Towards a Robust and Inclusive Entrepreneurial Ecosystem: Insights from the Himalayas

Abstract

The inclusive entrepreneurial ecosystem needs several new strategies to leverage community knowledge and grassroots innovations, particularly by women. In low population density regions such as mountains, the transaction costs of engagement and delivery of services are high and one needs more imaginative approaches for inclusive development. This article is divided into three parts. Part one deals with scouting strategies for identifying entrepreneurial talent, particularly leveraging individual women members of self-help groups and converting traditional knowledge into innovation-based enterprises. In part two, the challenges to the innovation-based bioenterprises-based ecosystem are discussed. While traditional enterprises help in generating jobs, it is desirable to focus on novelty. The methods of prior art search are discussed, and four case studies are shared. It is highlighted that giving names of the innovators/knowledge providers on the label of the products acts as not only an incentive for the knowledge providers but also generates trust among the consumers. Finally, in part three, recommendations are made to make the ecosystem more robust and move from microfinance to microventure finance. The recommendations in this article may help other enterprises also. It is worthwhile to focus on the circular economy, in situ value addition, publicly funded validation and value addition and flexible financing and market support systems.