The Breeding Indian Startup Ecosystem
Over the years, the Indian startup ecosystem has become the center of attraction on its own—impelled by massive funding, consolidation programs, enhancing technology and enlarging domestic market. The numbers are growing from approx. 3000 startups in 2014 to an estimation of more than approx. 11000 by 2020. This is certainly not a fleeting trend,it is a revolution indeed. And this is changing the way the Indian markets are operating.
With changing technology trends driven by millennials and gen Z, Indian startups are disrupting the market. Indian startup products and services are grabbing global attention especially in enterprise tech, eCommerce and travel tech. Many startups in India have joined the market either by digging out an entirely new market or through spaces in existing markets or product lines. Several successful startups are growing promptly and changing how an existing industry works such as Paytm, Redbus, InMobi, Swiggy, BYJU, OYO, OLA, Zivame, Dream11, Delhivery to name a few. The Indian startup ecosystem is the 3rd largest around the globe after the US and China. Now, these successful Indian startups are also looking forward to expanding their reach, particularly in Tier 2 and 3 cities.
Indian Startup Ecosystem Enablers
“A combined effect is always greater than the sum of separate effects”. In India, startups have given birth to more startups. Enablers such as VC and private equity funds, international funds, angel investors and platforms, government action points, research parks offer growth advice, helps in scaling the business and decision-making tools. Several entities like NASSCOM, FICCI, Internet & Mobile Association of India (IAMAI), The IndUS Entrepreneurs (TIE), ASSOCHAM, Competition Commission of India (CCI), iSpirt, etc play the role of saviors. The ultimate goal is to provide funding and support for startups.
Closing Remarks -
Indian investors are becoming experimental; however, they are extremely well-versed decision-makers. The funding activities are the major driving factors in every startup ecosystem. 43% of product/digital firms are emphasizing on the international market while 28 % continue to be on hotbeds of tension
Crucial aspects that every startup should consider -
- Indian startups are often asserted for copying ideas without value addition. The price cannot be a differentiator. Eventually, there are going to be players that are available at cheaper prices in the market.
- The vision of a startup should not be changed now and then just because of a new investor. Startups should stay true to their vision
- Entrepreneurs must remember to stay loyal to the problem that they are going to solve. They must think of the problem in the long run and a little ahead of that.
- Since there are frequent ups and downs in a startup journey perseverance with a good team is important.
Current Scenario & near future Anticipation
· These days, startups are establishing at a fast pace and are eagerly buying other startups.
· Successful entrepreneurs have started supporting other emerging startups by coaching them across different mediums.
· Young entrepreneurs are leading the startup panorama with a major percent of founders in the age group of fewer than 36 years.
· Women entrepreneurs have started becoming more significant in the modern economy.
· Any time soon, a listing of various startups is boasted to be the next big threshold.
· Based on investment trends, it can be concluded that the fintech, media and transport tech domains are more active. While eCommerce, hyper-local, deep tech, and other cash-intensive industries are still struggling.
· We can project an active execution of blockchain, AI, IoT, and data analytics throughout various technology segments. For instance, IoT in India is assumed to reach a huge amount of $15 billion by 2020. It will hold for around 5% of the entire global business. On the other side, AI is anticipated to amount to $ 15.6 trillion by 2030.
The Indian startup ecosystem offers a platform to connect with guiding leaders and discuss problems of mutual interest. On one side, India is developing a hub for international companies to invest in Indian technology startups and at the same time, it is also a profitable market for companies given its large internet-enabled population. India certainly does have the best of both worlds.