Entrepreneurship has been the dominant driver of economic growth in the US for the past 200 years. It has been responsible for making the US Economy the largest and strongest economy in the world. In the past 10 years, small businesses and startups in the US, numbering at 23 million, have created 65% of net new jobs in the US. India has double the number, 46 million small businesses, which are the second largest employer after agriculture.
If nurtured well, entrepreneurship has the potential to transform the Indian Economy and create millions of new jobs. The risk of survival for any new venture and entrepreneur is highest in the very early days where it is toughest to get access to any resources. If they are supported at this stage, some of this risk can be mitigated.
This is exactly where the Atal Great Lakes Balachandran Incubator (AGBI), set up by Great Lakes Institute of Management under the Atal Innovation Mission of the Government of India, aspires to play a significant role. The AGBI is set up to serve as a nurturing resource center for creative entrepreneurship pursuing innovative new ventures that provides them access to critical resources while ensuring that their focus and attention can remain on solving the problem they aim to solve. By providing access to infrastructure, technology, guidance, learning, networking and mentorship for deserving and committed entrepreneurs, the AGBI addresses several of the key risks and improves the chances of success for them substantially. By doing this for a large number of entrepreneurs over the coming years, AGBI and Great Lakes will contribute further to our nation building and economic growth.
Mr. Mohan Lakhamraju
Vice Chairman - Great Lakes Institute of Management