Entrepreneurship is a foundation for the sustainable growth of the economy and its budget. Internationally, entrepreneurship represents the power which accelerates economic development. Thus, the present article addresses two large entrepreneurial ecosystems that are of Dubai and India.
The quick development of ecosystems presents a compelling original opportunity for India to become a leader across several dimensions. From an outdated supplier of labour, skills and supplementary inputs over recent decades, India can transform into a strategic leader, establishing worldwide centres of competency across a wide range of skills and services.
From a global centre of technical capability, India can arise as an innovation ground breaker enabling a varied range of research across innovation ecosystems and promoting creativity and knowledge sharing. And from a traditional market participant, India can convert into a platform builder, facilitating and dealing with broad, open platforms of collaboration, economic development and sustainability.
Under the healthcare sector, India can be reconverted into an important source of high-quality, reasonably priced remote and in-person services. In substances, petroleum and pharmaceuticals commerce, India can play an ever more essential role in basic research, clinical trials and product development.
The economy of Dubai is oil-based. Other major sectors include tourism & banking, constantly improving to promote business communities.
Compared to other GCC countries, Dubai’s activities are more enhanced and matured. The motive behind the liberal business and economic culture in the nation.
Dubai is also situated in a similar region as other GCC countries. However, it has a different business environment. It suggests opportunities for expatriates and also welcomes them from all around the world. The drive is the economic diversification in the country. Dubai has a diversified economy with several established industries counting tourism, construction, retail, oil and gas, manufacturing and automotive industry. Nevertheless, it continues to improve its entrepreneurial ecosystem to contribute to the country’s economy.
Currently, almost 95% of businesses in Dubai are Small and Medium Enterprises (SMEs), and they also provide 52% of employment. In this respect, the government of the country also supports the entrepreneurial environment. Accordingly, the Mohammad bin Rashid Fund of Dubai has allocated AED 68 million for SMEs. Besides Dubai SME plan 2021, funded by the government, emphasises an increase in entrepreneurial activity, SME competitiveness and as well as integration. In addition, the country’s Vision by 2030 is aimed at boosting economic activities through investments. These collective efforts are vital for ensuring an increase in entrepreneurial activity through innovation and funding.
Both these countries are politically stable, with conservative cultural roots. Consequently, the governments strictly address the political, societal, economic, and cultural structure. Though, the fast-paced business environment and recent economic changes worldwide have forced these countries to develop new economic rules and regulations.
India clutches major advantages as the ecosystem of its economy appears—foremost qualities that align closely with how ecosystems function.
Entrepreneurship is found to be the heartbeat of India’s economy, As of 2014, India’s economy included nearly 48 million small businesses, including one of the highest numbers of successful women entrepreneurs relative to men globally. Indian entrepreneurs are also the youngest internationally with a whopping 72% being under the age of 35. Under Prime Minister Narendra Modi’s government, India launched Startup India envisaged, in January 2016 to give motivation to the indigenous ecosystem and encourage invention and entrepreneurship. India now boasts of the world’s third-largest ecosystem for its budding businesses.
Quite a large number of people await that India will soon have the largest accomplished resource pool of any country. With the number of engineering institutions rising from hundreds to thousands over the last two decades, India is prophesied to have a skilful batch comprising of another half a billion engineers by 2022.
The capability for success is apparent. Ahead, more than 10 per cent of new apps released internationally are the work of nearly 3 million inventors based in India or by Indians abroad. VMAX and Tizen are the best examples of the same.
The Confederation of Indian Industry, India’s largest association of manufacturers, partnered with the Department of Science and Technology to organize the periodic India Innovation Initiative, which seeks to incentivize invention. Handpicked inventions are backed by financing, support, incubation, mentoring, and industry connections with business incubators, angel investors, venture capitalists and guides.With these advantages, India has the chance to exceed in the most dynamic high-growth areas of the world economy.
Written by Jehan Yezdi Vakharia
Edited by Marshaa Balani