Ludhiana is Asia’s largest hub for bicycle manufacturing, and accounts for greater than 50 p.c of India’s bicycle consumption of 10 million+ every year. It’s also one of many largest producers of home stitching machines and a key manufacturing hub of auto and two-wheeler elements for world automotive gamers. As well as, it’s also residence to a few of the hottest woolen attire manufacturers in India. Along with a few of the greatest companies calling Ludhiana residence, it’s also the epicenter for 1000’s of micro, small and medium enterprises throughout industrial items, machine elements, auto elements, family home equipment, hosiery, attire, clothes, amongst others. As one in every of India’s largest industrial hubs, Ludhiana accounted for 19.1 p.c of Punjab’s employment, in keeping with 2014 authorities statistics. Whereas that quantity is prone to have seen some change within the final six years, Ludhiana’s moniker as the economic capital of Punjab stays undebated.
Ludhiana 2.0 within the making
The presence of a thriving SME financial system supplies a chance to rework Ludhiana from a key industrial hub to a sturdy native entrepreneurial ecosystem, believes World Alliance for Mass Entrepreneurship (GAME). An alliance of mission-aligned companions, GAME has been working in the direction of making a thriving surroundings for mass entrepreneurship in India since its inception in 2018. The organisation is on a mission to create 10 million entrepreneurs and thereby 50 million jobs by specializing in ‘the lacking center’ – the Small-to-Medium Enterprises. Right here, Ludhiana introduced a fertile floor. The organisation believes that Ludhiana’s wealthy heritage and already present sources present a chance for the native entrepreneurial ecosystem to come back collectively to assist rising companies of Ludhiana and assist them compete at a world scale.
Addressing Challenges with a 3C focus
Entry to credit score, availability of native sources, native infrastructure, market linkages, present expertise, amongst others have been perennial challenges which were inhibiting the expansion of SMEs within the area. Nevertheless, conversations with Ludhiana’s MSMEs reveal that along with these challenges, entrepreneurs are discovering it more and more troublesome to draw high-quality crew members, determine new alternatives, and herald organisational professionalism into the work tradition.
To handle these challenges, enhance the native entrepreneurship ecosystem development and create a scalable and replicable mannequin to spice up MSME development GAME, in partnership with the Authorities of Punjab and Chamber of Industrial and Industrial Undertakings (CICU), introduced the launch of Xcelerator Ludhiana in August 2020.
Xcelerator Ludhiana is a curated small enterprise accelerator programme to assist promising development enterprises throughout sectors in Ludhiana and assist them obtain elevated productiveness, effectivity and profitability. The programme has been designed as a step forward in the direction of boosting native entrepreneurship ecosystem development within the district. However that’s not all. It’s believed that the programme will result in the creation of prototypes in Ludhiana in addition to present knowledge and info of the potential development to different entrepreneurs and stakeholders throughout all the state.
With the primary pilot of Xcelerator Ludhiana the purpose is to know the levers of enterprise development for companies in India. The mannequin is thus then anticipated to pave the best way to be replicated throughout Punjab, and learnings shared with native ecosystem stakeholders to assist construct capability for addressing challenges confronted by entrepreneurs within the native area.
The Xcelerator Ludhiana programme will concentrate on serving to rising companies in Ludhiana turn out to be extra productive and inefficient by way of a concentrate on 3Cs – Buyer, Money and Capability. By understanding present profitable enterprise frameworks from consultants and by interacting with different profitable companies, the Xcelerator Ludhiana cohort will be capable to rework how they function their companies in addition to work in the direction of scaling it to the subsequent stage.
The programme is a mixture of varied mentoring, formal, knowledgeable and peer-to-peer studying classes unfold over six months. With particular concentrate on the three 3Cs, the programme will herald knowledgeable steering within the areas of gross sales, advertising and branding, money circulate administration and monetary planning, organisational administration, and development planning. The curriculum can be focussed on actionable takeaways and sensible studying expertise in order that the entrepreneurs can begin implementing their learnings from the programme to their companies from Day 1.
At this time, the programme has chosen 24 entrepreneurs who, other than having robust enterprise financials, have a possible for development and have exhibited willingness to be taught and rework their companies. GAME believes these entrepreneurs are already on a development trajectory and the accelerator programme won’t simply turbocharge this journey but additionally shine the highlight on these “function fashions” to speed up the entrepreneurial potential of Ludhiana.
Xcelerator Ludhiana is all set to take off on January 5, 2021, and the weeks to come back will see entrepreneurs attending the bootcamp, mentoring classes, peer-to-peer classes and networking classes with bankers, authorities officers, and corporates to be taught in regards to the levers of enterprise development, management, team-building, course of functionality enhancement, and abilities required to develop their enterprise. The programme, which has been co-designed and led by main trade consultants, bureaucrats, academicians, entrepreneurs, commerce affiliation leaders, consultants from banks and monetary establishments, representatives from the native entrepreneurship ecosystem and the Authorities of Punjab, will play a pivotal function in tapping into the potential of Ludhiana’s entrepreneurial power and leveraging that to additional development at scale.
Over the approaching weeks, we’ll take you thru the tales of those 24 promising entrepreneurs from Xcelerator Ludhiana. Watch this house for extra particulars!