Guidelines for Entrepreneurship & Innovation to Unlock, Inspire and Drive Growth in Amritsar
Amritsar had been a very prominent business hub up until a few decades ago. But due to the changing socio-economic environment coupled with the failure to keep up with the latest technology and skills, the city has failed to compete with the global market.
Perhaps the draconian government policies are to be blamed.
Still, we believe that the failure to understand the changing global business dynamics, slower technology adoption, and lack of growth mindset has led to the loss of confidence of its people and the business community outside.
India has seen a meteoric rise in the consumption of technology. Internet penetration has increased. Smartphones and data are one of the most economical commodities compared to the rest of the world.
The rising importance of technology-driven economic growth can transform the lives of thousands of people by providing them with high-paying jobs, competitive skills, and a global level-playing field. The increasing availability of high-speed internet means that we can nurture and grow technology businesses that can serve customers from all over the world, right from the comfort of being in our city.
In the coming time, the growth of technology businesses will outpace that of traditional economic sectors.
But, as with many industries, there are roadblocks in the growth of businesses. This is why I, along with some of my fellow entrepreneurs at Amritsar Founders, decided to join and call for radical changes.
We have recognized the following areas which need to be focused on to catapult and sustain the growth of businesses in Amritsar.
- Upgrade talent pool
- Make available world-class and affordable infrastructure
- Update policies to support disruptive innovation
- Simplify access to finance
This is an audacious goal that needs buy-ins from many players such as local educational institutes, industry leaders, entrepreneurs, police, lawmakers, and politicians.
1) Upgrade talent pool
- Set up skill development programs in collaboration with the local educational institutes
- Make it easier for startups to hire from overseas
- Incentivize individuals and startups to train teachers and students
- Support women to start and scale their businesses
- Encourage and organize hackathons, meetups, and conferences
- Invite global mentors and companies to provide training to local businesses and institutes
2) Make available world-class and affordable infrastructure
- Invest in high-speed internet connectivity, even in rural areas
- Provide cheap and affordable office and co-working spaces on flexible terms
- Invest in technology at the local universities
- Provide accessible rentable housing spaces for non-resident workers
- Invest in entertainment, sports, and playgrounds for recreational purposes
- Provide resources to local businesses to take part in regional as well as global conferences and exhibitions
3) Update policies to support disruptive innovation
- Work with startups to eliminate regulations in technology
- Formulate employer protection laws to instill confidence in entrepreneurs and investors
- Review regulations surrounding the sharing economy – office spaces, housing, cars, internet, etc
- Standardize and facilitate company creation
4) Simplify access to finance
- Provide and educate about tax relieves for entrepreneurs
- Lower minimum investment and compensation requirements for hiring from abroad
- Ease regulations on ESI, PF, and Insurance
- Provide affordable loans and tax relieves to the skill development centers
We hope to represent and share a common vision of various entrepreneurs, professionals, small business owners, mentors, investors, and consultants irrespective of the industries. We aim to collaborate, communicate, and contribute to the growth of the local business ecosystem by promoting reasonable and actionable recommendations.
We encourage you to be part of our journey and work with us to bring Amritsar to the top of the World’s Business Map.