India is set to become the youngest country within the next 5 years. While every third person in India is a youth, the good news is that the youth is all geared up to make India the new arena for start-ups. New graduates from engineering and management schools look forward to start their own ventures and become entrepreneurs rather than taking up the conventional job route. This has led to the emergence of a number of new start-ups and businesses across various industrial verticals.
The statistics as per a latest survey by Mancer Consulting, an executive search firm show that the number of young entrepreneurs coming up with their own start-ups, instead of going for a safer corporate career, is increasing by 10% every year. More than $2 billion has been invested in the Indian start-up ecosystem.
India is currently the third fastest growing startup ecosystems in the world after US and UK. The number of tech digital startups in the country is estimated to be between 3000 and 4000. The number is expected to grow by five times by 2020. Studies show that these firms will provide employment to more than a lac of people by the next year.
Increasing incubators in the major commercial cities contributes in the growth of startups by fulfilling their need of infrastructural facilities. Major cities like Delhi- NCR, Bengaluru, Mumbai, Hyderabad, Pune and Chennai are home to 80% to 90% of the start-up activities.
The start-ups will create opportunities for about three lacs of job seekers in the next few years, which will count as 30% of the total jobs in the country.
Mancer Consulting interviewed 100 startups and 50 ventures capitalists in India to identify their preferences and the challenges they meet while managing the workforce. About 70% of the interviewees agreed that the great results rely on the quality of workforce.
Manu Agarwal, founder and CEO of Naaptol.com said, “we actively search profiles on social networking sites, consider past candidates, former employees and internal referrals.” Whereas at CarTrade.com, the core management team takes care of the recruitments. Vikram Alva, an executive fro the company’s management team, says, “We use employee referrals, specialist hiring firms and online portals to spot talent. We have also hired from top B-schools for roles which comprise strategic direction and key business functions.”
Social-commerce platform from LimeRoad’s recruitment team uses LinkedIn and Facebook to do a thorough analysis of each candidate. Suchi Mukharjee, co-founder and CEO of LimeRoad.com says, “Recently, we have roped in people for the positions of business analyst and project managers through social media. Our employees are also engaged for referrals.”
The survey gives an insight to the mindset of young entrepreneurs, who are keen to move ahead with their own start-ups, which in return creates many job opportunities for job seekers. Start-ups look for candidates with an entrepreneurial bent of mind, and believe in using social media and referrals while hiring.
Indian youth is contributing its share to take the country’s economy to new heights. The young entrepreneurs promise a bright future for the country, so let us keep our fingers crossed.
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