Editorial Board

A Refereed Monthly International Journal of Management

From Policy to Practice: Enhancing Start-Up Success in Kerala

Shameera MK

Research Scholar,

Department of Commerce,

Avinashilingam Institute for Home Science

 and Higher Education for Women,

Coimbatore, Tamil Nadu

Assistant Professor, Department of Commerce,

MES Kalladi College, Mannarkad,

19phcop006@avinuty.ac.in

Orchid id:0000-0003-4944-8175

Dr. D. Vennila

Associate Professor,

Department of Commerce,

Avinashi lingam Institute for Home Science

and Higher Education for Women

vennilacomm@avinuty.ac.in

Orchid id:0000-0003-4068-0015

Abstract

 In recent years, Kerala has experienced a surge in entrepreneurial activity, with a growing number of start-ups contributing to its economy This study aims to comprehensively evaluate the impact of government policies on Kerala start-up ecosystem. The study focuses on entrepreneurs and start-up support organizations in Kerala, home to around 3,800 registered start-ups as per the 2022 Kerala Start-up Report. Its objectives are twofold: to assess government policies' actual influence on start-ups and to offer evidence-based policy recommendations for improvement. Using the Krejcie & Morgan (1970) method, a sample of 351 entrepreneurs was selected through simple random sampling techniques across the state. Data collection involves structured online surveys., Resource-based view theory (RBV) is applied to find out the impact of government policies on the sustainability of start-ups. It focuses on how a company can achieve a sustained competitive advantage by making use of its special internal resources and competencies. The construct measurements have been adopted from previous research studies and factor analysis was used to identify the inclusion of previous constructs in this study. Structural equation modeling with the partial least square (PLS) technique was used to analyse the measurements and conceptual model.  Major findings revealed that financial support garnered positive feedback, but uncertainty prevailed regarding the regulatory environment. The provision of infrastructure and resources of government received favourable responses. Start-ups primarily benefited from government policies through increased access to funding and improved market access. It emphasizes the need for clearer policy implementation, enhanced efficiency, and consistent regulations to foster entrepreneurial growth. Access to funding, market entry, provision of infrastructure, and resources emerged as pivotal benefits. Policymakers are encouraged to adopt tailored, inclusive, and responsive policies, catering to different sectors and comprehension levels, to nurture a thriving start-up ecosystem. In conclusion, this research underscores the significant role of government policies in shaping the start-up landscape of Kerala.

Keywords: Start-ups, Government Policies, Entrepreneurship, Kerala, Impact Assessment, Economic Growth.

Introduction

Government policies significantly impact how the entrepreneurial environment is shaped (Acs & Szerb, 2007). The formation, expansion, and sustainability of start-ups are influenced by various government policies, including financial incentives, regulatory frameworks, infrastructure development, and talent upgrading programmes (Colombo et al., 2016). The Kerala Start-Up Mission (KSUM), one of the government's many programmes, intends to give start-ups in the state financial support, mentorship, and incubation facilities (Kerala Start-Up Mission, 2022). Innovation and technology are intrinsic to the success of many start-ups. By examining the impact of government policies, the research can illuminate how Kerala's start-ups contribute to innovation within the state and possibly beyond its borders (Upadhyay & Rawal, 2017). Kerala has become a very attractive location for business endeavours due to its educated workforce, robust infrastructure, and flourishing IT sector. However, market forces and entrepreneurial skills alone cannot guarantee a start-up's success or efficacy. This study aims to evaluate how government policies affect the efficacy of start-ups in Kerala. Several criteria will be used to assess the efficacy of start-ups, including the creation of jobs, innovation, revenue, and general economic development. This research attempts to give useful insights for policymakers, entrepreneurs, and stakeholders interested in creating a robust start-up culture by examining how government policies have affected Kerala's start-up ecosystem.

The study will use a mixed-methods approach to achieve this, combining qualitative interviews with entrepreneurs and policymakers with quantitative data analysis. Key economic indicators, including the number of start-ups formed, the amount of money obtained, and the number of jobs created, will be analysed quantitatively both before and after the necessary government policies are put into effect. A comprehensive grasp of how particular policies have impacted start-up operations and plans will be possible through qualitative interviews. This study adds to the current conversation about promoting innovation and entrepreneurship in Kerala by illuminating the function and effects of government policies. It can also serve as a basis for evidence-based policy recommendations that are intended to increase the efficacy of start-ups in the area.

Problem Statement

The emergence of a robust start-up ecosystem is often regarded as a catalyst for economic growth, innovation, and job creation (Shane, 2009). Kerala, a state in southern India known for its highly literate and skilled workforce, has been making strides in developing its start-up ecosystem. However, the effectiveness and growth of start-ups are profoundly influenced by government policies (Acs & Szerb, 2007). In the context of Kerala, where the government has introduced various initiatives, it is crucial to assess the impact of these policies on the state's start-up landscape. The Government of Kerala has implemented several policies and programmes, such as the Kerala Start-Up Mission (KSUM), which provides start-up financial support, mentorship, and incubation facilities (Kerala Start-Up Mission,2022). Additionally, the "Kerala Technology Startup Policy 2014" aims to create a conducive environment for start-ups by addressing issues related to infrastructure, funding, and regulatory hurdles. While these policies demonstrate the commitment of government to fostering entrepreneurship, it is essential to evaluate their effectiveness.

Despite the government's initiatives to support and promote start-ups in Kerala, there is a lack of comprehensive research that assesses the role and impact of these policies on the effectiveness of start-ups in terms of job creation, innovation, revenue generation, and overall economic development. It is unclear how these policies have influenced the establishment, growth, and sustainability of start-ups in the state. This study intends to close this gap by carrying out a thorough evaluation of the function and influence of government regulations on the efficacy of start-ups in Kerala. To provide policymakers, entrepreneurs, and other stakeholders interested in fostering a thriving start-up ecosystem in Kerala with evidence-based insights, this research aims to address important concerns about the effectiveness of current policies and propose possible areas for improvement.

Literature Review

Kerala Start-up Mission plays in fostering a thriving start-up environment in the state. KSUM encourages entrepreneurs to follow their goals and boost the economy by generating additional employment possibilities. (Davis et al,2020). Key success variables including company models, consumer views, market prospects, and support partners are identified and emphasized in the research. and clarifies the real effects of government activities on the startup environment. (Srinual et al., 2018).  Crucial success characteristics of start-ups in Thailand provide investors with a useful tool to assess possible investments in addition to helping fledgling start-ups achieve commercial success. (Peemanee, Sukprasert, & Wongsahai, 2022) A growing body of evidence shows that well-designed government policies can boost the sustainability of start-ups by improving survival odds, innovation capacity, and growth pathways. Survey evidence from Korea finds that government-supported programmes enhance start-up sustainability by strengthening entrepreneurship, market orientation, and networks. (Kim & Cho, 2020). Start-up subsidies raise the likelihood of survival and accelerate growth, while value creation often materializes via induced R&D investment and innovation output, underscoring a mediation channel from finance to capabilities to performance (Czarnitzki & Delanote, 2015)

  Entrepreneurship, knowledge, and skills play a vital role in promoting social progress and economic success. (Kassicieh & Walshok,2001). There is a need for ongoing support and growth by providing a crucial overview of the opportunities and difficulties facing the industrial environment of Kerala. (Noufal & Ramachandran,2017). A better Start-up ecosystem needs to develop to reduce the difficulties faced by Startups. (Upadhyay & Rawal, 2017). Indian Start-up ecosystem grows at the fastest rate worldwide. It emphasizes how crucial it is to increase financial accessibility and affordability, streamline entrance procedures, offer incentives for research and development, and simplify the patent registration process. (Chandiok,2016). The Indian government has put in place to encourage entrepreneurship and assist new businesses. (Dutta,2016)

Significance of the Study

The study on assessing the role and impact of government policies on the effectiveness of start-ups in Kerala holds significant implications for a multitude of stakeholders and areas of interest. Government policymakers stand to gain crucial insights from the research findings, as they can use empirical evidence to refine existing policies, design new initiatives, and allocate resources more effectively to support the burgeoning start-up ecosystem in Kerala (Davis et al., 2020; Noufal & Ramachandran, 2017). By better understanding how government interventions affect start-up outcomes, policymakers can optimize the regulatory environment and investment climate, ultimately fostering an environment conducive to entrepreneurial growth (Kerala Technology Start-Up Policy, 2014).

For entrepreneurs and aspiring start-up founders in Kerala, this study offers invaluable guidance. It equips them with a comprehensive understanding of how government policies can impact their ventures, enabling them to make informed decisions, tailor their strategies, and leverage available resources more effectively (Sarika Sharma et al., 2016). Such knowledge can enhance the chances of start-up success and sustainability, positively influencing the entrepreneurial community. Investors and venture capitalists interested in the Kerala start-up scene can also benefit significantly from the research. The study's insights into policy-driven dynamics can assist investors in assessing the attractiveness of the investment landscape in Kerala (Akanksha Dutta, 2017). Armed with information about the impact of government policies on start-ups, investors can make more informed decisions regarding funding local start-ups, thereby potentially bolstering the flow of investment into the region (Srinual et al., 2018).

Moreover, the study's exploration of job creation by start-ups is of paramount importance, serving as an essential indicator of economic growth and social development (Colombo et al., 2016). Policymakers and the general public alike will be keenly interested in this aspect, as it provides critical insights into how start-ups contribute to job growth and, consequently, regional economic development. (Yaşar, 2024). Innovation and technology are intrinsic to the success of many start-ups. (Ahn, Kim, & Lee, 2020). By examining the impact of government policies, the research can illuminate how Kerala's start-ups contribute to innovation within the state and possibly beyond its borders (Upadhyay & Rawal, 2017). This aspect holds significant implications for the broader academic and research community, as it adds to the body of knowledge on the intersection of government policies and entrepreneurship, potentially inspiring further research and analysis in this vital area.

Furthermore, the findings of the study can be used as a benchmark for comparing Kerala start-up ecosystem with those in other regions or countries, shedding light on strengths and areas in need of improvement. In an increasingly interconnected global economy, understanding the competitiveness of Kerala's start-ups on a global scale is crucial, and this research serves as a valuable reference point in that regard. Finally, by addressing the effectiveness of government policies, the study contributes to the creation of a sustainable ecosystem for start-ups in Kerala, ensuring that their impact on the economy and society remains positive over the long term. This study bears significance at multiple levels, ranging from immediate policy improvements and support for local entrepreneurs to broader implications for economic development, innovation, and competitiveness in Kerala (Davis et al., 2020; Suniti,2016). It serves as a valuable resource for stakeholders interested in the growth and sustainability of the start-up ecosystem in the state.

             The research gap in the study on government policies and start-ups in Kerala can be summarized in several key areas. Firstly, there is a scarcity of focused research on Kerala's start-up ecosystem, with most studies centred on entrepreneurs. This gap underscores the need for in-depth investigations into the unique challenges and outcomes of government policies in Kerala. Secondly, existing studies tend to offer fragmented insights into specific policy aspects, such as funding or regulations. A comprehensive assessment of how these policies collectively impact start-ups in Kerala is lacking, necessitating a more holistic approach. Additionally, the research gap extends to the long-term sustainability of start-ups influenced by government policies. While many studies focus on short-term metrics, understanding whether these start-ups can sustain growth and contribute to long-term economic development is underexplored. Qualitative research methods are underrepresented in the literature. Incorporating qualitative insights through interviews and case studies can provide a richer understanding of entrepreneurs' and policymakers' experiences in kerala start-up ecosystem. Addressing these gaps will enhance our comprehension of the interplay between government policies and start-ups in Kerala.

Objectives of the Study

To assess the impact of government policies on the performance and sustainability of start-ups in Kerala.

To provide evidence-based policy recommendations for improved policy effectiveness Theoretical Framework & Conceptual Development

 Resource-Based View (RBV) Theory

According to RBV theory, a company can achieve a sustained competitive advantage by making use of its special internal resources and competencies. These resources can be intangible (knowledge, brand reputation) or tangible (equipment, funds). Businesses that own resources that are rare, valuable, unique, and non-replaceable are more likely to gain a competitive edge. This theory advocates that resources that lead to competitive advantage and sustainability of business. Businesses can adapt and develop because of their dynamic skills and efficient use of resources. According to Wernerfelt (1984), the RBV sees the company as a historically determined collection of resources or assets that are "semi-permanently" attached to the company. Certain RBV users differentiate between more tangible assets like organizational procedures and capabilities and less tangible assets like physical capital or brand names that are fully appropriable by the company (Teece et al,1997).

  Figure:1   Conceptual Model of the study

  Research Methodology

This study will employ a comprehensive research methodology to assess the impact of government policies on the effectiveness of start-ups in Kerala. The study population includes entrepreneurs and start-up support organizations within the state. According to the 2022 Kerala Start-up Report, there are approximately 3,800 registered start-ups in Kerala. To determine an appropriate sample size for our study, we have applied the Krejcie & Morgan (1970) method, indicating a sample size of 351 entrepreneurs. The sampling technique used is simple random sampling to randomly select participants in Kerala. Data collection will be executed through structured online surveys, promising anonymity to encourage candid responses. Secondary data from government reports and financial records supplements the primary data. The study will use a mixed-methods approach to achieve this, combining qualitative interviews with entrepreneurs and policymakers with quantitative data analysis. Key economic indicators, including the number of start-ups formed, the amount of money obtained, and the number of jobs created, will be analysed quantitatively both before and after the necessary government policies are put into effect.

Results

The Data shows a young, predominantly male respondent group in a survey, with 40.4% below 25 years and 39.8% between 25-35 years. Males constitute 60.5%, and females 39.5%. A slight majority (53.7%) are married. Educationally, most have higher education, with 38.3% holding postgraduate degrees. Professionally, 29.4% are in manufacturing and 26.7% in services, indicating a skew towards these sectors. The survey shows mixed perceptions of Start-Ups in Kerala regarding government policies. While a majority find themselves well-informed about these policies, clarity remains an issue with less than half strongly agreeing on their ease of understanding. Financial support from the government is viewed positively, but the process to avail it receives a more divided opinion. Infrastructure and resources provided by the government are generally well-received. However, there's uncertainty in the regulatory environment, with a significant number of respondents neutral about its conduciveness for Start-Ups. Support services and networking opportunities show a positive trend but also indicate areas needing improvement. Overall, the responses suggest satisfaction in certain areas like financial support and infrastructure but also highlight the need for greater clarity and efficiency in policy implementation and support services. The start-ups primarily benefit from government policies through Access to Funding (32.7%) and Market Access (26.0%), suggesting that financial support and market entry are pivotal. Improved Infrastructure (15.5%) and Regulatory Support (11.6%) also provide significant advantages, while Talent Acquisition and other unnamed benefits are acknowledged by 8.0% each, indicating a lesser but still notable impact on start-up growth.

Impact Assessment of Government Initiatives on Kerala Start-Up Ecosystem: A Comprehensive Factor Analysis

This presents a factor analysis to evaluate the impact of government policies on Start-Ups in Kerala. Utilizing Principal Component Analysis, the study investigates various dimensions such as awareness of government policies, clarity of start-up policies, financial incentives, and process efficiency for financial support. The analysis also encompasses Government infrastructure adequacy, access to essential resources, regulatory environment conduciveness, competition fairness, the value of government support services, and the availability of networking opportunities. Additionally, the study examines the most impactful Government policy, the ranking of aspects critical for start-up growth, and the primary benefit of these policies.

TABLE -1 COMMUNALITIES

Initially, all items in the study have a communality of 1.000, suggesting that before the analysis, it's assumed that all the variance in each response can be explained by the underlying factors. The communalities would change after the extraction, indicating how much of each item's variance is explained by the extracted factors.

TABLE-2 TOTAL VARIANCE

This part of the analysis helps us understand how much of the variation in responses to the questionnaire is explained by each factor (component). For example, the first factor explains 24.227% of the variance, and so on. The rotation sums of squared loadings further clarify how much variance each factor explains after the rotation, making it easier to interpret the factors.

TABLE -3 ROTATED COMPONENT MATRIX

This matrix shows which questionnaire items such as "Awareness of Government Policies" or "Impact of Financial Incentives" group together under the same factors after rotation. High loadings (.774, .831) indicate a strong relationship between the item and the factor. This helps in interpreting what each factor represents. For instance, if items related to financial support and infrastructure load highly on the same factor, this factor might represent "Resource Accessibility and Support."

 Assessing the effectiveness of government policies on start-up performance and sustainability in kerala: A structural equation modeling approach

The conceptual framework integrates various dimensions of governmental influence, including Policy Awareness and Clarity, Financial Support, Infrastructure and Resources, Regulatory Environment, and Support Services and Networking. By employing Smart PLS for model fit analysis, we aim to determine the strength and significance of these relationships, and how they collectively impact the performance and sustainability of start-ups. This approach sheds light on the efficacy of current policies and guides policymakers in refining strategies to bolster the start-up ecosystem in the region.

           Outer Model Assessment (Measurement Model)

TABLE -4 CONSTRUCT RELIABILITY AND COMPOSITE RELIABILITY

The Table summarizes key statistics for several constructs used in a research study. These statistics assess the reliability and validity of the measurements: Cronbach's alpha values range from 0.860 to 0.984, indicating high internal consistency among the items within each construct. Composite reliability (rho_a and rho_c) values are also notably high, ranging from 0.961 to 0.998 for rho_a and 0.947 to 0.986 for rho_c. These values reinforce the constructs' internal reliability. Average Variance Extracted (AVE) values range from 0.501 to 0.897, demonstrating the convergent validity of the constructs, as they capture a significant portion of the variance in their respective items.

TABLE -5 R-Square

This Table displays R-squared and adjusted R-squared values for two models: "Impact of government policies" and "Performance and sustainability." For the "Impact of government policies" model, R-squared is 0.703, indicating it explains about 70.3% of the dependent variable's variance. The adjusted R-squared is slightly lower at 0.687. "Performance and sustainability" model, R-squared is 0.662, explaining approximately 66.2% of the variance. The adjusted R-squared is 0.658. Both models have good explanatory power, but researchers should consider their study context and objectives for further refinement.

Figure:2 Validated Research Model (Structured Equation Model)

Table -6 GOODNESS OF FIT (GoF)

This table compares fit indices for two models: the "Saturated model" and the "Estimated model" in structural equation modeling (SEM). For SRMR, both models show similar values, around 0.1, indicating a reasonable fit for observed correlations. d_ULS is slightly lower in the estimated model, suggesting a slightly better fit in replicating the sample covariance structure. Conversely, d_G is slightly higher in the estimated model, indicating a relatively better fit than the saturated model. NFI is the same for both models, showing that the estimated model fits the data nearly as well as the saturated model. In summary, the estimated model provides a reasonably good fit to the data, with only slight differences in fit indices compared to the saturated model.

Table-7 INNER MODEL ASSESSMENT (STRUCTURAL MODEL)

While Examining "Financial Support" and "Impact of government policies" Substantial and influential association is shown by the T statistic of 3.357 and the P-value of 0.001. This implies that "Financial Support" significantly affects "Impact of government policies." The link between "Impact of government policies" and "Performance and sustainability" is noteworthy. A very high T statistic of 30.002 and a P-value of 0.000 make this link statistically significant and powerful. Government policies have a major impact on "Performance and sustainability." This study continues with "Infrastructure and Resources" and "Impact of government policies." A T statistic of 2.877 and a P-value of 0.004 indicate that infrastructure and resource changes affect government policy.

The T statistic of 2.671 and P-value of 0.008 suggest that "Policy Awareness and Clarity" affect the "Impact of government policies" statistically. This shows that policy understanding and clarity may change government policies. In contrast, "Regulatory Environment" is statistically significant but weaker than "Impact of government policies." The T statistic of 1.993 and P-value of 0.046 show that regulatory changes affect government policy less. Lastly, "Support Services and Networking" greatly affects "Government policy impact." A robust T statistic of 4.305 and a P-value of 0.000 indicate a strong association. This shows that support services and networking developments significantly affect government policy. In conclusion, this Table illuminates the statistical significance and relative effect of various constructs in the study environment.

Discussion

The analysis encompassed several aspects, beginning with a demographic overview of start-ups in Kerala. It revealed a predominantly young and male demographic, with a significant portion having higher education and representing various sectors, particularly manufacturing and services. In terms of government policies, the findings indicated mixed perceptions among respondents. While many were informed about the policies, clarity, and ease of understanding appeared to be lacking. Financial support received positive feedback, but the process to access it generated divided opinions. Infrastructure and resources provided by the government were generally well-received, but there was some uncertainty regarding the regulatory environment. Support services and networking opportunities were seen positively but suggested room for improvement.

In summary, the study provided valuable insights into the demographic profile of start-ups in Kerala, their perceptions of government policies, and the impact of these policies, these findings can inform policymakers and stakeholders in the start-up ecosystem, aiding in the formulation of more effective policies and support mechanisms. Based on the survey findings, it is evident that while start-ups in Kerala are generally informed about government policies, there is a need for greater clarity and ease of understanding these policies. To address this, the government could consider simplifying policy documentation and providing more accessible, comprehensive guides or workshops. Given the positive reception of financial support but divided opinions on the process to avail it, streamlining and making the application process more transparent and entrepreneur-friendly would be beneficial. Enhancing the efficiency of support mechanisms can further boost start-up growth.

The mixed responses regarding the regulatory environment suggest a need for more predictable and start-up-friendly regulations. The government might focus on creating a more conducive regulatory framework that supports start-up innovation and growth. The significance of financial incentives and market access as primary benefits indicates that continued emphasis on these areas is crucial. However, expanding support in other areas like networking events and skill development programmes can also be instrumental in fostering a robust start-up ecosystem.

Conclusion

The study on the impact of government policies on start-ups in Kerala concludes that while there is a general awareness and appreciation of the support provided, there are areas that require further attention and refinement. The demographic profile indicates a young, predominantly male entrepreneurial landscape, emphasizing a need for policies that are inclusive and cater to diverse groups. The findings highlight a positive reception towards financial incentives and infrastructural support but also point out the need for clearer and more accessible policy guidelines, a more streamlined process for availing financial support, and a more conducive regulatory environment. While the government's efforts in supporting start-ups in Kerala are commendable, the study suggests a path towards more tailored, transparent, and inclusive policies. This approach could further nurture the start-up ecosystem, making it more robust and conducive to innovation and growth. The insights from this study can guide policymakers in refining existing policies and introducing new initiatives to better meet the evolving needs of start-ups in Kerala.

Implications of the Study

The findings of the study can be used as a benchmark for comparing Kerala's start-up ecosystem with those in other regions or countries, shedding light on strengths and areas in need of improvement. In an increasingly interconnected global economy, understanding the competitiveness of Kerala's start-ups on a global scale is crucial, and this research serves as a valuable reference point in that regard. Finally, by addressing the effectiveness of government policies, the study contributes to the creation of a sustainable ecosystem for start-ups in Kerala, ensuring that their impact on the economy and society remains positive over the long term. The study on government policies and their impact on start-ups in Kerala has several implications that are crucial for policy formulation, entrepreneurial support, and the enhancement of the start-up ecosystem. Firstly, the findings highlight the necessity for policies to be more tailored and sector-specific, recognizing the distinct challenges and requirements of different start-up sectors. This tailored approach can ensure that support is both relevant and effective. The study also underscores the importance of making policy guidelines clearer and more accessible, catering to entrepreneurs with diverse educational backgrounds. This inclusivity can lead to a broader understanding and utilization of available resources and support. Moreover, the need for streamlining processes, especially in financial support mechanisms, is evident. Simplifying and expediting these processes can enhance their utility and encourage more start-ups to take advantage of government offerings. The mixed responses regarding regulatory environments indicate a requirement for more consistent and start-up-friendly regulations, which could spur innovation and growth. Furthermore, the significant association between a start-up's sector and the benefits it perceives from government policies suggests that a one-size-fits-all approach may not be optimal. Customized policies could lead to more effective support across various sectors. Additionally, the variation in satisfaction levels based on the educational qualifications of founders implies that policy frameworks should accommodate diverse levels of comprehension and accessibility. Overall, the study provides valuable insights for policymakers, suggesting a move towards more nuanced, inclusive, and responsive policy-making. This approach could enhance the effectiveness of government support, foster a more robust start-up ecosystem, and ultimately contribute to the economic growth and innovation landscape of Kerala.

References

• Ahn, S., Kim, K.-S., & Lee, K.-H. (2020). Technological capabilities, entrepreneurship, and innovation of technology-based start-ups: The resource-based view. Journal of Open Innovation: Technology, Market, and Complexity, 6(2), 50. https://doi.org/10.3390/joitmc6020050
• Acs, Z.J., Szerb, L. Entrepreneurship, Economic Growth and Public Policy. Small Bus Econ28, 109–122 (2007). https://doi.org/10.1007/s11187-006-9012-3
• Dutta, A. (2016). Start-up initiative. IOSR Journal of Business and Management (IOSR-JBM), Special Issue – AETM’16, 2(2), 93–97. https://doi.org/10.9790/487X-15010020293-97
• CBRE Inc. (2019). India 2030: Exploring the future [Report]. CREDAI.
• Chandiok, S. (2016). India the world’s fastest-growing startup ecosystem: A Study. Amity Research Journal of Tourism, Aviation and Hospitality, 1(2), July-Dec 2016.
• Czarnitzki, D., & Delanote, J. (2015). The impact of startup subsidies on survival, growth, and stakeholder value. Research Policy, 44(7), 1165–1176. https://doi.org/10.1016/j.respol.2015.02.013
• Joseph, D., Paul, A., & Francis, C. (2020). A Comparative Analysis of Entrepreneurial Platforms Instituted by the Government of Kerala: A Case Study on KSUM. Studies in Indian Place Names, 40(59), ISSN 2394-3114.
• Kassicieh, S. K., & Walshok, M. L. (2001). The knowledge economy and entrepreneurial activities in technology-based economic development. Technological Forecasting and Social Change, 66(1), 89–96. https://doi.org/10.1016/S0040-1625(99)00061-9
• Kerala Startup Ecosystem Report 2018 [online]
• Kenji E. Kushida et al. (2015). A Strategic Overview of the Silicon Valley Ecosystem: Towards effectively harnessing Silicon Valley. [online]
• Kim, N., & Cho, Y. (2020). Business sustainability of start-ups based on government support: An empirical study of Korean start-ups. Sustainability, 12(14), 5727. https://doi.org/10.3390/su12145727
• Nalintippayawong, S., Waiyawatpattarakul, N., & Chotipant, S. (2018). Examining The Critical Success Factors of Startup in Thailand Using Structural Equation Model. Research Gate Conference Paper, July 2018.
• Noufal, P., & Ramachandran, K. V. (2017). Entrepreneurship Development and the Prospects of Startups in Kerala’s Industrial Economy: An Overview. Journal of Research in Management and Sciences, 4(2).
• Peemanee, J., Sukprasert, A., & Wongsahai, E. (2022). The effects of network and innovation capabilities on performance of startup businesses in Thailand. Academy of Strategic Management Journal, 21(2), 1-12.
• Shane, S. (2009). Why encouraging more people to become entrepreneurs is bad public policy. Small business economics, 33, 141-149.
• Sharma, S., Raj, M., & Gandhi, T. (2016). Challenges and Issues Faced by Startup Companies in India. Sixteenth AIMS International Conference on Management, ISBN: 978-1-943295-11-1, Special Issue - AETM'16.
• Start-up Genome (2019) Global Start-up Ecosystem Report 2019, USA. https://startupgenome.com/reports
• Walter H. Shorenstein Asia-Pacific Research Center, Stanford Silicon Valley - New Japan (SV-NJ) Project, Stanford University, Stanford.
• Upadhyay, C. S., & Rawal, P. (2017). Start-Ups; Let’s Start Them Up - An Inside View in the Indian Start-up Scenario. International Journal for Research in Applied Science & Engineering Technology (IJRASET), 5(X), ISSN: 2321-9653.
• Yaşar, T. (2024). Role of startups in economic growth: Evaluating how new business ventures contribute to job creation, innovation and regional development. Next Generation Journal for Future Technology and Youth Research, 3(1), 96–110, https://doi.org/10.62802/q5s48371