Role of Mentoring in Sustenance and Scalability of Social Startups during Global Crisis in India: A Special Reference to Maharashtra State

Abstract

Purpose:  Economy of India was growing at steady rate of 6.5% annually till the year 2019. Starting from the month of January 2020, the whole world started witnessing the effect on Covid -19 virus. In just span of 6 months, the virus has impacted over 1.85 Crore people globally and 7 Lakhs deaths (John Hopkins report). In India, close to 20 Lakhs are infected and with over 40,000 deaths due to Covid pandemic. Further, Maharashtra state has been the most effected state in India with close to 25% of the total infected cases. Since, Maharashtra state contributes close to 15% of India’s GDP (as per Directorate of Economics and Statistics, Government of Maharashtra), the impact of Covid on the state and country has been immense. The study has taken in the light of participation of Social Start ups spread across Maharashtra state (Mumbai) who have taken initiative of supporting with innovative solution during the pandemic.  The greatest challenge is to stabilize, survival and growth of startups with the right mentoring and guidance.

Research Design The research is grounded on primary source of information. The perpetrators are the social startup entrepreneurs in Maharashtra state concentrating Mumbai and Pune region. We have considered one hundred samples for the study. The sample is randomly taken from the study area. Structured questionnaire on Likert 5 scale was distributed among the startup community through the help of document sent across through Email. For analyzing the data, we have used statistical tools with the help if IBM-SPSS application. The statistical tools which are used to analysis are descriptive analysis, Anova and Factor analysis.

Scope and limitation The study is restricted to only Mumbai city of Maharashtra. India is a Hub of social startups. As Covid-19 is spreading rapidly across the country, mentoring to social startups are indeed important and need of the hour. Similar work can be conducted to other parts of country.

Finding We have observed during the study that the startups were actively involved in the contribution for both survival and scaling. Government is boosting and simulating the MSME’s, with social startups not qualifying for any support. There is a huge support and hand holding as mentor to startups in connecting them with potential clients and funding.

    1.Practical implication: During the study it was observed that mentoring at the right time especially during global crisis can lead to survival of social startups. Further, this could lead to long term success and also impacting the society.

2.Originality /value:  The global financial crisis has thrown lots of new challenges to all the social startups and at this juncture mentoring plays a vital and prime role for survival and sustenance.