The rapid development of various institutions supporting company creation in India has the potential to generate economic growth, innovation, and economic development. However, this article shows that the start-up ecosystem has unevenly developed across cities and economic sectors, and has failed to empower the overall population, so far. Using a comprehensive database on start-ups retrieved from Tracxn, a business data and analytics company, the authors find that venture capital concentrates amongst graduates stemming from a handful of prestigious education institutes in India and abroad. The article analyses the role of entrepreneurship policies and argues for a shift of focus and resources towards the building of a more inclusive start-up ecosystem.
