Money9 Edit | Unicorns need to play a stirring role in economic recovery

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The unicorn club has a new addition in the form of Zeta, a validation of booming entrepreneurial ambitions of youngsters.

The Covid-19 second wave has inflicted further deep cuts on the economy and it is now incumbent on unicorns to step up.

Building a society enriching company should be the aim of founders, not quick exits.

They should try to ensure their employees get a sense of belonging and allay any fears of pay cuts and job loss.

The big traditional companies will come under the cosh due to Covid-19 disruptions and will be forced to alter their strategies, which may result in some employees being laid off.

A country like India needs a vibrant and thriving startup ecosystem to realise its goal of becoming a $5 trillion economy.

In order to ensure that financial inclusion also does not get buried under the debris brought by the Covid-19 pandemic, these unicorns will have a very crucial role to play.

Wealth creation for a few will result in more inequality and stymie the progress made by the nation since independence.

The unicorn list is set to hit the half-century mark ion 2021, according to a report by Nasscom and Zinov. Thus, it reflects the massive confidence foreign investors have in the country’s startup ecosystem.

But the startups and their founder should not get carried away by new-found fame and waver away from their objectives.

Post-Covid India’s fortunes hinge a lot on how these unicorns shape up.