Fostering Economic Growth Through Startup Innovation: a Case Study of Gusec and India's Startup Ecosystem
Year: 2024
Type: article
Abstract: Startups are dynamic ventures that drive innovation, economic growth, and job creation, transforming industries and contributing to national development. This study examines the economic impact of startups in India, focusing on the role of the Gujarat University Startup and Entrepreneurship Council (GUSEC) in promoting innovation. The research investigates the influence of government initiatives such as "Startup India" and "Digital India" on the growth and scalability of India's startup ecosystem. Through an exploratory research approach, utilizing secondary data from government reports and industry case studies, the study finds that India’s startup ecosystem has rapidly expanded, with over 92,000 startups generating significant employment and contributing to GDP growth. Key sectors like fintech, edtech, and healthtech are identified as major drivers of economic progress. The study also highlights GUSEC’s pivotal role in fostering over 700 startups in Gujarat, providing infrastructure, mentorship, and funding. Government policies have simplified the startup process through tax exemptions, financial aid, and easier registration. However, challenges remain, especially in tier-2 and tier-3 cities where resource access is limited. Overall, the study concludes that continued government support and institutional initiatives are crucial for nurturing a sustainable and inclusive startup ecosystem in India.
Source: Towards Excellence
DOI: 10.37867/te160424
Authors: Bhavesh H. Bharad, Komal Bansidhar Sharma
Institution: Gujarat University
Language: English
Subfield: Management of Technology and Innovation
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4409902311