Comparative Analysis of Youth Entrepreneurship Ecosystems in India and Developed Economies

Abstract

Youth entrepreneurship is one of the tools that can be used to realise innovation, employment or inclusive economic growth. The paper presents a comparative analysis of the Indian youth entrepreneurship ecosystem with that of four developed or leading economies, including the United States, the United Kingdom, and Germany. It focuses on five structural factors as the keys to building successful ecosystems, and these are policy and regulation, access to finance, education and skills development, cultural perception, and technological infrastructure. The research has been based on conducting qualitative comparative analysis of secondary data and found differences across data as to the ecosystem maturity and integration, which are significant. The topic of supportable regulatory patterns, pervasive coaching and access, in addition to bodily orientation into venturesome hazard, are usually present in advanced countries. On the other hand, having a great deal of policy ambition, India lacks its implementation and ecosystem integration, as well as equity of access, particularly among the age group of the non-metro and rural areas.

Some of the good practices in the developed economies that the paper identifies as possibly influencing the entrepreneurship scenario in India to bring about more of the university-industry interface, access to funds, and building of entrepreneurial sensibilities at an early age of working with life are mentioned. It also exposes the importance of cooperation by the mass, the private and the institutional players towards the establishment of robust ecosystems. The most prominent recommendations include the necessity of heightening the entrepreneurship education participation, decentralisation of access to funds and development of a risk-taking entrepreneurial culture. The findings show that there ought to be greater harmonisation with the ecosystem, as well as certain reforms, to be able to see more young entrepreneurs in India.

The paper contributes further to understanding how the youth-based entrepreneurship ecosystems work in different national contexts and offers practical solutions which help to enhance guidance systems in the developing economies. Recommendations for future research must take into consideration the region-specific research and primary field work as a way of providing an account of the young entrepreneurs in the field so as to be able to capture their experiences and needs.