Representative Image
Representative Image

3EA research reveals growing entrepreneurship potential for MSMEs in UP

ANI | Updated: Aug 23, 2018 13:19 IST

Mumbai (Maharashtra) [India], Aug 23 (NewsVoir): 3rd Eye Advisory (3EA) conducted a study in Uttar Pradesh after the two events, UP Investor's Summit, which was held on 21 and 22 July and 'Ground Breaking Ceremony' held on 29 July, where government announced an investment of over Rs. 60,000 crore in 81 projects of Uttar Pradesh.
Primary and secondary data collected through focused group interviews of MSME's and nano entrepreneurs, with a sample size of 200, across districts of central UP have revealed that though benefits of investor summits will be realized by society at large after minimum 2 financial years, a positive eco-system has been created. Almost 80 per cent of sample covered mentioned that they would prefer entrepreneurship over full-time jobs for their livelihood.
Young qualified professionals having engineering and management backgrounds were covered in the survey. The younger generations of UP have shifted their focus from full-time jobs to become entrepreneurs. They are trying to establish start-ups related to their domain and look-forward to incubation and financing support. Recently, management colleges have addressed the need for entrepreneurship and many of them have set up an incubation centres at their institutes. Observing these changes after the summit, other related services and their market have also started spreading their roots.
Need for co-working office, outsourcing services and MSME consulting are some of the examples of the changing trend observed in the survey. 3EA has also mentioned in one of their reports that start-ups and MSME's entrepreneurship projects require 360-degree hand holding and support. No international level consulting company operates in this space. Several start-up projects have been incubated by 3EA and the number of queries has significantly increased at their Lucknow office after the summit. Some of the prospective beneficiaries of the movement of government campaigns through 3EA are Mahona Industries Pvt. Ltd, Ferris Furniture, Chai Peeni Hai, Bombay Hot, Kapeeshwar Foods Products Pvt. Ltd. etc.
The Summit aimed at showcasing investment opportunities and potential to promote industrialization in the country's most populous state. Memorandums of Understanding (MoUs) for ventures worth over Rs. 4.28 lakh crore were signed across diverse sectors like inexhaustible energy, capital projects and infrastructure, power, IT and tourism.
Dr. Vibhor Misra CEO, 3rd Eye Advisory Ltd. stated that it is important for the state government to ensure investors' confidence in doing business in the state and that their investments would be safe. Not only big corporates, but given a large population base there is vast potential for small and innovative start-ups in the state that can be developed with initial incubation support. Proactive facilitation, simplified procedures and speedy time-bound clearances would enhance the confidence of investors.
Dr. Vibhor also informed that 3EA is working on a campaign against the use of thermocol and plastic-ware. The project has the potential to generate an opportunity for around five hundred entrepreneurs, thereby creating employment for almost ten thousand skilled, semi-skilled and unskilled workers. The campaign presents a scope of setting up of more than hundred factories for a substitute product of thermocol and plastic-ware.
The project, will not only contribute towards employment generation and entrepreneurship thereby increasing the GDP of the Uttar Pradesh, but will also lend support to the government's 'Swach Bharat Mission'. He said that the project is risk-free and scalable up to a level that manufactured products can also be exported to all developing countries.
To help the government realize its objective of promoting industries in the state, 3EA, a Mumbai based MSME consulting group, offers business consulting and helps businesses in management consulting, marketing, branding, financing, human resource planning, restructuring and Information Technology solutions, all under one roof. 3EA, an active change agent in developing the ecosystem and 360 degrees' congenial environment for businesses, has started its operations in Uttar Pradesh.
According to the industries department, foundation stones for 81 projects were laid by Prime Minister which are expected to generate over 2 Lakh job opportunities in the state and benefit all sections of the society. Prime Minister emphasized that initiation of these projects in the state would be a big step towards steering the "Digital India" and "Make in India" efforts in a fruitful direction. (NewsVoir)