towards a Viksit Bharat.
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  • Independence Day Celebrations: A Catalyst for Employee Engagement

    This article has been contributed by Suvarna Nikam, Global HR Head, Visionet.

    In India, the scenario of employee engagement is multifaceted. According to a 2024 survey, only 32% of Indian employees reported being engaged at work, indicating a significant need for initiatives that can uplift engagement levels. It’s an alarming statistic, as the same report indicated that disengaged employees are more likely to leave their current employer—something that could be a dampener for any business.

    Moreover, it is observed that organizations with high levels of employee engagement in India experienced 25% lower turnover rates, which underscores the need for keeping a motivated workforce intact. Every HR and people leader recognizes that employee engagement is a complex equation. There is never a one-size-fits-all approach, there are groups who enjoy wellness, while others enjoy outdoor and fun activities, some get excited about individual talent competitions while most appreciate group adventures or festivities that they personally celebrate and hold dear.

    Given this backdrop, organizations in India should increasingly explore innovative approaches to increase engagement and enhance workplace culture.

    Remote and Hybrid Culture

    The nature of work has changed all over the globe. The shift from a physical workspace to that of a remote culture is a significant reason for employees to get disengaged. Over 20% of the workforce, globally, is equipped with the right tools to work remotely or on a hybrid model. Even though that is quite an achievement in the technological and financial landscape for enterprises, the fact that it has proven to disassociate the team cannot be denied.

    Moreover, isolation and loneliness are also prevalent as employees miss the social interactions of a traditional office environment. Extensive use of gadgets, particularly mobile phones, is another key element contributing to disengagement. Back when everyone worked in offices, employees would often engage in random conversations during tea breaks or lunch, promoting camaraderie and building stronger team bonds. These on-floor interactions and water cooler chats were a big source of learning from unusual sources, developing diverse perspectives, and talking through topics outside of work as they were crucial for maintaining a sense of togetherness within the workplace.

    However, in the current remote or hybrid work setting, devices & virtual spaces have largely taken over this physical space. Workers now tend to spend these breaks scrolling through social media or engaging in digital activities, which would further cut them off from their colleagues, thereby letting them miss out on the chance to establish valuable human connections.

    Taking these hurdles into consideration, those organizations that made employee well-being a top priority through ongoing recognition, feedback, and event celebrations witnessed improved employee engagement. These celebrations provide chances for the team members to connect and take part in shared experiences, which can rekindle the sense of belonging that is often missing in remote work settings.

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    Festive Strategies 

    To maximize employee engagement, incorporating celebrations like Independence Day, cultural performances, team-building games, and patriotic displays helps. Breaking the monotony of routine work, and creating a festive atmosphere that strengthens employees’ sense of belonging, is an imperative perk associated with these workplace celebrations. In addition to lifting workplace spirits, these initiatives also increase productivity, job satisfaction, and overall dedication.

    Marking Independence Day at work can spark patriotism in employees. Just as 15th August stands for freedom and togetherness, creating a continuing culture of engagement in companies can empower workers and lead to greater results. To effectively celebrate Independence Day and maximize employee engagement, organizations can adopt several methods.

    Firstly, organizing cultural programs that reflect India’s diverse heritage, such as dance, music, and drama, can be an excellent way to celebrate Independence Day at the office. Cheering for employees to join in and display their skills in these acts creates a feeling of togetherness and honor. Along with it, patriotic decor, including tricolor ornaments like flags, balloons, and posters, can set the mood and spark a sense of national pride. Now that we do have hybrid work models’ the cherry on the cake would be to also involve willing family members to participate in these festivities and celebrate the theme in the employee’s own home setting.

    Secondly, hands-on events like workshops or talks by eminent personalities on topics related to India’s history, freedom struggle, and contemporary achievements can be both informative and inspiring. There is much to learn from the resilience, rigor, and passion each of our freedom fighters exhibited & our employees can draw valuable inspiration from their stories.

    Lastly, taking part in community service activities, like visiting orphanages or organizing clean-up drives, strengthens the idea of giving back to society and brings a more meaningful dimension to these celebrations.

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    Impact on Engagement

    Independence Day celebrations have a profound influence on employee engagement. Past research in these areas, shows that organizations celebrating cultural and national events experience a 20% increase in employee engagement levels. These celebrations create a sense of pride and belonging, a shared experience of celebrating a national event strengthens employees’ emotional bond with the organization, making them more committed and loyal.

    Recognizing employees for their contributions to the organization during such occasions can uplift spirits and showcase their efforts as part of the bigger sentiment towards national growth.

    To Sum Up

    Independence Day celebrations at the offices are not just about commemorating a historical event; they serve as a powerful approach to enhance employee engagement. By executing fun and engaging ways of involving employees, HR can harness positive energy, and companies can show appreciation for their employees, which together create lasting memories.

    In today’s world, where employee engagement and satisfaction matter more than ever, organizations that invest in initiatives such as a well-planned Independence Day celebration are likely to see higher levels of employee satisfaction and retention.

    How Startups are Boosting Job Creation and Economic Growth for a Viksit Bharat
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  • Empowering India’s Future: How Startups are Driving Job Creation and Economic Growth

    Startups aren’t just about innovation—they’re also making a big difference in job creation across India. As we celebrate the 78th Independence Day in 2024 with the theme “Viksit Bharat,” it’s a great time to see how these businesses are helping to build a stronger economy by providing new jobs.

    With India aiming to become a developed nation by 2047, creating jobs is really important. Startups are playing a big part in this by hiring people and supporting local communities. At StartupTalky, we’ve connected with some amazing founders to learn more about how their companies are helping with job creation. We asked them how they’ve made a difference and what role they think startups play in the bigger picture of economic growth.

    Now, let’s explore their insights and see how their companies are making a real impact. Their experiences will give us an understanding of how we’re all working towards a brighter future for India.

    Empowering Communities Through Craft: SVATANYA’s Impact

    Nimish Pant, Founder Director of SVATANYA, elaborates on his organisation’s impact: “SVATANYA (‘Independence’ in Sanskrit) is a Conscious platform focused on using Craft to empower underprivileged communities. So not only do we provide upskilling to underprivileged women but also livelihood opportunities through handicrafts in a sustainable way thereby benefitting both the Community and the Environment.”

    What started with just 2 women in 2013, the team has grown to become a dependable and committed workforce from an unorganized sector:

    1. Over 1100 women have been trained in stitching, sewing, and machine use, while those with computer skills have been employed to manage administrative tasks, resulting in 100-300% income increases for hundreds of women.
    2. Their commitment to minimizing waste and environmental impact is evident as 85-90% of their raw material come from stock and 100% of their products are handmade.
    3. They also train women to make soft toys, which are gifted to children in hospitals, spreading joy while providing income.

    Support from in-laws and husbands, as well as support for children’s education, serves as testimonials to SVATANYA’s belief that they are on the right path toward making a meaningful difference in the lives of marginalized individuals.

    Enhancing Worker Benefits and Job Stability: Entitled Solutions

    Similarly, Anshul Khurana, Co-founder and CEO of Entitled Solutions, describes his company’s role in job creation, “At Entitled Solutions, our mission is to empower low-income workers by providing essential financial and health benefits through their employers. This not only helps in retaining and engaging gig and contractual staff but also fosters job creation and stability in the workforce.”

    Khurana highlights several ways in which Entitled Solutions contributes to job creation:

    • Facilitating Retention and Reducing Turnover: By offering comprehensive benefits packages, they help employers retain low-income workers more effectively. This stability encourages companies to hire more staff, knowing they can maintain a loyal and committed workforce.
    • Empowering Small and Medium Enterprises (SMEs): Their solutions are particularly beneficial for SMEs, which form the backbone of the Indian economy. By providing these businesses with the tools to offer competitive benefits, they help them attract and retain talent, thereby creating new employment opportunities.
    • Creating a Healthier Workforce: Access to health benefits ensures that workers are healthier and more productive. This not only improves their quality of life but also reduces absenteeism and turnover, leading to a more stable and expanded workforce.
    • Promoting Financial Inclusion: By providing financial benefits like savings plans, insurance, and emergency loans, they empower workers to achieve financial stability. This financial security encourages more individuals to enter the workforce, knowing they have a safety net in place.
    • Community Development Initiatives: Their community-focused programs, such as financial literacy workshops and health camps, directly benefit the local population. These initiatives not only improve the well-being of workers but also create awareness and opportunities for employment within the community.

    Creating New Roles and Opportunities: Alyve Health’s Approach

    Shifting focus to health and wellness, Shashank Avadhani, Co-Founder and CEO of Alyve Health, discuss their job creation efforts: “Alyve Health created employment opportunities in two ways, where we created new profiles to build differentiated roles that could add value to our members’ experience.”

    Alyve Health’s approach includes:

    • Direct Employment: Since Alyve Health is creating a new category of health plans, it is also generating new job opportunities in the market. For instance, the company is hiring in-house habit coaches, fitness, and wellness experts who guide people toward a better quality of life. Additionally, there are care guides who assist members in navigating their health journeys and much more.
    • Indirect Employment: Given its business model, Alyve Health deals with multiple partners. The company encourages customers to choose preventive checks, consult doctors, and take prescribed diagnostic tests, which in turn increases transactions for its network partners, lab partners, and fitness or wellness communities. By working with various SMEs, Alyve Health contributes to generating numerous employment opportunities for them as well.

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    Transforming Waste Recovery and Community Empowerment: ReCircle

    Similarly, Gurashish Singh Sahni, COO & Co-Founder of ReCircle, describes their efforts to empower communities: “ReCircle empowers communities by transforming waste recovery into a force for positive change. We have impacted the lives of over 3100 informal waste workers (Safai Saathis) and continue making an impact on the unsung heroes of India’s waste management sector.”

    ReCircle’s initiatives include:

    • Livelihood Generation and SOP Development: ReCircle addresses key areas such as livelihood generation, the development and formalisation of Standard Operating Procedures (SOPs), and capacity enhancement. Additionally, they are focused on partnership building and integration of waste workers into the formal supply chain. Over the years, ReCircle’s initiatives have led to improved income levels for Safai Saathis, with 59% reporting increased savings according to a recent survey following ReCircle’s SOPs.
    • Inclusion, Equity, and Diversity: ReCircle’s social impact on the community includes inclusion, equity, and diversity programs, ensuring that gender inclusion is improved through focused recruitment and outreach, as well as setting targets for female participation.
    • Community Training and Development: Through consistent, targeted training for the personal development of all stakeholders—including Safai Saathis, collection partners, and processing partners—ReCircle has improved the community’s perception of all its partner categories.

    Bridging the Informal Workforce with Employers: Gigin Technologies

    Adding to this narrative, Surinder Bhagat, Founder and CEO of Gigin Technologies, explains how their platform addresses job creation, “Gigin has significantly contributed to job creation in India by connecting the informal workforce with employers through our innovative platform. Since our inception, we have facilitated over 200,000 job connections across various sectors, including hospitality, retail, logistics, ITES, and healthcare.”

    Gigin’s platform is contributing to job creation in the following ways:

    • Connecting Informal Workers: Gigin has significantly contributed to job creation in India by connecting the informal workforce with employers through its innovative platform. Since its inception, the platform has facilitated over 200,000 job connections across various sectors, including hospitality, retail, logistics, ITES, and healthcare. For example, Gigin has worked with healthcare companies to recruit ambulance drivers and paramedic staff, with baristas to recruit servers and café managers, and with IFM companies to verify housekeeping and security staff, thereby addressing urgent needs and providing livelihoods.
    • Empowering Marginalized Groups: The platform also empowers women and marginalized groups by offering flexible work opportunities, promoting inclusivity, and building a more resilient workforce. By addressing the challenges of trust and safety in the informal job market, Gigin has not only created jobs but also driven socio-economic growth in the communities it serves.

    Driving Talent Growth and Inclusion: AdAstra Consultants

    Lastly, Nirupama VG, Founder of AdAstra Consultants, shares how her firm contributes to job creation: “Ad Astra has been instrumental in providing both permanent and temporary jobs, thereby improving job creation in India. Our RPO services have helped startups scale their operations rapidly, necessitating increased headcount.”

    Nirupama details:

    • Permanent and Temporary Job Creation: Ad Astra has been instrumental in providing both permanent and temporary jobs, thereby improving job creation in India. By connecting top talent with leading organizations, the firm has facilitated the growth of numerous businesses. For instance, its RPO services have helped startups scale their operations rapidly, necessitating an increase in headcount.
    • Executive Search and Leadership Roles: Additionally, Ad Astra’s Executive Search practice has placed key leadership roles, enabling companies to expand their teams and market presence. This has not only created direct employment opportunities but also spurred indirect job creation within the supporting ecosystem.
    • Diversity and Inclusion: The firm’s focus on diversity and inclusion ensures that it taps into a wide talent pool, providing opportunities to underrepresented groups and contributing to overall community development.

    There is no doubt that startups are transforming India’s job market and economy with their innovative approaches. They’re playing an essential role in shaping a brighter future for the country. As we celebrate this Independence Day, let’s recognise their significant impact on driving progress and growth for the country.

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