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Start-up India action plan: Here's what the education sector wants

When we spoke to the entrepreneurs in the education sector about their expectations from the plans, here's what they said.

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Hitisha Jain

Updated: Mar 21, 2018, 02:56 AM IST

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To boost entrepreneurship in the country, Prime Minister Narendra Modi will be unveiling the Action Plan of the 'Start-up India, Stand-up India' initiative on Saturday.

When we spoke to the entrepreneurs in the education sector about their expectations from the plans, here's what they said.

UpGrad

UpGrad is an online higher education platform providing rigorous industry relevant programmes designed and delivered in collaboration with world-class faculty and industry.

India needs many more entrepreneurs in order to achieve its growth targets, Mayank Kumar, co-founder & MD of UpGrad told dna.

"The first thing that the government should look at is encouraging entrepreneurship— it in the form of simplifying regulations around setting up a company, registering a company, raising funds, offering ESOPs etc," he added.

According to Kumar, the taxation structure needs to be simplified, especially for payment to any foreign service providers in the form of withholding tax. Though the government does not need to be in the business of funding startups, they should facilitate it by creating a seamless ecosystem for funding, he said.

"Lastly, there needs to be a concerted effort towards training and equipping entrepreneurs with the right skill sets that provides them with the clarity of thought  for their entrepreneurial journey", Kumar said.

Edureka 

Edureka offers technology and business courses to professionals and students across the globe on a differentiated real-time instructor-led tutorial platform.

"We would like to recommend to the Government, support to the startup ecosystem in the form of more lenient regulations around setting up start-up companies, and increased visibility into requisite processes and guidelines. Additionally, assistance in the form of tax rebates and simplified processes would be a great boon," Lovleen Bhatia, Co-founder & CEO told dna.

"Support around infrastructure for startups from the government would go a long way in minimising capital risks around sustenance and human capital growth. Special incubator programmes to cater to the specific needs of the startup community will ensure quality business outcomes that will eventually help startups graduate to larger companies with global visions," Bhatia said.

Funtoot

Funtoot is a digital tutor for Mathematics and Science subjects for students of class 2-9.

"It is imperative that this initiative introduce an ecosystem which encourages growth. Thanks to the policies and clearances required, it takes an average of nine days to start a business as compared with six days in the US and 3 days in Singapore", said Rajeev Pathak, Founder & CEO of Funtoot.

"If international investment needs to be attracted (which should be the way; government need not act as an angel investor but just as a guardian facilitating the proceedings), new rules have to be brought it. We also hope for a favourable tax regime. We are the only country where if a start-up raises money more than its fair value (which is in most cases negative because start-ups don’t have robust balance sheets and are mostly in losses for the first few years), it has to pay taxes against the money raised", Pathak said.

According to Pathak, start-ups cannot give stock options to attract better talent as they are taxable upon vesting for the employees even before the company turns profitable and they really earn something on that. "If we need India to become a start-up nation, we need resources that are employable and productive for start-ups right after college," he added.

Hugefly Technologies

Hugefly provides search and recommendation technology solutions that help e-commerce buying experience user-relevant.

"Start Up India, Stand Up India will undoubtedly boost entrepreneurship, job creation and promote technological innovation at a large scale," Dhruv Chaudhari, founder & CTO of Hugefly Technologies told dna.

"Youth will get exposure to work on and develop new technologies. This will not only create jobs, but quality skill sets. Hence, jobs created by start-ups will have a long-lasting socio-economic impact as well", Chaudhari added.

icustommadeit.com

Icustommadeit is a marketplace to buy and sell exceptional products across a myriad of product categories.

"We feel grateful that the Government of India is taking such brilliant initiatives to build foundational support for the springing start-ups in the country," said Raj Iyer, founder & CMD of icustommadeit.com told dna.

"‘Start Up India, Stand Up India’ seems to be of immense magnitude for the Indian start-up ecosystem. With this initiative, we envisage a train of opportunities in the offering; some of them being job creation, mobilising technological talent and nurturing future entrepreneurs", Iyer said.

Talentedge

Talentedge is a digital innovative learning solutions provider.

We are anticipating clarity and assurance on the subjects of taxation policies, regulatory approvals, technological and infrastructural support along with knowledge enhancement, said Aditya Malik, CEO & MD of Talentedge to dna.

"We are hoping the stance and policies that will come to the fore from this campaign will propel India into the big league of celebrated startup nations, globally. We expect the policies to propel economic growth, empower entrepreneurs across domains while opening avenues of job creation for our large talent pool, leveraging our democratic dividend,” Malik said.

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