Role of the Government in Promoting Entrepreneurship

A Govt. has an important role to play in the development of the startup ecosystem of a country. From hand holding to monetary support, a lot of measures need to be taken by the regulators to encourage Entrepreneurship.

Let’s break up the startup process and I will try to give my opinion as to what the Govt. can do in each step.

Idea Generation & Team Formation: Workshops/Seminars/Events to encourage Entrepreneurship; Incentivise Schools, Colleges etc. to set up Entrepreneurship Cells; Promote setting up of Institutes teaching Entrepreneurship

Business Set Up & Closure: Processes like setting up a company, getting licenses, registrations etc. should be easy and fast. Also winding down procedures and bankruptcy laws should be strengthened; The focus of the entrepreneur should be solely on the business idea and execution.

Fundraising: Ensure enough allocation of funds for Entrepreneurship; Grants to be given to different Entrepreneurship Cells; Angel Investors/VCs to be incentivized with tax breaks etc.

As mentioned above as well, the Entrepreneur should be allowed to focus on building on his/her idea. All support and hand holding around it should be made as easy as possible. When an ecosystem such as this comes up, Entrepreneurship & Business will flourish.

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