"The disruptive innovation in technology and process is creating newer Indian start-ups and foreign investors including some of the well-known venture capial funds are showing immense interest in these start-ups," ASSOCHAM President, Sunil Kanoria said.

The awareness that a start-up is a vehicle of rapid growth through technological "disruption" and innovation, has to spread across the economy. "Only then, there can be a true start-up revolution; otherwise if any small traditional business is treated as a start-up then the start-up eco system will never develop properly. Realisation of this distinction needs to percolate to all strata of the policy making and economy to ensure that a real support system for the start-ups, in terms of technology, hand-holding, funding and rapid growth, can develop properly in the country", the paper noted.

It said synergizing Start up India with Make in India and Digital India has the potential to expand Indian eco system for the new entrepreneurs. The paper suggested tax exemption for research and experimentation to encourage fresh ideas without fear of failure. Suggesting a Stanford University model in various Indian universities, the ASSOCHAM-Thought Arbitrage paper said courses on creation of small businesses should be encouraged in the learning campuses.

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