New Startups in India Should Use These Factors
The Indian startup ecosystem is gigantic. Great business thinkers and leaders have birthed on the country’s land. Owing to this, irrespective of economy’s condition, new business ideas are originated therefore, arising new startups. Flexibility, good business conditions and buoyant market are some of the reasons why startups sustain in the long run.
According to a report by Startup India, India has the third largest startup ecosystem in the world. It is expected to witness year-on-year (YoY) growth of a consistent annual growth of 12-15 per cent. There were nearly 50,000 startups in the country in 2018; around 8,900 – 9,300 of these are technology-led startups while 1300 new tech startups were born in 2019 alone implying there are 2-3 tech startups born every day.
Important Facts About Startups
The startup ecosystem is gradually increasing and expanding itself year-on-year. Startup India witnessed some important facts in its ecosystem, which are as follows:
- The pace of growth in the startup ecosystem has increased to 15 per cent year-on-year in 2018, while the growth of the number of incubators and accelerators has grown to 11 per cent
- Significantly, the number of women entrepreneurs stood at 14 per cent, up from 10 per cent and 11 per cent in the previous two years
- Startups in the country have been able to create an estimated 40,000 new jobs over the year, taking the total jobs in the start-up ecosystem to 1.6-1.7 lakh
- Bangalore has been listed within the world’s 20 leading startup citiehs in the 2019 Startup Genome Project ranking. It is also ranked as one of the world’s five fastest growing startup cities
New startups in India have to closely monitor the market. Adopting the right technology and tools are important for business acceleration. At present, there are a chunk of elements that uphold the startup ecosystem.
Home-grown companies and startups have to realise the importance of digitalisation. Creating a virtual realm, offering online services, and streamlining customers’ experience are paramount to sustain in the digital-era. According to a recent report by Nasscom, the Indian enterprises’ digital maturity has jumped to 55 per cent from 34 per cent in 2018
Considering the firm’s operations and product, the company owners have to decide which tech-enabled solutions should be embraced and which should not be.
Meet Global Standards
In India, companies not only have to compete with other Indian enterprises but also foreign companies that have forayed in its market. Globalisation is a mainstream factor that stimulates international firms to step into developing countries.
To create one’s mark, startups have to meet global standards and accordingly, create products. They have to attract local customers toward their product and services rather than diverting them to other foreign brands. To execute this strategy, examining models of international companies is utmost significant as it will give solutions to various problems.
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