Yes Bank launches incubator program to promote MSMEs in the country:Yes Bank’s MD and CEO, Mr. Rana Kapoor had launched an incubator program by the name Yes Head-Startup to promote startups in the country and to foster innovation among startup companies.
The reason: According to Mr. Kapoor, India is on the verge of innovation – led growth where Silicon Valley was 25 years ago and the next step lies in creating the momentum. “Though still in a primordial stage the effects are being felt. We need a system to support the growing momentum,” said Mr. Kapoor. Yes Bank has launched twenty incubators in the country to provide mentorship and training to budding entrepreneurs and to promote innovation among startups. “We need to focus on fostering an innovation ecosystem in India, which is built on cohesive policies that address concerns related to availability of technologies, greater access to funds, mentorship and training for budding entrepreneurs, availability of skilled manpower, adequate infrastructure and access to markets,” Mr. Kapoor added.
Mr. Kapoor’s views: Mr. Kapoor stated that the Indian startup ecosystem is still fragmented and not very well connected. To overcome this drawback, we need to implement the concept of DICE i.e., Design, Innovation and Creativity led entrepreneurship, which Mr. Kapoor believes can play a major role in overcoming many existing challenges. Mr. Kapoor stated that MSMEs should be the focal point of innovation as they are the core of the Indian economy and thereby have an effect on the Indian economy and large enterprises in India. “There is an unlimited lateral talent in the MSMEs and if they are supported efficiently they can make a significant and positive change to the Indian economy and technology in India,” he said. “As a professional entrepreneur myself, I believe that entrepreneurship in India can be encouraged using what I call the ‘F.I.V.E.’ approach involving focused and defined support at key life cycle-stages of enterprises; namely Funding, Incubation, Vesting and Expansion”, Mr. Kapoor added.
Our take: Every country requires skilled man – power, money, innovation and technology to propel its growth and self – sufficiency. Without growth and self – sufficiency, the country is bound to be exploited by a number of countries in a number of different ways. Innovation brings about technological advancements which propels a country’s growth and prosperity and thereby makes the country independent. The best way to foster innovation in a country is by encouraging and supporting startup companies which have educated, talented, intelligent and innovative people working for them. Startups need to be provided with technologies, greater access to funds, mentorship and training for budding entrepreneurs, skilled manpower, adequate infrastructure and access to markets for them to flourish and make a positive change to the country’s economy and technology. India has a vast pool of young and talented human resources and this needs to be tapped into by encouraging startups in the country. Yes Bank is India’s 5th largest private sector bank and it is heartening to see it come forward to encourage startups and innovation in the country. The government of India should recognize and reward such banks so that other private banks may come forward and follow suite. The government of India should realize that innovation and technological advancements are indispensible for India’s growth and self – sufficiency and should come forward to support such private banks in their initiatives apart from implementing its own ‘Stand up India Start up India’ scheme. Read latest news.