The other day I was talking to one of my Peers and he was expressing his views on how almost all industries have become highly competitive in nature and how he tries to execute all his innovative ideas for his startup to have an edge over others, the minute he said MY STARTUP, I was already left stunned…a mere 16 year old earns a 6 figure amount every month. And what appealed to me more than the amount that he's able to earn is how capable and independent he has become at such an early stage in life. And his inspiring journey is not the only one…
From around 350 startups in the year 2014, to a whopping 90,000 startups in 2023 with over 100 unicorns. This has been India’s spectacular startup journey in making people job providers rather than mere job seekers.
So, the question arises, can the problem of unemployment be solved with startups?
How's that possible? Well, see our own country for example, India has emerged as the third-largest startup ecosystem in the world after the United States and China and Indian start-ups have created more than 7 lakh employment opportunities across the country since the Startup India initiative in 2016.
One recognised start-up can generate 10 jobs, and around 30 start-ups are launched per day. That’s what I mean when I say startups are the growth engine of our economy, not only are they a source of innovation but also absorption of labourforce. With just 10 lakh startups, around 1 crore people can be converted from liabilities to assets, from mere human resource to actual human capital. It won't be wrong if I say that the growth of these startups is proportional to the decline in unemployment.
Undeniably, there are some hurdles and declaring “building of startups” as the one stop solution to a problem as vast spread and complex as unemployment would be inaccurate. But startups can definitely help the workforce find its right workplace, by challenging them, testing their potential, while equipping themselves and exercising their own potential.
Now some might ponder upon the risk of failure that comes with startups and the sudden layoffs, but is anything in life predictable because even established companies like Google fire hundreds of their employees all of a sudden. Don't they?
When provided the adequate skills the young millennial minds are capable enough of creating a surge in the unicorn industry. This can be witnessed with Silicon Valley being jam-packed with millennial minds and efforts. And I need to commend the initiatives like Wharton startup challenge, The Young Entrepreneurship challenge, Shark Tank as the concept of these challenges is exemplary and encourages the startup culture. I'm proud to be a part of the The Young Entrepreneurship challenge community since 2022.
I remember growing up, I often used to fear the precariousness that came with the prospect of unemployment. It felt like the world was closing in around me, and my future was suddenly unclear. But as I grew up and learned more about the world of startups, I began to see hope. These innovative companies have the power to create jobs where none had existed before and provide opportunities for people struggling to find work and upskill themselves.
The idea that a small team of passionate individuals could come together and build something truly incredible is both inspiring and empowering. Whether it's through new technologies, innovative business models, or simply the willingness to take risks and think outside the box, startups have the power to change lives and transform communities.
I'm willing to become a part of this startup revolution, are you?