MSME Day 2024: The Joint Venture of Government & Startups to Unlock the Potential of MSMEs

Synergic Union between MSME & Startups

Both the startups and MSMEs fall under different segment of businesses. Startups are characterized by their focus on rapid growth and innovation, often leveraging technology, whereas MSMEs are defined by their size and are typically smaller enterprises that may grow more gradually and serve specific markets. They both differ with their varied characteristics that revolve round the disruptive innovation, rapid growth, and scalability, which solely depend on external investments to fuel-up their ambitious plan.

With the advent modern technology and wide penetration of smart phone, online shopping and D2C platforms are evolving and the budding startups in the MSME sectors are making products like ayurvedic, cotton textiles are efficiently using these well-established or startup platforms to showcase their products to a wide audience.

Unicorn Startup brand Meesho has effectively bridged the gap between rural producers, artisans and the urban buyers and helped these unidentified brands to prosper.

Upskillling the MSME The brands under MSME are generally confined to the local geography only. There is a huge potential for creating markets for products, produced by MSME both in and outside India. By infusing technology, the creative producers revolutionizing the sectors like fashion, home decor, cultural experiences, craft-tech, culture-tech, and more.

Government has offered platforms like GeM or Government e-Marketplace to showcase the products. This platform is creating demand for such products by establishing new markets. MSME & Startup Forum Bharat is offering a diverse platform to share industry knowledge, exploring solutions together, and working on common problems, businesses across the country.

MSME incubator programs are helping these MSME brands to grow more with increased level of profit. Just like startup incubators, technical colleges, universities, other professional colleges are arranging incubator programs for uplifting the Indian economy.

“MSMEs galvanize India’s economy with income generation and job creation, and there is an ever-increasing demand for financing for businesses to rebuild and grow this year”, - Hardika Shah, Kinara Capital