India has been the center of attention in terms of growth in entrepreneurship. The latest Economic Survey 2020 pointed out that India ranks third in entrepreneurship with the dramatic increase in the number of firm creation since 2014. From 70,000 new firms created in the year 2014 had risen to about 1,24,000 new firms in 2018 – a growth of about 80 per cent, as stated the data shared by the World Bank.
With such a large number of firms being set up across diverse sectors on a regular basis, but naturally, a multitude of new trends are expected to come up in the near future. But there could be a flip side to it too. Some of the so-called ‘new trends’ may be short-lived or could just be buzzwords cropping up in various discussions.
Aanchal Arora, Founder and Director, 1702 Digital, speaking on the challenges of understanding the trends says, “Most of the people will talk about trends based on the buzzwords that are easily accessible on Google searches. There is a need to contextualize the trends as for every sector the trends are different.”
Jaya Vaidhyanathan, CEO, BCT Digital, spoke on one of the most common buzzwords ‘Sustainability’. “It is a trend to talk about sustainability but that is not the context in which sustainability is understood – it means different things. Sustainability from a corporate sense means if you are not there then how is that legacy going to transform, is that still going to be a corporate going to invent more and more new things. So, for corporate, it means innovation culture,” she said.