Home to some of the fastest growing businesses in the world, India has become a startup hub in the last few years. The third largest startup ecosystem in the world, Indian startups are registering a consistent annual growth of 12 to 15 percent YoY. The youth today is willing to take more risks, and by extension is able to move past conventional business models to come up with something that is innovative and profitable at the same time.
More and more people are striving to turn their dreams into reality through out of the box thinking and right execution of their ideas at the right time. And this quest of being one’s own boss has found an ally in the government as well, with multiple schemes like Startup India, Atal Innovation Mission, ASPIRE, SAMRIDH, etc. To further propel the growth of startups ecosystem in India, the government has also created provisions for tax benefits and easy exit for entrepreneurs. Collectively, all these steps have made it ‘cool’ to be a startup owner.
However, way before startup culture had gained the popularity that it enjoys today, Rana Kapoor of Yes Bank realised the potential these new age ventures held are prospective investments in innovation. Being a successful entrepreneur himself, Kapoor promoted entrepreneurial culture in his own company. He acknowledged the ideas that dwelled in the minds of people who wished to do something meaningful in their lives, beyond the usual 9-to-5 jobs.
Aggregating opportunities
Yes Scale program was started with an aim of providing budding entrepreneurs with a unified platform that assists them with business operations by bringing investors, startups and prospective clients together. The initiative by Yes Bank revolved around key sectors like supply chain & logistics, clean energy & urban tech, life sciences & healthcare, edutech, etc., with special focus on future-forward sectors like agritech and cleantech.
The 15-month program initially selected 14 startups from over 1,000 applicants, which were given an opportunity to work in collaboration with Yes Bank’s ecosystem partner companies like ITC, Big Basket, Schneider Electric, among others. The multi-sector aggregator program, developed under the guidance of Rana Kapoor, also provided the selected startups with a proof-of-concept (PoC) funding of upto $1Mn from the bank through its various investment partners.
Creating impact
The ambitious aggregation program created a win-win situation for all stakeholders. On one hand, it provided startups with ample opportunities in markets, banking support and latest technology to accelerate their growth. And at the same time, it also provided corporates and institutions with curated solutions around the key sectors involved. The result was at par with the vision Rana Kapoor had for the program during its conceptualization – that of creating a holistic startup ecosystem that helped every venture involved thrive.
An example of the same can be seen in the case of Krimanshi, a Jodhpur-based food upcycling venture that used leftover fruits and vegetables to produce low-cost nutritious fodder for cattle. Through the Yes Scale program, Krimanshi got a chance to get connected with Godrej Agrovet, one of the largest cattle feed players in the country. Apart from gaining key insights into nutrition, toxicity and palatability of cattle feeds from Godrej Agrovet, Krimanshi also received a letter of intent for future collaboration with the company, which was a big boost to its operations.
The business ecosystem created by Yes Scale program amalgamated various sectors to form a well-rounded solution that catered to the unique needs of every entity involved. The program found partners in government organizations such as Ministry of Food and Processing Industries, Food Innovators Network, and Ministry of New and Renewable Energy, while the programs private sector partners included NASSCOM, YourStory, Villgro, GHV Accelerator, among others.
The beginning of future
Ever since its inception, Yes Scale program by Yes Bank has proved to be a stepping stone for several startups. It has also worked as a one-stop solution to the operational needs of corporates, startups, and government institutions alike. But above all this, the greatest merit of the program lies in the fact that it paved way for the growth of startup culture in India. It presented the country with a working model of what a robust startup ecosystem looks like.
Being home to the youngest population in the world, India holds a promising future for innovation, especially with respect to business models. Creation of a functional ecosystem for startups not only accelerates the growth of new businesses, but it also helps existing larger entities gain access to quicker and more efficient solutions to their needs. Combined together, both these aspects can boost the country’s economy by manifold.
Programs like Yes Scale are just the beginning of a future wherein turning dreams of starting a new venture into reality is hassle-free with ample support and opportunities in store. And with several other programs in place to give new businesses a boost, India is surely headed towards becoming home to the largest startup ecosystem in the world.