The following article is based on my own interpretation of the said events. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.
Kanika Manocha, MBA 2015-2017, Vinod Gupta School of Management, IIT Kharagpur
Bored of your mundane job- Go for a start-up ! How often have you received this advice from your peers? Often, Right. With the growing number of tech-savvy people and the advent of digitization, youth today has a native idea to implement. Hence there has been a makeover in the ecosystem since the past year and many start-up players have entered the market. Yet, budding start-ups are looking at the future with some skepticism being the pioneer in this domain.
As a step towards ‘Start-up India’ ‘Stand-up India’, the State Bank of India, the largest bank of the country came up with specialized branch for budding start-ups to address their banking needs. To transform the business landscape, SBI InCube will offer cash-management solutions and assist them with taxation and regulations. With the current branch being set up in Bengaluru, they have further plans of expansion in metros like Pune and Delhi. It aims to give all kinds of advisory services to growing entrepreneurs under one roof. The bank also launched wealth management service, SBI Exclusif which is targeted at the fast growing affluent sector in the country. Currently with no facility to provide loans, further course of action is to be implemented.
Entrepreneurship acquiring the centre-state in the India, InCube and Exclusif would definitely aid the growing sector. Angel investors, Venture capitalists, Governments and now banks became the helping hand for the entrepreneurs to make India the next start-up capital of the world. The ignition of design thinking, digital growth, native ideas and robust transformations is the next buzz in this blooming world. These specialised bank branches would be the stairway to dream of developing India into a country driven by passion to innovate and revolutionize. PM Narendra Modi’s ‘Make in India’ and ‘Make for India’ mission envisages start-ups as the next big spree coming on-board. As a plea to help growing founders this initiative would definitely help the aspirants to get a clear vision. I hope this creates a positive hype in the country and the far-sighted dream of ‘Digital India’ becomes the reflection of the reality.