New Delhi: The comments made by the Commerce Minister of India, Piyush Goyal in regard to startups have sparked an intense response among the founders of startups. He proposed that a significant number of startups fail due to the absence of planning and attributed it to some of them building hype without business.
Entrepreneurs (young and startups) were quick to react. He was accused of making unjust comments, which did not take into consideration the startups problems in India. The posts supporting the work of small and developing businesses were posted all over social media. Other entrepreneurs noted that government ought to advocate startups rather than attack them in the public.
According to experts, the comment by the minister is pointing at a real problem which is the fact that India has a rapidly expanding startup ecosystem, however, not all companies can survive due to limited funding opportunities, excessive competition, and operational issues. However, they also indicate that criticism by the masses may end up demotivating the young founders who are struggling to establish businesses.
Regardless of the backlash, the government has also been declaring programs to facilitate startups such as easier loan schemes and mentorship. These are the steps that entrepreneurs wish to persist with, but they also expect to receive more knowledge and less media criticisms.
