Why should you start a startup in India?
Ola, Flipkart, Paytm, Zomato, MakeMyTrip, need no introduction today. These are only a couple of big names of the Indian Startup Ecosystem. However, they started small too. Flipkart, as an example, was started by IIT Delhi alumni and ex-Amazon employees. What started as a web book mercantile establishment, is now India’s biggest online retail platform. So, now discuss why should you start a startup in India?
With frequent innovations, new approaches towards the market, and increased investors, the Indian market is booming at this hour. It’s worth noting that, around 1,300 startups were born in India in 2019, making it the 3rd largest startup ecosystem within the world. Great opportunities in the Indian startup ecosystem by 2020 and large growth for entrepreneurs, founders, consultants, and business coaches!!
In the year 2016, the Indian market is foreseeing market domination for startups, especially within the online retailing and repair industry where high priced business entities are created. Moreover, it’s projected that there’ll be over 11,500 startups by 2020 which will change the way markets are working today in India.
New-age India today is prepared to steer on the path- follow your hearts- shown by the business maven Steve Jobs and Mark Zuckerberg. Additionally, in India for starting their own ventures has become conducive and an excellent deal of entrepreneurship opportunities India presents, more and more people are now prepared to require the leap.
Encouragement from the government
With the launch of Prime Minister’s ambitious Startup India mission on 16th January 2016 at Vigyan Bhawan auditorium in New Delhi, it seems that India is getting to become a subsequent big startup nation. Never before within the history of India, numerous influential forces have congregated to market startups and enable them to flourish globally.
In the past few years, the Indian startup ecosystem has witnessed immense growth, despite several roadblocks, adoption of the play-to-win approach by the young and enthusiastic entrepreneurs was an all-time high.
Below are the 5 top startups in India
This is an organic phenomenon that is growing ever fast in India. you’ll find branches in Delhi, Chennai, Kochi, and lots of other spots. Wow! Sell burgers, Tibetan food, and almost anything you’ll imagine. you’ll never go hungry when a Wow! The branch is nearby!
Founded In: 2008
Offices In: Kolkata, West Bengal
Total Funding: $470 Million
You may think Uber is causing a storm immediately, but Ola Cabs is taking up India as we speak. If you would like a minicab within the India area, make certain to undertake Ola Cabs out. They’re currently competing with Uber, which says it all really!
Founded In: 2010
Offices In: Karnataka, Koramangala
Total Funding: $3.8 Billion
This is a corporation that is causing a storm within the industry currently. They specialize in providing healthcare in schools and clinics and have proven to be very successful recently.
Founded In: 2010
Offices In: Bangalore city, Karnataka
Total Funding: $1.5 Million
Zomato is one among the foremost well-known startups and maybe one among the foremost successful food tech startups around in India that has become a world business.
Founded In: 2008
Offices In: Gurgaon, Haryana
Total Funding: $755.6 Million
Another very successful startup. This startup may be a payment service that permits people to pay funds to every other. it’s very similar to PayPal. While it’s not at that level yet, it still seems to dominate everywhere India.
Founded In: 2010
Offices In: Noida, Utter Pradesh
Total Funding: $2.2 Billion
Importance of innovation
Startups in India as in many other parts of the planet have received increased attention in recent years. Their numbers are on the increase and that they are now being widely recognized as important engines for growth and job generation. Through innovation and scalable technology, startups can generate impactful solutions, and thereby act as vehicles for socio-economic development and transformation.
The Indian startup ecosystem has evolved dynamically over the last 20 years. Some startups were founded within the 2000s, but the ecosystem was still immature as only a couple of investors were active and therefore the number of support organizations like incubators and accelerators was limited. Some successful exits occurred within the late 2000s and within the last ten years, the number of startups increased fast and more support has become available altogether.
The interim budget stated that India’s youth should constantly innovate to drive the country’s growth. Towards this end, the government has pushed for the utilization of digital technologies through initiatives like the National Programme on AI (AI) and therefore the establishment of nine centers of technological excellence.
Collaboration and Partnerships
Many people begin their startup partnerships. But just visiting a variety of startups, hosting a meetup, or inviting some startups to figure out of the company office isn’t sufficient. To travel beyond the visibility stage, corporates need to develop maturity frameworks for further stages like ideation, exploration, partnership, collaboration, co-creation, impact, and optimization.
This should successively be mapped onto the startup phases of growth. Like the Startup Ecosystem Canvas disclose, there are multiple options present for corporates to partner with startups at various stages in their innovation journey: idea stage (hackathons, business plan competitions), launch stage (co-working spaces, incubators, mentorship networks, corporate funding) and growth stage (accelerators, go-to-market).
Fintech and Digitization
Similar to 2016 demonetization, fintech startups are watching the present Covid-19 pandemic as another landmark development that’s likely to jumpstart the digital or contactless payments again after the reported slowdown thanks to the virus impact.
The view from the highest suggests that India’s digital payments including online commerce and mobile point-of-sale transactions will grow from $64.7 billion in transaction value in 2019 with 513.84 million users to $134.5 billion with 657.77 million users in 2023, consistent with the info from statistics portal Statista.
So, the present healthcare crisis may now let fintech startups to tread on the gas because the user penetration within the digital payments segment would also climb from 37.54 percent in 2019 to 46.15 percent as more users from Tier-III and IV cities alongside rural areas experience digital commerce for the primary time.
Impact of Setting up a startup in India
Startups could also be small companies but they will play a big role in the economic process. They create more jobs which suggest more employment, and more employment means an improved economy.
Not only that, but startups also can contribute to economic dynamism by spurring innovation and injecting competition. New entrepreneurs come up with new ideas to the desk, much needed to stir innovation and generate competition.
Startups have a direct impact on the cities that they create their homes. Check out how Infosys has changed Bangalore, Alibaba impacted Hangzhou, Microsoft changed Redmond and Google transformed Mountain View, California. These companies started small, but as they grew, they transformed the cities where they operated.
They enhanced employment patterns by providing job opportunities to both experienced and young professionals. This led to a surge within the inflow of graduates and the relocation of experienced professionals from different cities.
I hope you understand ‘Why should you start a startup in India’. keep innovating.
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