Startups aid in tough times: Kellogg guru

A business environment to boost startups and entrepreneurship would help India sail through tough economic times and create at least three times more jobs, says American management guru Robert Wolcott.

A business environment to boost startups and entrepreneurship would help India sail through tough economic times and create at least three times more jobs, says American management guru Robert Wolcott.

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“Global case studies have proved that a bad economy could be healed by boosting entrepreneurship and startups to an extent,” Wolcott, member of the faculty at Illinois, US-based Kellogg School of Management and co-founder of Kellogg Innovation Network, told HT.

Wolcott is aiming to nurture innovation in India through a collaboration with the Woxsen School of Business, an upcoming business school in Hyderabad.

Globally, there are over 400 million entrepreneurs, Wolcott said, citing a Global Entrepreneurship Monitor (GEM) report. “There is an upsurge in entrepreneurship around the world and over 140 million of these entrepreneurs are expected to add at least five new jobs over the next five years,” he said.

India is considered the ‘most promising innovation hub’ by the KPMG’s 2013 Global Tech Innovation Index.

Wolcott also said that many other countries are struggling to build power hubs like India’s Bangalore. “Most of the countries are struggling to create just one Bangalore and India has successfully built — Bangalore, Hyderabad and Pune.”