India has made several changes in recent years that are paving the way for a boom in small and medium sized business (SMBs)—which, as Poverty, Inc. pointed out, are the meat and potatoes of a developed economy.

For one, the goods and services tax (GST) replaced a complicated set of state and local taxes with a uniform, simplified tax, which has the advantage of predictability for those taking on the risk of starting a business.

Most notably, India’s increased adoption of “Fintech” (unconventional, innovative business models that use technology to enable financial services and disrupt traditional financial services structures). These new financial services models offer small businesses in developing countries the possibility of funding that they would not be able to receive through traditional banking structures. For an example, check out SME Corner (mentioned in the article above) which provides small businesses loans within days with virtually no collateral.