Five key elements are as follows:
- Central government
- State Government
- Incubation and Accelerator programs
- Angel investors
- Startup communities
Central government plays a pivotal role in the birth of innovative ideas in the minds of Aspiring entrepreneurs as well as experienced professionals in any country. The policies it lays down and how well they are aligned to the current trends will ensure the penetration of this momentum throughout the country.
The state government has to play an anchoring role to make sure the policies created by the central government reaches the Grass root level. It is the state government who can ensure and make the presence felt of the startup policies throughout its territory by creating support centres and help the flourishing startups nurture through its various initiatives.
Once the momentum of the startup mindset is established in a state or an area, the incubation and accelerator programs can provide the necessary handholding of these startups with innovative ideas and help them move to next level. They should go through a stepwise process of validation, initial transactions and evolution to suit the customers and culture of that region.
Angel investment shall provide the necessary cushion to launch these startups and disruptive models into the market with there expertise and much needed initial funding which can take the startups onto the path of becoming a validated business model and later set them on the path of growth.
The startup communities spread in a city is a metre to understand the culture of startups and ideologies prevailing in that particular area. It not only keeps everyone well integrated but also makes sure that the startup momentum continues to grow irrespective of the changes that might occur at the Central, state or investment front with time. It always acts as a launchpad for new startups to germinate.
These views are based upon my personal experience into the startup world and being an entrepreneur from last 13 years. The Reader could have a different perspective on this which are equally respected by me.