Facebook is a multinational online social media company which is based in California and was founded by Mark Zuckerberg and a few other friends of his. Though it was started by them initially only for their fellow Harvard students, it is now one of the Big Four Technology companies. People across the globe use this platform to stay connected with their loved ones. A company that is so huge in terms of operations and has its presence felt across the globe has the power to bring great change in a society. In this light, Facebook has taken on an initiative to nurture start ups in India. India is a developing economy that has a huge pool of talent which can be mobilized in an effective way so that they contribute to the growth of the economy.
The social media giant, Facebook, has decided to boost the start-up environment in India. This program was launched this month and aims at providing training and mentoring facilities for young entrepreneurs in the country. They are called the “Facebook Hubs” and have been set up in twenty areas in nine cities namely- Hyderabad, Delhi, Gurgaon, Noida, Bengaluru, Mumbai, Pune, Goa and Navi Mumbai. In these centers, there will be focus and help provided to the entrepreneurs so that there is room for innovations through hours of training, workshops and discussions. For this, Facebook has partnered with 91 Springboard as a co-working space for a year. There have been various activities planned, which will enhance the skills of the entrepreneurs so that they learn and use their acquired experience to improve their businesses.
Satyajeet Singh, head of product partnerships had said that this initiative is a product of their mission to provide start-ups with the infrastructure and the mentoring that they would require so that they can carry out their business ethically and sustainably. This is however not the first time that Facebook is planning on doing something like this, they have already helped various start-ups by providing them the right kind of mentoring that they would require. With this, they plan on reaching out to more start-ups so that they can build businesses of tomorrow. It is obvious that the start-ups would require the expertise that would enable them to learn so they can grow. Entrepreneurs usually have ideas for great start-ups but do not have the financial backing or the infrastructure to go ahead with the idea.
With this initiative, they will gain access to mentoring from the experts which will help them gain an overall perspective of the right things that could be done. Facebook is one of the biggest companies in the world and if they give mentoring and training to these start-ups then it will be very beneficial for the latter. In India, there is a need for technological spur as we have till now only been following what has already been implemented in other countries. Start-ups often have the potential to grow into something huge which can be understood by the story of Facebook itself. In our country, many start-ups do not cross the incubation stage because of the lack of the right kind of mentoring. If Facebook comes forward to nurture these start-ups, then there is a huge possibility that they will turn out to become huge success stories like that of Facebook itself.
Moreover, another benefit that can be seen is that with our economy experiencing a jobless growth, if these companies do start their operations, then there will be a lot of employment opportunities created in the country. This would, to a great extent solve the problem of unemployment and would also be beneficial as the jobs being created are skilled jobs, so it would not be a waste of the degrees that the individuals hold. One would wonder why Facebook would want to start a program like this, and the answer to this is also quite simple. It is because if they nurture and mentor these start-ups, they will be able to identify good potential business ideas and invest in them, which will be a profitable venture for them.
It would expand their revenue base, if they provide finance or help set up the company for a share in their profits or so. Though Facebook has not mentioned the exact idea behind why they are doing so, it cannot be denied that an initiative like this will be very helpful for India.
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