Will co-working, freelancing, upwork and the rise of the gig economy shape India’s future?
The rise of co-working spaces, freelancers, accelerators, consultants and part-time workers has established an entirely new economy in India.
I call it entirely new because we have evolved from the times when our fathers and forefathers aimed for stability of a monthly income. Today we aspire to take holidays and work at our own pace. At many places the concept of an enterprising individual is all about freedom of operation and creating a new way to living.
The trend came from the US!
Like many other trends the gig economy largely seeded itself in India with the globalized Indian seeing the world change.
Its been argued that by 2040 the US economy will be scarcely recognizable as over 34% of the US workforce today is freelancing.
Source: Fast Company
The study by Freelancer Union and Upwork
The study found a much larger role for self-employment. The study claimed that 53 million workers, or, about a third of all U.S workers, were freelancers in 2014.
Source: World Economic Forum
The trend is now global: say hi to entrepreneurs/ freelancers in Uganda!
Over 28% of the total workforce in Uganda is self-employed. Its phenomenal considering the nation has seen turbulent times for many years.
India — the land of incredible change!
India has an unfair advantage. The current generation has access to technology and tools like never before. We are amongst the fastest growing mobile-first generation.
Indian Prime Minister always stresses in his speeches how 80%+ of the workforce is under 35 years of age. There could be no better time for companies like Upwork to setup base in India and support the rising freelancing ecosystem.
India is also experiencing a massive generational shift. The youth today aspires for greater autonomy. Work-life balance is a basic expectation. The generation is also seeing young celebrities being made of under-30 entrepreneurs who have raised incredibly successful business ventures.
Is India seeing a larger economic shift?
Economic shifts always re-distribute wealth and power. Of-course they lead to creation of greater competition and value creation.
The economic shift that India is seeing is creating a massive rise in aspirations. Young people are eager to grow faster. Exponential career growth is obvious.
The signal from the future: Talent pools
I see a signal from the future in India. I see talent pools building up across various geographies as clusters. Almost like the SME clusters that exist today.
As these clusters grow, there will be smaller ecosystems with unique value adds to the economy.
