A major new report on the vibrancy of the startup ecosystem in the UK and its lessons for India's developing startup scene launched in February 2017.
The report, written by FICCI's UK-India Advisory Group in the UK, looks at the British experience in creating a thriving startup ecosystem and what learnings the Indian central and state governments could take from it. The report's partners are techUK, Indian Angels Network and London & Partners.
The report identifies the ingredients to create a successful innovation ecosystem, including accommodative policy, entrepreneurial culture, availability of human capital, access to markets, access to finance and institutional support.
This research shows that many of the policies responsible for establishing the UK and London in particular as a startup hub have happened in the last 5-6 years. London accounted for one seventh of the UK investment into startups in 2010, a figure that has since increased to two-thirds. To establish such an ecosystem in the backdrop of a recession and significant government budget tightening requires a commitment not only from successive governments but from other actors in the ecosystem.
The lesson for Indian policymakers is that with purpose and determination, India too can grow and nurture such an environment. The report's recommendations therefore are framed as ones which could, if implemented within a similar timeframe, could propel the startup economy in India forward.