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Start-up Ecosystem through the Lens of Action Research

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Start-up Ecosystem through the Lens of Action Research
Krishna Dixit1[ 0000-0002-5960-2351] Nandini Varshney2[0000-0003-1260-3805]
Reshmi Manna3[0000-0002-2745-3232]
1,3
MIT World Peace University, Pune
2
Entrepreneurship Development Institute of India
Gandhinagar, Gujarat, India.

Abstract.
Start-ups are founded to develop some unique offerings to the market, which are cru-
cial for any entrepreneurial economy. They are adept at bringing economic and social
change through economic recovery and responsible growth. However, to successfully
influence the rate of these new enterprises, an attempt should be made to understand
how these start-ups' ecosystem factors impact a particular economy. Start-ups' com-
petitive edge gain from many external factors relating to academia or university tie-
ups, industry associations, government bodies, and civil society, which constitute the
core pillars of the quadruple helix approach. Hence this study fulfills the gap by
bringing the conceptual framework of the quadruple helix model: into context to India
and then by understanding the impact of these enabling factors on the pillars of the
ecosystem through participatory action research performed in the ecosystem of Guja-
rat. The implications drawn are similar to what was proposed by the participant in the
Action Seminar and the five-year report on state start-up ranking framework.

Keywords: Start-up; Start-up Ecosystem, Entrepreneurship, Quadruple helix model,

India

1.0 Introduction
Entrepreneurship as a phenomenon has been widely studied globally for decades now
in developed economies. In developing economies, despite several bottlenecks, they
have understood its importance as much more than the mechanical economic factors
[1]. Entrepreneurship is always involved in choice-related issues and mostly dealt
with "the change" in Product, Process, marketing, or organization. Several existing
definitions of entrepreneurship relate to its functional role and include coordination,
innovation, uncertainty bearing, capital supply, decision-making, etc. [2,3]. Though
three very often stated functional role of entrepreneurs is related to significant schools
of thought on entrepreneurship: 1. Risk Taking, also termed as Knightian entrepre-
neurs who are “willing to take the risk involved with uncertainty”.2. Innovativeness:
based on the phenomenon of creative destruction where entrepreneurs are involved in
accelerating the generation, dissemination, and application of innovative ideas. 3.
Opportunity seeker: from the lens of Kiznerian entrepreneurs who perceive and seize
new profit opportunities [4,5].
2

It is the creation of wealth through innovation is the prominence of Entrepreneur-

ship lies [4]. All entrepreneurs, risk-takers, innovators, or opportunity seekers, still
need to turn their idea into enterprises. Very few people turn their idea into a viable
business, and that business takes the formation of an "enterprise." There are several
types of enterprise based on ownership: one such type of enterprise is a start-up.

An enterprise will be regarded as a start-up if: (a) "It is incorporated as a private

limited company (as defined in the Companies Act, 2013), registered as a partnership
firm (under section 59 of the Partnership Act, 1932), or registered as a limited liability
partnership (under the Limited Liability Partnership Act, 2008) in India, or both, up to
a period of ten years from the date of incorporation/registration." (b) "The enterprise's
turnover for any fiscal year since its incorporation or registration has not exceeded Rs.
100 crores." "Enterprise" is involved in innovation, development or improvement of
products, processes, or services, or whether it is a scalable business model with a
great potential for creating money or jobs. Today, India is home to the third-highest
number of unicorns across the globe (Boat, Oyo, Nyka, Firstcry, etc).

There are typical Challenges that startup all over the world struggle with but there
are certain challenges that are peculiar to the Indian business environment. As India
was often derived as harsh environment for start-ups. The key challenges that Indian
ecosystem faces are Building and scaling an Indian Start-up, Diversity and the digital
divide, taking products to market and low willingness to pay, Hiring qualified em-
ployees, Complex regulatory environment [7].
However, the holistic growth of these start-ups in a given environment depends on
a constellation of personal, societal, and national factors rather than a single dominat-
ing factor. These "constellation of factors" were referred to by the startup community
as "ecosystem," which is used to describe the "network of individuals, organizations,
and resources required to create start-ups. This ecosystem consists of private inves-
tors, public and private funding organizations, large firms that build infrastructure,
colleges, and entrepreneurs with a variety of backgrounds, talents, and experience
levels."[8]. However, to successfully influence the rate of these new business enter-
prises we need to understand the driving factors for the growth of these startups.
Hence, the aim of the study is to understand what are the driving factors that impact
the growth of these startups (in context to Gujarat).

2.0 Review of the literature

Data from the OECD countries shows that the average survival rate of start-ups
three years after founding is 60%, while sustenance after 5 or 7 years is even less than
50% and 40 %[9]. In terms of employment of surviving businesses, it is found that a
large majority of these start-ups need to grow. The majority of the past literature has
 3

shown that most of these start-ups still need to be bigger, and the number of employ-
ees is not the sole objective [10]. Past researchers have explored several individuals or
intra-organizational factors rather than concentrating on understanding the impact of
the external environment. As environmental or external factors may assist or hinder
their success [11–13]. Start-ups' competitive edge gain from many external factors
relating to academia or university tie ups, industry associations, government bodies,
and civil society, which constitute the core pillars of the quadruple helix approach.[2,
12, 13]. The social structure and cultural norms of India have combined to limit en-
trepreneurship. However, there have been a number of initiatives in recent years to
change the national mindset towards entrepreneurship, especially among India's
youth, in the hopes that an entrepreneurial attitude can be formed in them.[16] Hence
this study fulfills the gap by understanding the impact of these factors through action
research performed in the ecosystem of Gujarat. It has been awarded the best per-
former state in the last three years in the States' Start-up ranking framework from the
Ministry of Commerce and Industry, Department of Promotion of Industry and Inter-
nal Trade, Government of India.

The structure of the study is set as follows: Initially, we will determine the role of
each of the determinants from the past literature and bring the history of the Gujarat
Ecosystem. Section 3 will talk about the methodology. Section 4 will discuss the re-
sults and analysis. Section 5 Conclusion and Future research directions.

2.1Start-up Ecosystem Pillars

The Start-up business journey is elongated with a high degree of technological in-
novation and service provision at a global level. Thus the need for interconnectedness
with other stakeholders is even more critical [17]. Based on the extensive literature
review from the academic database (Scopus, EBSCO, Elsevier, etc.), the factors that
impact the growth and sustainability of these young start-ups can be summarized into
the following determinant.

2.1.1 Education & Research

The results from past studies show that entrepreneurial education is a crucial factor
for start-up performance. The relative profit is high when an entrepreneur has educa-
tion and expertise in line with the business demands. Similarly, for the firm's long-
term growth, an entrepreneur's professional knowledge of the product and past expe-
rience regarding product development positively impact the business [18].

[20] Have performed a meta-analysis to understand the effect of entrepreneurship

education and training on start-up success. The study found a significant relationship
4

between entrepreneurial education and business performance. However, the effect of

academic focused interventions has a higher impact than the focused training inter-
ventions. Similar findings have been made by[21], who examined the opinions of 100
founder newcomers. They concluded that entrepreneurs with higher levels of educa-
tion are more likely to engage in innovative activities and have easier access to ven-
ture capital. Similarly, another study postulates that entrepreneurs having higher edu-
cation and training are motivated to be autonomous by bringing innovative ideas and
their need to create wealth by implementing those ideas. However, knowledge alone
cannot be a standalone factor in creating a start-up [22].

2.1.2.Human Capital

Human capital entails an individual's skill set and knowledge, which accompanies
people in the form of experience and expertise when they change their firms. It is a
fantastic tool where entrepreneurs' knowledge and skill sets are core elements for the
sustenance of the firm [23]. [24]advocate that as long as entrepreneurs continue im-
proving their skills and experience, it will reflect on the company's financial and non-
financial performance. Non-financial performance includes product quality or work-
place performance where an entrepreneur, with expertise, creates decision-making in
adverse situations for the firm. In this way, when employees have diverse expertise, it
helps to understand the different catering demands of the consumers[25]. This new set
of expertise can be interchanged, also called explicit knowledge by Nonaka, where
individuals share sets of expertise among colleagues, members of the groups through
imagination, collaboration, a positive workplace, and understanding [26]. This sort of
human resource or wealth is considered a central source for all forms of knowledge
formation, which can provide a competitive edge against the rival. By studying the
success factors of Israeli businesses, having the accurate human capital is considered
one of the most crucial source factors for start-ups[27]. A meta-analysis conducted in
the past describes that the skills of a start-up owner and its team positively impacts its
success [17].

2.1.3.Finance and Funding

Financing for start-ups is one of the most important pillars for any start-up or busi-
ness. Start-up of any age, from idea development to prototype or validation to scale-
up stage, requires funding. Even if it requires any business to meet its day-to-day
operation. However, even if it is the fuel that any business requires, it is not easy to
get the right source of funding, esp. at an early stage of the enterprise[28]. In equity
financing, there are two ways to acquire the funds; early-stage start-ups require angel
investors While at the growth stage, when the business is scalable and has a competi-
tive edge, it requires funds that the venture capitalist can meet[29].
 5

These venture capitalists are crucial for promoting innovative entrepreneurs com-
pared to any other form of funding. This form of funding helps start-ups with upgrad-
ed management and managerial sets of skill and expertise. Over all other forms of
finance, venture capital has the greatest influence on encouraging creative entrepre-
neurship. These VC businesses offer start-ups human capital with advanced manage-
rial and leadership abilities, experience, and expertise [24]. In the U.S., these venture
capitalists raise a large segment of funds. At the same time, they invest only one
percent at the prototype development stage, eighteen percent at an early stage of
growth while remaining percentage at the scale-up stages [30]. According to the Ven-
ture Capitalist report, 2021 was the pivotal year for VC investments in India, where
VC funding crossed $38.5 billion, which is 3.8 times more than in 2022[31].

2.1.4.Government Interventions

Government Interventions are required to play a more proactive role in high-risk

activities as an individual or private players in the market are more involved in profit-
seeking. In the case of entrepreneurship, building the right ecosystem by managing
the role of different stakeholders and providing the proper infrastructure is very cru-
cial for the growth of any economy [32]. In the U.S., through the proactive role of the
govt. Body helped in the creation of Silicon Valley, which is an example of a thriving
ecosystem [33]. There are several ways through which govt. provide these interven-
tions in the form of tax incentives on R&D expenditure, removing the bureaucratic
barriers for start-ups, mitigating the social stigma, helping in crowdfunding, and eas-
ing the legalities involved in building the start-ups [33–35].

2.1.5. Business Support and Connectedness

The performance of the start-ups is directly measured by the exploitation of the re-
sources and network developed through these relationships. Based on past research,
Business network plays a crucial role in start-up businesses [37]. Past research indi-
cates that open innovation in the form of external partners is essential for the success
of any business, esp. start-ups[38]. Platforms like co-working spaces and incubators
are-

Crucial to develop these young businesses at an early stage for attaining sustaina-
bility [39]. Research in Portugal shows that the role of science parks and incubators
is significant for its macroeconomic growth [40]. Incubators provide essential services
in the form of economic through funding, Human via skilled people, and social capital
through networking, which are crucial for any start-up's success [4,39].
6

2.1.6. Conceptual Framework for Start-up Ecosystem

This study aims to understand the enabling factors that impact the start-up ecosystem
with the help of the five pillars described above. These factors or stakeholders who
are embedded in the pillars of the Indian ecosystem are described below:

Table 1: Start-up Ecosystem in India

Quadruple Helix model

Enabling University Industry Government Civil Society
Factors

Education and Universities Re- Business mentors National Education Meet ups
Research search Institute, Re- Seminar, R & D de- Policy (NEP)
search Park partment Start-up policy-
NISP
Human Re- Student Internship Recruiters, Busi- National Skill de- Skilled Personnel or
search office ness Partners velopment programs. Mentors

Networking Pre-incubators Co-working spaces, Patent office TIE

and Incubators,
support Accelerators
Governmental Atal Incubation Legislation, Tax in- Ministry of Entre- Start-up India web-
Interventions Mission(AIM) centives for innovation preneurship and Skill site
business Development,
activities DPIIT

Funding Hackathon Venture Capital, Start-up India Seed Crowdfunding

Business Angels, Fund.
Banks.

Source: Adapted from Rasińska, K. (2022)

We have seen here that there are several enabling factors in each of these Pillars 1.
University enabling factors includes University Research Institute, Research Parks,
student internship office, Pre-incubators, Atal Incubation mission where govt. has
made it mandatory for higher education institutes to open incubators within their
campus and hackathons. Similarly, for pillars like Industry, Government, and Civil
society, enabling factors are National education policy, National skill development
programs, and Incubators. We have venture capitalists, business angels, and banks for
funding industry people. To help civil society with several enabling factors in the
form of Mentors for networking and support, we have TIE- IndUS Entrepreneurship
to connect Indian Entrepreneurs with global reach. Govt. has made a dedicated web-
site where entrepreneurs can ask queries through the Start-up India website.
 7

This study attempts to understand each stakeholder's in-depth role and the enabling
factors that impact the ecosystem. Hence, by using the Conference research tool of
participatory action research, we will try to understand the ecosystem of Gujarat- one
of the leading states in state start-up ranking frameworks by the Government of India.

3.0 Research methodology

Participatory action research is more embedded in an interpretive paradigm where
actions are performed in a social construct rather than an objective frame. This meth-
od allows us to analyze the problem more holistically rather than objectively analyz-
ing and collecting the data with a single method. This methodological approach is
chosen because it offers a holistic perspective for a comprehensive understanding of
complex problems. Unlike other tools like interviews, surveys, observations relies
solely on objectives, PAR acknowledges the multifaceted nature of issues and the
diverse perspectives of the start-up owners involved [19].

4.0 Result and analysis

Countries that have a culture promoting entrepreneurship generally do better within
the area of innovation also (coupled with competition). In line with this thought, the
Innovation, Start-ups, and Entrepreneurship Action Seminar was conceived and de-
signed by EDII to achieve the purpose of "proposing ways the government can enable
and facilitate an ecosystem that supports the flourishing of start-ups and innovation so
that Gujarat becomes the innovator's paradise – the place entrepreneurs go to turn
ideas into success."
The Gujarat government has been highly active and spontaneous towards entrepre-
neurial development, a better ecosystem, and supporting start-ups. Looking at the
dynamic characteristic, the government needs to follow up with the ongoing changing
environment, processes, and requirements of start-ups. Considering this fact, an action
seminar was planned by Gujarat Start-up Cell on innovation, start-ups, and entrepre-
neurship in January 2017. The purpose of this action seminar was to propose ways
through which Gujarat's government can enable and facilitate an ecosystem that can
support the flourishment of start-ups and innovation, leading Gujarat as an innovator's
paradise where entrepreneurs can quickly turn ideas into success.

Pre-Conference Process

The planning for this action seminar started in October 2016 through a meeting
amongst senior member from Government of Gujarat along with her two members of
her team with its expertise in web facilitators. This led to the formation of a co-design
8

team which further consisted of six people; A Senior member from Ministry(Lead)
with two team members, a co-founder from accelerator, an entrepreneur and venture
capitalist, and Dr. Satya Ranjan Acharya (Entrepreneurship Development Institute of
India, Faculty). Hence, the co-design team consists of players from academia, Indus-
try, government body as well as an entrepreneur who itself was a venture capitalist as
well. The co-design team varied expertise helped in designing the first initial draft.

Introductory Plenary

The co-design team reviewed the draft for the session agenda. They identified the
constituencies that should be represented in the participant group at the Action Semi-
nar to achieve its purpose. This included start-ups (from different stages in the life
cycle, incubators, investors (angles, VC, and seed), mentors, domain experts, gov-
ernment, entrepreneurship institutions, and start-up community groups. The design for
the action seminar was finalized by 9 January 2017. The action seminar was conduct-
ed on 11 January 2017, and 102 delegates participated. It was a three- hour seminar
covering details about the individual views of delegates on the future, drafting of the
proposal by teams, several, and scouting & feedback.

Small group Session 1

At first, individuals were given a booklet and asked to write their responses per the
instructions. They were supposed to describe their perspective on an ideal future eco-
system in the next five years that can make Gujarat an innovator's paradise.

Small group session 2

After this exercise, all the participants were formed into twelve breakout teams.
The participants discussed what they had written amongst the team and tried to con-
solidate the top ideas of all team members.

Small group session 3

This resulted in a proposal with a set structure including solution description, ob-
jectives, players required, benefits, implementation challenges, action items, and suc-
cess story they would tell at the Vibrant Gujarat 2019 Summit regarding their pro-
posal. At the end of this seminar, the co-design team collected twelve proposals de-
scribing Gujarat's plans for a robust entrepreneurial ecosystem.
 9

Final Plenary

The following are the recommended solutions for the betterment of the Gujarat
Start-up Ecosystem.

1. Creating a platform for flourishing start-ups based on Gen next technology &
provide a converging platform where entrepreneurs, mentors, domain experts & in-
vestors/vendors are all together.
2. Creating a sustainable Entrepreneurial Economy through Innovation by reaching
10K start-ups over the next five years & 100,000 jobs and developing an innovation-
driven economy.
3. Develop Gujarat as an innovation brand, Single window clearance/compliance,
Domain-specific mentoring grid and incentives, PPP for market access funding, skil-
ling global exposure & Nodal Institutes to facilitate education on entrepreneurs across
the state (Schools/colleges).
4. One Comprehensive "Sector Agnostic" policy for Entrepreneurship, start-ups &
innovation to be implemented by a professional team with financial empowerment
and structural autonomy.
5. Developing a culture of innovation at a higher secondary level onwards.
6. Policy for early-stage start-up ecosystem.
7. Imbibe and instill a system to encourage creativity & innovation from the sec-
ondary school level.
8. Setup a Gujarat start-up task force to bring about cultural change among all
stakeholders leading to the generation of 5000 start-up ideas and culminating in 5
successful unicorns that would put Gujarat on the world start-up map through interac-
tion at the school/college level & therefore facilitating & encouraging investments in
the venture at an early stage.
9. Government should formulate a policy such that corporates invest in start-ups.
10. Free-flowing funds in Gujarat.
11. Strengthening start-up funding mentorship infrastructure & Increasing plat-
forms where private-start-up engagement & partnership increase.
12. Identify & Support agencies that stimulate Entrepreneurship.

Post Conference Process

Various benefits could be ripped out from these proposed solutions. Some of the
prominent beneficiary outcomes mentioned in the proposal are mentioned below:

1. Gen next technology would strengthen the traditional industry clusters with in-
novative technology making them globally competitive.
2. The overall initiatives would create more employability opportunities leading to
economic wealth creation, which would further impact society.
10

3. The initiatives would help create Gujarat as a brand and attract the pool of talent
into the state.
4. This would increase the output/quantity of products with enhanced quality.
5. Youth would be more willing towards entrepreneurship, and a friendly ecosys-
tem would be the best platform for young entrepreneurs. More school/college students
would be encouraged towards entrepreneurship. This might solve the issue of concen-
trated entrepreneurs budding up from IITs and IIMs.
6. Entrepreneurs, especially start-ups, would get more technical experts for advice.

As a result, it would lower the count of failure ratio among start-ups.

5.0 Conclusion & Discussion

Gujarat has created a robust start-up ecosystem with 8000+ registered start-ups,
180+ incubators or centers of innovation, and providing financial assistance of INR
200 Cr+. The state's start-up policy, which was introduced in 2016, had as its goal the
development of a thriving start-up culture. Through careful mentorship and encourag-
ing incubation assistance, the policy goal was to turn ideas into innovation in either
form. The Gujarat government has also detailed start-up policies for many industries,
including the biotechnology industry, student start-up and innovation programme
(SSIP), and scheme of aid for incubators and start-ups.

The above proposals & schemes proved to be very helpful for the state of Gujarat,
start-ups in Gujarat, and Gujarat Start-up Cell to flourish entrepreneurship & innova-
tion culture in the state and become one of the top states in the start-up ecosystem in
India. The outcomes are prominently visible in the State Start-up ranking report by
the Department for Promotion of Industry and Internal Trade, Ministry of Commerce
and Industry, Government of India. As per the States' Start-up Ranking 2022, Gujarat
was ranked first for being the best start-up state for the last three consecutive years
with 8000+ registered start-ups. However, lack of luster performers when it comes to
employment. The state stands 5th in terms of employment as the startup employs only
51000 with 193 percent.if these factors like Institutional Support, Fostering Innova-
tion and Entrepreneurship, Access to the Market, Incubation Support , Funding Sup-
port, Mentoring Support, and Capacity Building of Enablers will not only help to
retain its position but it will also help to retain more employment

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