Making it big in the startup frenzy has become the dream and aspiration for many young entrepreneurs in India, but they face many challenges for want of direction.
Catch Moneycontrol’s startups editor Harsimran Julka in conversation with GoMassive Fund Founder Shailesh Vikram Singh, AdvantEdge Capital Partner's Kunal Khattar, Revstart CEO Ishant Singh and Moglix Founder CEO Rahul Garg as they explore the on-ground realities that people in the startup ecosystem grapple with on a day-to-day basis.
These veteran investors in the industry give their two cents on all things startup from the conceptualization of the business model for a startup, the technology behind startups and what is the relationship between the capital investors, startups and their subsequent growth.
Talking about the impact of the Goods and Services tax (GST) and demonetization, the panel pointed out that restaurant related startups would need to review the decrease of the GST to 5 percent, as the need for rent-based capital is the primary issue that restaurant based startups face.
Access to easy credit was another key point mentioned in the talk. The panel spoke of the need to emulate the baseline credit guarantee system that was adopted by countries such as the United States, the United Kingdom and Israel for the access of capital that is needed for the functioning of a startup.
The panel also spoke of the hurdles faced by the entrepreneurs when trying to avail funds from the various schemes that have been implemented by the government. They also pointed that startups are easy to start in India, but difficult to close, causing much strain for years after an unsuccessful startup would have folded.
Finally, the panel also stressed on regulation and policies faced by startups that need to come down. The need of the hour is having a business environment with the minimum amount of regulations as well as the right education that comes with the need to drive innovation in the long-term.