Incubation Centres to Investment from Local Affluents: What's essential to make 2024 a Happy Year for Entrepreneurship in Barak Valley

The year 2021 marked a notable shift for India as Shark Tank India brought the spotlight to words like Entrepreneurship and Startup, giving them newfound resonance in the daily lives of millions. While these terms weren’t strangers to Indians, the show along with Government initiatives like Startup India, Vocal For Local, nudged a cultural shift, making discussions on startups and entrepreneurship a commonplace affair.

Undoubtedly, the role of entrepreneurs is pivotal, not merely for individuals but for the broader canvas of local economies. The birth of new enterprises sparks job creation, fuels innovation, and propels economic growth. It ushers in a wave of fresh ideas, products, and services that stand to benefit one and all. Furthermore, it lays the groundwork for better-quality goods at more affordable prices, fostering a consumer-friendly environment.

India, as a whole, is experiencing a flourishing startup culture, supported by governmental initiatives aimed at cultivating and encouraging entrepreneurial endeavors. However, the story differs in our beloved Barak Valley. While entrepreneurs and startups do exist, but their growth trajectory appears to be stunted. A curious trend had emerged – locals are observed to be launching ventures outside their native lands, while external players set up shop in the Valley, and take the economic gains away.

Hrishiraj Bhattacharjee, founder and CEO of Team Karimganj, a startup hailing from Barak Valley shares his views on the issue. His perspective underscores the need for heightened awareness surrounding entrepreneurship and the startup culture. Acknowledging the lag in Barak Valley’s startup scene, Bhattacharjee advocates for strategic interventions, suggesting seminars and TED-like talks as tools for spreading awareness. Crucially, he emphasizes parental support, positing that parental conviction in the viability of startups is instrumental for fostering a flourishing culture.

The absence of incubation centers, Hrishiraj notes, is a bottleneck. Barak Valley lacks these nurturing grounds for entrepreneurial seeds to sprout into reality. The predicament is compounded by the necessity for aspiring entrepreneurs to seek opportunities beyond the Valley’s borders, a discouraging prospect.

For a startup to thrive, Hrishiraj contends, uniqueness is paramount. An idea must not only be distinctive but address local challenges, necessitating a meticulous blend of dreamlike aspirations and grounded market analysis. Here, startup mentors emerge as guides, bridging the experience gap for new entrepreneurs, ensuring a more fruitful journey.

Gaurav Chakraborty, founder of Aranyak Valley, also speaks regarding the importance of awareness on the matter. He advocates for native pride, stressing the importance of being rooted to one’s native land. To stimulate entrepreneurial growth, Gaurav emphasizes a transformation in Barak Valley’s market image. He identifies a prevalent consumer-based economy, urging a shift through awareness campaigns elucidating the purpose of entrepreneurship.

Gaurav, like Hrishiraj, spotlights the absence of a conducive ecosystem for entrepreneurship in Barak Valley. The dearth of effective incubation centers hampers local talent, necessitating journeys to distant places like Guwahati. The solution, Gaurav posits, lies in establishing such centers within the Valley, breaking the geographical barriers hindering aspiring entrepreneurs.

The clarion call extends to local entrepreneurs uniting for mutual growth. Gaurav advocates for the involvement of affluent Barak Valley residents, urging them to invest in local startups. In his vision, these patrons should be lauded and celebrated, creating a ripple effect that encourages others to contribute to the Valley’s entrepreneurial ecosystem.

Undoubtedly, media plays a substantial role in shaping perceptions. Gaurav underlines the press’s potential in creating an environment conducive to entrepreneurial growth. Celebrating innovative startups and their backers in the local press can spark a cultural shift, instilling pride in Barak Valley’s unique offerings.

The crescendo of both Hrishiraj and Gaurav’s perspectives converges on the urgent need for skill development. Hrishiraj underscores the importance of skill development programs utilizing Barak Valley’s human resources. Gaurav aligns, emphasizing that focusing on locally producible items and championing them through awareness campaigns can curb the exodus of money from the Valley.

In conclusion, the path to entrepreneurial growth in Barak Valley necessitates a multi-pronged approach. Heightened awareness, incubation centers, mentorship, local investments, a transformed market image, and media celebration collectively can propel the Valley’s economy forward. The amalgamation of these efforts is the key to retaining wealth within Barak Valley, ensuring a flourishing future for its entrepreneurial landscape.

Note: Both Hrishiraj Bhattacharjee and Gaurav Chakraborty have made investments in Barak Valley and are running their respective startups. Both of them scaled to heights in global corporate leadership roles before venturing into entrepreneurship, in fact, Chakraborty continues to be the MD of Axens while Bhattacharjee – with his masters from Kings College in London was a Deputy Head of Political Risk & Intelligence at a global conglomerate before his reverse migration to native place.