Innovation level of Indian youth entrepreneurs highest among Asia-Pacific: GEM Report
· Indian Youth Entrepreneurs in the age group of 18-34 years have innovation level as high as 55% among nine countries surveyed in Asia-Pacific Region
· Only Australian Youth in similar age group had innovation level as high as India
· The fear of failure rate among Indian youth entrepreneurs was third lowest at 31.9%, behind Republic of Korea at 30.8% and Malaysia at 31.5%.
|Country||Age Group – 18-34 Years|
|Innovation Level||Fear of Failure|
|Republic of Korea||29.0%||30.8%|
Source: Youth Entrepreneurship in Asia and the Pacific 2018-19
August 8, 2019:
The innovation level of youth entrepreneurs in India is highest among Asia and the Pacific region as per latest survey by Global Entrepreneurship Monitor (GEM) and Youth Co:Lab. As per survey, around 55% of Total Early-stage Entrepreneurial Activity (TEA) showed innovation-orientation for entering new markets or introducing new products, service or processes that are unique to market. Only youth entrepreneurs from Australia had similar level of innovation-orientation among total of nine countries studied by GEM consortium.
Innovation from the GEM perspective is often measured by examining R&D investment, intellectual property generation, and STEM (science, technology, engineering, and mathematics) education. The GEM survey adopts both a self-assessment (compared to local competition) and a classification based on the industry the entrepreneurs are active in.
According to survey, Indian youth entrepreneurs also had third lowest fear of failure at 31.9% behind Republic of Korea at 30.8% and Malaysia at 31.5%.
Remarking on the readings of the survey, Dr. Sunil Shukla, GEM India Team Leader and Director, EDII-Ahmedabad said, “Over last few years, the start-up ecosystem in India has strengthened considerably across value chain, thereby providing them an opportunity to innovate and offer products and services that are new and unique for their consumers. The influx of capital from private equity and venture capital funds in Indian start-ups prove the growth of start-up ecosystem. The innovation level among youth entrepreneurs in India is not surprising when you look at number of successful enterprises that have come up in healthtech, edutech, fintech and foodtech using technology as key ingredient.”
Dr. Amit Dwivedi, Member, GEM India and Faculty, EDII-Ahmedabad said, “Innovation is a core driver of economic and business growth and job creation and must be one of the main areas for new policy on youth entrepreneurship. The findings of this report suggest that access to higher education leads to higher entrepreneurial attitudes and greater entrepreneurial intentions, perception of skills, and perception of entrepreneurial opportunities.”
According to GEM, in a global comparison, innovation levels in Asia and the Pacific rank behind North America and Europe and ahead of Africa and Latin America and the Caribbean. 25.4% TEA in Asia and the Pacific regard their products or services as new to all or some customers and perceive few or no competitors with the same product on offer.