ROLE OF STARTUPS IN ENTREPRENEURIAL DEVELOPMENT IN KERALA

Commerce

Entrepreneurship is the professional application of knowledge, skills and competencies or monetising a new idea, by an individual or a set of people by launching an enterprise. It involves the fusion of capital, technology and human talent to complete a project successfully and with reasonable degree of risk. Entrepreneurship is primarily an economic function because it involves the creation and operation of an enterprise. It involves innovation or introduction of something new or different and better. A startup company is a newly formed business with particular momentum behind it based on perceived demand for its product or service. The intention of a startup is to grow rapidly as a result of offering something that addresses a particular market gap. The present study is an attempt to assess the role of startups in entrepreneurial development in Kerala State. The Kerala Startup Mission (KSUM) is an agency to promote technology-based entrepreneurship activities, and to create the infrastructure and environment required to support high-technology-based businesses. In the state of Kerala right from the school level Entrepreneurial Development Clubs are formed to inculcate the entrepreneurial skills and talents among the children. Further in Colleges, apart from ED Clubs FAB Labs and IEDCs are set up to create entrepreneurs and innovators and to adapt with latest technologies. The problems and challenges faced by the startups can be overcome through effective mentoring system and through the efficient functioning of incubation centres. The problem of finance can be overcome if more and more angel investors and venture capital investors come forward to invest in innovative ideas of the startups.

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