‘Young Black Entrepreneurs’ Are Leading Entrepreneurship Growth in India
A new study by McKinsey & Co., a global consultancy, suggests that young people in India are leading entrepreneurial growth in the country.
The study, titled “Young Black Entrepreneurs” (YBE), suggests that over the last two decades, India has seen an explosion of young black entrepreneurs in the state of Karnataka.
The report found that since 2009, more than 2,000 young black startups have been launched in Karnataka, including 5,000 companies, in the region.
“Young black entrepreneurs have become the engine that has powered Karnataka’s entrepreneurial revolution,” says Kunal Varma, Senior Partner at McKinsey India, who co-authored the report with Rajiv Kumar and Kunal Gupta.
“They have created value-added jobs, provided value for businesses and helped to increase Karnataka-based employment by more than 1,200 people over the past two decades,” says Varma.
The McKinsey report points out that Karnataka has seen a massive surge in startups in the past decade.
For example, Karnataka recorded more than 9,000 new startup startups in 2016, with over 3,000 of these being founded by black entrepreneurs.
The state is also known for having a high concentration of entrepreneurs of color.
The researchers say the trend is set to continue as black entrepreneurs continue to thrive in the local market, as they do not face the same restrictions as their white counterparts.
“It is very encouraging to see a growing number of black entrepreneurs succeeding in Karnades.
They are making a huge impact in Karnakas business climate,” says Kumar.
The Karnataka Chamber of Commerce, in collaboration with the Karnataka government, is working on a plan to encourage more black entrepreneurs to join the business community.
The Karnataka Government has also been pushing for the creation of a black-run technology hub in the capital.
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