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UNDERSTANDING STRUCTURE OF BUSINESS INCUBATORS, STARTUPS AND

GOVERNMENT POLICIES (FOSTERING ENTREPRENEURSHIP CULTURE) IN
INDIAN CONTEXT

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 Proceedings of the International Conerence on
"Developing Indian Economy as an Engine for Job Creation:
Role of Make in India, Digital India, Start-up India and Skill India"

UNDERSTANDING STRUCTURE OF BUSINESS INCUBATORS,

STARTUPS AND GOVERNMENT POLICIES (FOSTERING
ENTREPRENEURSHIP CULTURE) IN INDIAN CONTEXT

Mr. Kaushik Akiwatkar

Student, (PGDM 2016-18)
Shanti Business School
kaushikakiwatkar@gmail.com

ABSTRACT

The aim of this paper is to review the literature and show the strength and weakness of entrepreneurship
efforts in India. This paper is based on a wide literature review, focused on the identifying structure of
the incubators and government policy as tool for economic development. Entrepreneurial spirit and
risk taking ability are key to the growth of any nation. Potential entrepreneurs are too precious to be
missed out. They need to be identified, supported, nurtured and leveraged to success for the benefit of
all in the society. Since they are the only sources of new value creation, innovation, new wealth creation
and most importantly new jobs generation, their role as agents of economic growth, can never be
overstated. While we all are convinced with the efficiency of market economies and its ability to create
sustainable quality livelihoods in majority of the cases of development, still there are pockets of
development areas where markets fails to deliver. Primary education, Health Care, Basic and some
Applied Research sectors are some examples where public funding is required and which is being used
heavily to enhance our growth and development. In the development spectrum, Incubation, the strategic
vehicle for taking research and knowledge based products to the society, comes next to research, This
last mile development initiative, borders both market and public funding spheres and inherently a
Public Private Partnership Initiative in its own right. These findings can help policy makers,
governments, and practitioners with their implementation in incubator programs, leading to better
planning and a greater chance of success. This paper contributes to enhance the understanding of
business incubator, startups and government policies for promoting innovation and entrepreneurship
culture in nation and provides useful information to both academicians and practitioners who are
interested in the field of business incubator and policy framework programs.

Keywords: Business Incubator, Startups, Policy, Innovation, Entrepreneurship, etc.

1. INTRODUCTION

Entrepreneurial spirit and risk taking ability are key to the growth of any nation. The Startup India
Action Plan and Digital India campaign was released by the Hon’ble Prime Minister of India on January
16, 2016 giving a clarion call for India to move from a job seeking nation to a nation of job creators.

A series of measures are being taken by NITI AYOG of Government of India in co-ordination with
Department of Science and Technology, Department of Entrepreneurship and Skill Development,
Ministry of Micro, Small and Medium Enterprises, Department of Industrial Policy and Promotion and
the Department of Human Resource Development to build a world class Startup Ecosystem in India. At
the State Level, many states have also released State Level Startup Policies.

Potential Entrepreneurs are too precious to be missed out. They need to be identified, supported,
nurtured and leveraged to success for the benefit of all in the society. Since they are the only sources of
new value creation, innovation, new wealth creation and most importantly new jobs generation, their
role as agents of economic growth, can never be overstated. While we all are convinced with the
efficiency of market economies and its ability to create sustainable quality livelihoods in majority of

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 Proceedings of the International Conerence on
"Developing Indian Economy as an Engine for Job Creation:
Role of Make in India, Digital India, Start-up India and Skill India"

the cases of development, still there are pockets of development areas where markets fail to deliver.
Primary education, Health Care, Basic and some Applied Research sectors are some examples where
public funding is required and which is being used heavily to enhance our growth and development. In
the development spectrum, Incubation, the strategic vehicle for taking research and knowledge based
products to the society, comes next to Research, This last mile development initiative, borders both
market and public funding spheres and inherently a Public Private Partnership Initiative in its own right.

2. AN OVERVIEW TO BUSINESS INCUBATOR, STARTUPS AND GOVERNMENT

POLICIES

2.1. Understanding Business Incubator in Indian Context

Incubation is a business support process that accelerates the successful development of start-up and
fledgling companies, also referred to as ‘clients’ [of the incubator], by providing entrepreneurs with an
array of targeted resources and services. These services are usually developed or orchestrated by
incubator management and offered both in the business incubator and through its network of contacts.
Business Incubation thus can be said to refer to complex services and special environment provided
temporarily for start-up enterprises with the aim of improving their chance of survival in the early phase
of the life span and establishing their later intensive growth.

Business incubation formally began in the US in the 1960s, and later developed in the UK and Europe
through various related forms (Example: Innovation centres, technoparks/science parks). It is
recognized as a way of meeting a variety of economic and socio-economic policy needs which can
include:

 Employment and wealth creation

 Support for small firms with high growth potential
 Transfer of technology
 Promoting innovation
 Enhancing links between universities, research institutions and the business community
 Industry cluster development
 Assessment of a company’s risk profile

In general, an incubator is a physical location that provides a defined set of services to individuals or
small companies. This may include specific types of office space, flexible lease terms, access to
technology, financing, and technical assistance (such as marketing, legal, finance, HR, and other
business development services). By locating similar or complementary entities in proximity to each
other, the incubator may also play a critical role in promoting knowledge transfer, both formally and
informally.

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 Proceedings of the International Conerence on
"Developing Indian Economy as an Engine for Job Creation:
Role of Make in India, Digital India, Start-up India and Skill India"

2.1.1. Macro Roles of Business Incubator

Figure: Macro Roles of Business Incubator

2.1.2. How Business Incubator Scout Startups

Figure: How business incubator scout startups

2.2. Understanding Startups in Indian Context

Currently a clear definition of a ‘Startup’ does not exist in the Indian context due to the subjectivity and
complexity involved. Considering various parameters pertaining to any business such as the stage of
their lifecycle, the amount and level of funding achieved, the amount of revenue generated, the area of
operations, etc., some conceptual definitions are available in the public domain. These have been
sourced and enumerated below to provide an indicative understanding on the space to the reader. The

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"Developing Indian Economy as an Engine for Job Creation:
Role of Make in India, Digital India, Start-up India and Skill India"

Department of Industrial Policy and Promotion (DIPP) has worked around a clear definition for startups
for Government of India policy interventions. They have defined startups as a company incorporated or
registered in India not prior to five years, with annual turnover not exceeding INR 25 crore in any
preceding financial year, working towards innovation, development, deployment or commercialization
of new products, processes or services driven by technology or intellectual property

 Some other definitions of startups:

A startup business is defined as an organisation:
• Incorporated for three years or less
• At a funding stage of Series B or less
• An entrepreneurial venture/a partnership or a temporary business organisation

A startup is defined as a business that:

• Engages in development, production or distribution of new products, processes or services
• New and existence for not more than five years
• Revenue of up to INR 25 cr.
• Not formed through splitting or restructuring
• Formed through splitting or restructuring

2.2.1. Why startups will play an important role

In summer ‘14, taxi drivers in Europe went on strike they literally blocked the streets not only in Berlin,
but London, Paris and few other places. The reason they did so was the protest against uber.com. Uber
as you might know is putting together people looking for ride with people offering a ride for a fee.
That’s a pretty big change, its creating a whole new market. So not surprisingly taxi drivers were
unhappy, it turned out however that the strike was a really bad idea because on the day of the strike
Uber got 850% up rise in signups and usage jumped up by 100% in single day. There are two lessons
from the Uber story, (I) when disruption is underway there is really no stopping. (II) Uber is yet another
startup disrupting a global multi-billion-dollar industry.

How come the global car companies didn’t come up with the idea, they certainly have all the resource
needed. How come a startup consisting of just few people with barely any resources can out-compete a
big global company when it comes to digital innovation. Partly answer lies in the economics of the
digital innovation, it has never been as easy and as cheap as today to launch digital product or services.

Startups are no just small version of a big company, they are different. The key difference between a
startup and a big company is that a startup does not have a business model, it’s in the process of
discovering a business model and that’s at the core of the disruptive force. Because of the digital age
disruption doesn’t really come from technology, it comes from companies being able to take one part
of the value chain and redefining it, on that basis rebuilding the business architecture of entire industry.

2.2.2. Phases of Startup Lifecycle

Phase 1. Problem/Solution Fit
Phase 2. Minimum Viable Product (MVP)
Phase 3. Product/Market Fit
a. Language/Market Fit
b. Funnel Optimization
c. Channel/Product Fit
Phase 4. Scale
Phase 5. Maturity

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"Developing Indian Economy as an Engine for Job Creation:
Role of Make in India, Digital India, Start-up India and Skill India"

Graph 1: Five (5) Phases of the Startup Lifecycle

Source: Morgan Brown on What It Takes to Grow a Startup, Growth Marketing Conference, November 26, 2015

2.2.3. Startup Ecosystem

The Indian startup ecosystem originated with software services startups serving Indian software needs,
and later expanding to exporting software services. The next generation of Indian product startups had
founders who had worked in these services startups, or were moving back from the Silicon Valley,
having worked in product startups in the US. Venture Capital investments were kicked off by TDICI, a
government entity, followed by other VCs from the Silicon Valley.

The third wave of startups were founded in the dot-com era, included marketplaces, e-commerce
vendors, and portals. The fourth wave started around 2007-08, and comprised e-commerce, logistics,
marketplaces, and advertising startups.

Ecosystem players such as TiE, NASSCOM, iSPIRT, and various incubators & accelerators such as
CIIE, IIIT Hyderabad, Startup Village, 10000 Startups, Microsoft Ventures, have significantly
increased the maturity of the ecosystem by providing a platform for entrepreneurs to learn and grow
very quickly.

2.2.4. Startup Financing Lifecycle

In today’s times, a start-up company in India has different options to finance and sustain itself through
the initial periods. Some of the main funding options available are seed funds, angel investors, venture
capitals, and IPOs.

Angel Investors come into the picture when a start-up has not yet started making profits. These are
people, who are generally rich and have faith in the organization, in return for ownership equity or
convertible debt.

Venture Capitalists provide funds to a company in its growth stage, provided it has a strong
organizational and technological model in place. Venture Capitalists expect high returns on their
investments in order to counter the high risks involved, and expect an eventual realization of their
investments when the company issues an IPO, or goes in for a merger/acquisition.

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"Developing Indian Economy as an Engine for Job Creation:
Role of Make in India, Digital India, Start-up India and Skill India"

IPOs are offered by a company when it is relatively stable and making good profits, and wants to expand
further through public investments. Although there is no collateral or guarantee provided to the public
investors, the company is expected to give them a share of the profits, or a capital distribution in case
of dissolution of the company.

Thus, an entrepreneur has to analyze various situations before selecting a financing option, or deciding
WHEN to move from one option to another; the correct decision taken at the correct time can result in
great benefits, not only for the start-up venture and the entrepreneur, but also for all the stakeholders
involved.

Figure: Startup Financing Cycle

Source: https://tapmiblogs.wordpress.com/2011/05/12/startups-in-india-their-funding/

2.2.5. Indian startup industry composition

Total Startups: 10000 (approx.)

Table: Indian startup industry composition

Technology Based Startups Non-Technology Based Startups

Number of Startups 4300 5700

Engineering - 17%
E-commerce - 33% Construction- 13%
B2B - 24% Agri products- 11%
Consumer internet - 12% Textile - 8%
Sector Concentration
Mobile apps - 10% Printing & packaging – 8%
SaaS - 8% Transport & logistics - 6%
Other – 13% Outsourcing & support – 5%
Other – 32%
Source: (i) Non-tech based startups sector concentration is an outcome of a survey conducted by CRISIL on
~20% sample of micro, small, and medium enterprises 2013-14 (ii) NASSCOM Startup India report 2015,
Microsoft Ventures, Secondary sources, News article

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"Developing Indian Economy as an Engine for Job Creation:
Role of Make in India, Digital India, Start-up India and Skill India"

2.3. Understanding Government of India’s Policy Interventions

Policy Interventions: Indian government aims to build an ecosystem that promotes entrepreneurship at
the startup level and has taken a number of initiatives to ensure that the startup businesses get
appropriate support.

Table: Government of India’s Policy Interventions

Initiative Commencement Description
 The intent of the campaign is to attract foreign investments and
encourage domestic companies to participate in the
manufacturing, thereby contributing to the country’s growth
Make in India September 2014 story.
 To promote manufacturing sector, government is giving impetus
in the form of single window clearances, minimal procedures &
cutting out of any red-tapism to set up businesses
The campaign aims at promoting entrepreneurship among women and
scheduled castes and tribes. Some of the salient features include:
 Loans under the scheme would be given for greenfield projects in
the non-farm sector
Standup India August 2015
 Intention of the scheme is to facilitate at least two such projects
per bank branch
 The scheme is expected to benefit at least 250,000 borrowers in
36 months from the launch of the scheme.
 The vision of the program is to transform India into a digitally
empowered society and knowledge economy
 The program aims to ensure that government services are made
Digital India July 2015 available to every citizen through an online platform. Private
sector has committed funds at the launch of this initiative to
 fund new ventures, representing a huge business opportunity for
startups.
 The Indian government launched Mudra Bank to boost the growth
of small businesses, manufacturing units and small entrepreneurs
 The bank would provide credit facility of up to INR 50,000 to
Micro Units small businesses, loan of up to INR 5 lakh to little bigger
Development businesses and loan of up to INR 10 lakh to the MSME sector at
Refinance April 2015 low rates
Agency  In January 2016, the Union Cabinet gave approval for the
(MUDRA) conversion of MUDRA Ltd to MUDRA Small Industries
Development Bank of India(SIDBI) and for the creation of a
credit guarantee fund for MUDRA loans
 The MUDRA scheme is expected to benefit 1.73 crore people
 The finance minister also announced the India Aspiration Fund to
encourage the startup ecosystem and allocated INR 400 crore to
India various venture funds.
Aspiration August 2015  He also launched another program called SMILE (SIDBI Make
Fund in India Loan for Small Enterprises) with an allocation of INR
10,000 crore. The Objective of the scheme is to offer soft loans in
the form of quasi-equity and term loans on soft terms to MSMEs.
 It is an initiative of the Government to build a strong eco-system
for nurturing innovation and Startups in the country
Startup Action
January 2016  The action plan covers three aspects – simplification and
Plan
handholding; funding support and incentives; and industry-
academia partnership and incubation

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 Proceedings of the International Conerence on
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Role of Make in India, Digital India, Start-up India and Skill India"

3. CHALLENGES

3.1. Within Startup Environment

According to a survey by Internet and Mobile Association of India (IAMAI) industry body, growth,
talent management and funding are the top three challenges faced by startups

3.1.1. Talent
 For a startup in India, it is difficult to attract and hire the right talent and skilled workers at a time
when the economy is witnessing a booming private sector with a plethora of multinationals setting
shop and hiring talent
 Culture issues associated with taking risks and dealing with failures have prohibited people from
venturing out with an entrepreneurial spirit. People are conscious about risks and rewards, India
being a price sensitive market. In addition, not everyone is flexible enough to work in a startup
 A startup often cannot match the compensation packages offered at larger companies nor is a startup
job seen as a steady one

3.1.2. Funding
 Challenges in raising funds remain the primary concern, especially during the starting stage, given
no credit history or track record of the company. Also, there is limited number of credit rating firms
for small and medium enterprises
 Over the past few years, investors have put in billions of dollars into hundreds of startups, many of
which have grown into thriving businesses. However, many analysts believe that raising funding in
later stages of business could become difficult to sustain their operations.
 Many Internet companies delay putting in efforts for revenue generation and focus more on raising
 investment from different channels. As a result, once the funding halts, trouble looms large with
low revenue figures
 Effective cash management is an issue in the short and long term. Cash being the primary channel
of payment, electronic payments are still not popular owing to absence of complete penetration to
Tier 2 and Tier 3 cities.
 Flawed business models and revenue strategies lead to failure of many startups
 Government and private sector investors have funds through investment channels but such funding
is not available for all forms of businesses. For such startups, the biggest problem is to gain investor
trust and appropriate funding

3.1.3. Growth
 Appropriate IT infrastructure is a current need given growing number of consumers coming online.
Without an impetus to the right and timely technology in the country, growth of businesses will not
happen. Cyber risks and lack training of employees on security platforms are acting as roadblocks
for startups to prosper
 Mentorship of talent is very important as a lot of these startups are having a young workforce with
some very unique ideas that needs direction for reaping effective results. There is lack of formal
mechanism to mentor startups in the country and help them grow beyond the setup stage
 Lack of an effective branding strategy is another issue that hampers startups from flourishing
speedily
 Indian market is highly unorganized and fragmented, acting as a big hurdle for startups to succeed
 Lack of awareness of potential that exists for their startup businesses prohibits growth.

Some of the other challenges in this sector include managing business with intense competitive
environment, maintaining a sustainable business, technology design, regulatory framework, and
intellectual property rights. According to the IAMAI survey, issues such as regulatory framework and
monetisation of business model are not bigger concerns for startups as compared to the primary problem
of raising funds.

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"Developing Indian Economy as an Engine for Job Creation:
Role of Make in India, Digital India, Start-up India and Skill India"
4. CHALLENGES ADDRESSED THROUGH GOVERNMENT INTERVENTIONS
Challenge addressed
COMPLIANCE
To reduce regulatory burden
To create a single point of
Contact
To simplify startup process
To promote awareness and
adoption of Intellectual
Property Rights (IPRs)
To provide an equal platform to
Startups (in the manufacturing
sector) in public procurement vis-
à-vis the experienced companies
To make it easier for Startups
to wind up business
FUNDING SUPPORT AND INCENTIVES
To provide funding support
To providing credit and ensure
smooth operations
TAX INCENTIVES
To promote investments into
Startups
To promote the growth of
Startups and address working
capital requirements
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Government initiative
Compliance regime based on self-certification
 Startups shall be allowed to self-certify compliance with labour and
environment laws
 No inspection will be done for labour laws for three years
 Self-certify compliance for environment laws for “white” category
startups
Created Startup India hub to enable knowledge exchange and access
to funding
The hub will provide guidance on all aspects of startup lifecycle and
organize mentorship programs
Rolling-out of mobile app and portal
A startup will be able to set up by just filling up a short form through a
mobile app and online portal that will be launched in April 2016. In
addition, the App shall provide a collaborative platform with a national
network of stakeholders (including venture funds, incubators, academia,
mentors etc.). The Startup portal shall have similar functionalities (being
offered through the mobile app)
Legal support and fast-tracking patent examination at lower costs
Various measures have been taken to facilitate filling of patents,
trademarks and designs by startups including fast-tracking of startup
patent applications, panel of facilitators to provide general advisory on
different IPRs, government bearing facilitation cost and 80% rebate on
filing of application vis-à-vis other companies
Relaxed Norms of Public Procurement for Startups
Government shall exempt Startups (in the manufacturing sector) from the
criteria of “prior experience/turnover” in bidding for Government entity or
PSU work without any relaxation in quality standards or technical
parameters.
Faster exit for startups
Startups with simple debt structures may be wound up within a period of
90 days from making of an application for winding up on a fast track basis
Providing Funding Support through a Fund of Funds
In order to provide funding support to Startups, Government will set up a
fund with an initial corpus of INR 2,500 crore and a total corpus of INR
10,000 crore over a period 4 years (i.e. INR 2,500 crore per year). The
Fund of Funds shall be managed by a Board with private professionals
from industry bodies
Credit Guarantee Fund for Startups
Credit guarantee mechanism through National Credit Guarantee Trust
Company/ SIDBI is being envisaged with a budgetary Corpus of INR 500
crore per year for the next four years
Tax Exemption on Capital Gains
Capital gain tax exemption is provided for investment in newly formed
manufacturing Micro Small and Medium Enterprise (MSMEs) by
individuals
Tax Exemption to Startups
To stimulate the development of Startups in India, profits of Startup
initiatives are exempted from income-tax for a period of 3 years
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Challenge addressed
To encourage seed-capital
investment in Startups
INCUBATORS
To provide national and
international visibility to the
Startup ecosystem
To serve as a platform for
promotion of self-employment
activities
To ensure professional
management of Government
sponsored / funded incubators
To propel successful innovation
To propel successful innovation
To nurture and facilitate bio-
entrepreneurship
To foster a culture of
innovation amongst students
To support creation of world
class incubators in India
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Government initiative
Tax Exemption on Investments above Fair Market Value
Under The Income Tax Act, where a Startup receives any consideration
for issue of shares which exceeds the Fair Market Value of such shares,
such excess consideration is taxable.
Currently, investment by venture capital funds in Startups is exempted
from this provision. The exemption
shall be extended to investment made by incubators in the Startups.
Organising Startup Festivals
Organising Startup Fests for Showcasing Innovation and Providing a
Collaboration Platform.
Launch of Atal Innovation Mission
The Atal Innovation Mission (AIM) shall have two core functions -
Entrepreneurship promotion through Self-Employment and Talent
Utilisation; and innovation promotion
Harnessing Private Sector Expertise for Incubator Setup
Government shall encourage setting up of 35 new incubators in existing
institutions and 35 new private sector incubators
Building Innovation Centres at National Institutes
Government will set up/ scale up 31 centres (to provide facilities for over
1,200 new Startups) of innovation and entrepreneurship. It will set up 31
centres (to provide facilities for over 1,200 new Startups) of innovation.
Setting up Research Parks
The Government shall set up 7 new Research Parks in institutes indicated
below with an initial investment of
INR 100 crore each. The Research Parks shall be modeled based on the
Research Park setup at IIT Madras.
Promoting Startups in the Biotechnology Sector
 Biotechnology Research Assistance Council (BIRAC) AcE Fund in
partnership with National and Global Equity Funds such as Bharat
Fund and India Aspiration Fund will provide financial assistance to
Biotech startups
 Department of Biotechnology shall set up 5 BIRAC Regional
Entrepreneurship Centres in the next 5 years to impart necessary
knowledge and skills required for converting biotechnology ideas into
successful ventures.
Innovation Focused Programs for Students
Various programs will be instituted to promote research and innovation
amongst young students such as:
 National Initiative for Developing and Harnessing Innovations
(NIDHI) will be set up to support and award INR 10 lakhs to 20
student innovations from Innovation and Entrepreneurship
Development Centres
 Uchhattar Avishkar Yojana has set aside INR 250 crore per annum
towards nurturing research amongst IIT students.
Annual Incubator Grand Challenge
The Government of India shall identify and select 10 incubators through
the Annual Incubator Grand Challenge. The selected incubators based on
pre-defined Key Performance Indicators (KPIs) would be given INR 10
crore each as financial assistance.
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 Proceedings of the International Conerence on
"Developing Indian Economy as an Engine for Job Creation:
Role of Make in India, Digital India, Start-up India and Skill India"

5. CONCLUSION: KEY STEPS PROPOSED IN CONSISTENCE WITH CURRENT

POLICY TO CHANGE THE DYNAMICS FOR THE STARTUP SPACE

If India aims to be #1 destination for startups ecosystem globally, then India should move from country
of prototypes to country of products. It is observed that number of ideas our young students have is
mind boggling, but the proportion of the proof-of-ideas that has become prototypes and the prototypes
which have grown to products is extremely small. If a startup nation has to build on tens of thousands
of ideas already developed or are in process of development all over the country in various academic*
and other institution, then emerging innovation and entrepreneurship policy should fill this gap. As
innovation and entrepreneurship becomes an even greater force in economic growth, universities and
colleges will be the vanguard in discovering that innovation and in nurturing the entrepreneurs that can
create products, services, economic value, and high-quality jobs.

A University is supposed to spark innovation and to help develop new technologies through freedom to
work and through mentorship. A University is able to do so if it is able to create an entrepreneurial
culture and has built an effective connectivity with industries. Incubators, either as a part of the
University or as an entity outside the university, help build the products in close proximity of inventors
whose inputs are essential for further development. They also play a crucial role in reducing overall
cost of technology and ventures development. There is a great need to infuse strong startup culture
across 759 universities promoting pre-incubation support to students. The success of both the University
and the Business Incubator can be facilitated by policies of Governments. If Governmental entities,
along with Financial Institutions, are able to understand the challenges faced by Student Start-Ups and
if they work jointly with the Universities, they can build a vibrant environment for new enterprises.

There are several steps that can be taken in consistence with policy initiatives been taken by NITI
Aayog, Ministry of Skill Development and Entrepreneurship, Department of Science & Technology,
Ministry of Commerce and Industry of India etc.

There is a need to create systematic outreach to engage various stakeholders such as policy makers,
startup founders, financial institutions, business incubators, universities, civil society, industries, who
are working in isolation today. Real-time agile policy involving grassroot level actors and various
stakeholders is needed in consistence with other government policies. Innovative funding mechanism
needs to be developed by financial institutions with help from government to fast-track delivery
especially at seed and post-incubation phase.

*According to report dated 05.07.2016 of University Grant Commission, there are 759 universities in
India.

REFERENCES

[1] Digital India Programme | Department of Electronics & Information Technology, Government of India.
(2016). Digitalindia.gov.in. Retrieved 12 September 2016, from http://www.digitalindia.gov.in/
[2] Growth, talent, funding top three challenges for startups: survey. (2016). YourStory.com. Retrieved 12
September 2016, from https://yourstory.com/2016/01/challenges-for-startups-iamai/
[3] Gupta, A. (2015). Will India remain country of prototypes?. Dnasyndication. Retrieved from
http://dnasyndication.com/showarticlerss.aspx?nid=l3dPulsKLUumKrVRRruJLiK81Sc5iOt3dPulsIwMyn
4XjOlG2i/74=
[4] Home - Make In India. (2016). Makeinindia.com. Retrieved 12 September 2016, from
http://www.makeinindia.com/home
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"Developing Indian Economy as an Engine for Job Creation:
Role of Make in India, Digital India, Start-up India and Skill India"

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