Since the time the Prime Minister of India, Narendra Modi, coined the popular "e;Start-up India, Stand-up India"e; slogan in his Independence Day address on August 15, 2015 (Business Standard, 2015), there has been a significant policy impetus to encourage start-ups and develop a supportive ecosystem for start-ups and innovation in India. The supportive stance of the national government has also influenced the various state governments to enact similar policies. The accommodative policy environment along with a convergence of various factors has resulted in India emerging as the World's third-largest start-up ecosystem (InvestIndia, 2022).
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