On March 27-30, 2022, entrepreneurs, policy makers, investors and startup ecosystem builders from around the world will convene at the Global Entrepreneurship Congress (GEC) to bring ideas to life, drive economic growth and expand human welfare through the pandemic and beyond.
Delegations from 180+ countries will rally to share ways of rebooting, rethinking and regenerating their economies through cross-border collaboration on policies and programs that target a better, more sustainable and equitable post-pandemic world.
As part of a series spotlighting GEC Delegation Builders around the world, Yatin Thakur, Managing Director of GEN India and official GEC Delegation Builder for India, shares what you should know about India's entrepreneurship ecosystem and the delegation coming to GEC 2022.
GEN: Introduce yourself. What do you want your fellow delegates to know about you?
Yatin: I consider myself a serial entrepreneur and imagination enabler. I’m an ecosystem builder with 19 years of entrepreneurial experience – ranging from community development to incubation building, angel investments and venture capitalism.
GEN: Give us a birds-eye view of India’s entrepreneurship ecosystem. What are its strengths, opportunities and areas for improvement?
Yatin: India has one of the largest growing entrepreneurship ecosystems in the world with over 40 startups joining the unicorn club in 2021 alone. Indians also led 90 of 500 unicorns around the world. India also provides access to the largest technology talent along with a market comprising of 1.3 billion people in a $3.1 trillion economy.
While India is known for providing backend support and IT talent to the world, it also possesses its own challenges in establishing companies and sustaining ventures. Indian talent is now expensive, and Indian innovators are yet to showcase their innovations globally. Indian ventures have the potential to build global companies, however, the exposure and access remains limited to ultra-elite Indians.
GEN: How will your country be represented at the Global Entrepreneurship Congress? Tell us about the delegation you are pulling together.
Yatin: India is building a strong delegation for the Global Entrepreneurship Congress with an invitation to both state and central governments, as well as participation from some leading universities, incubators, angel investors and entrepreneurship ecosystem builders.
GEN: Why is GEC 2022 an important event for your country to be part of?
Yatin: The Global Entrepreneurship Congress has provided India with access to 180+ countries and gives us the ability to share best practices for developing one entrepreneurial world.
GEN: What are you and your delegation most looking forward to at GEC 2022?
Yatin: GEC 2022 will provide us all with connections to associates from other parts of the world who are solving similar issues.
GEN: Name the top three things you would like to achieve at GEC 2022.
Yatin: I hope to network with other global ecosystem leaders and entrepreneurs, access new markets and accumulate new learning.
GEN: The theme of GEC 2022 is "Reboot, Rethink, Regenerate" in the wake of the COVID-19 pandemic. How has the pandemic impacted India’s entrepreneurship ecosystem?
Yatin: 2020 was one of the toughest years for almost every individual and economy. The impact of the pandemic was primarily significant on the SME segment, and we saw the death of many businesses. However, the pandemic also taught us new ways of doing business and trade, forcing us to consider new ways to deliver goods and services. Currently, technology companies and boom and capital investments are at an all-time high. Our post-pandemic world showcases a hybrid model where technology plays a significant role in every business. Most businesses moved towards digitization and use digital technology for acquiring new customers and handling trade.
India saw a record high number of unicorns with over $24 billion being invested into India just in 2021. India also saw a record number of new investments and venture capital funds with large amounts of capital being invested by Indian high net-worth individuals.
GEN: How is India's entrepreneurship ecosystem supporting economic recovery from COVID-19?
Yatin: With a growing entrepreneurship culture and successful exits, Indian founders and startup employees are reinvesting their earnings into the startup ecosystem. This is leading to the strong growth of entrepreneurship culture and the creation of risk capital, which is important for building any strong entrepreneurship ecosystem. I believe this will lead to more innovation and a contribution towards prosperous economic growth.
To learn more and register for the Global Entrepreneurship Congress, visit www.gec.co.