Startup is rapidly becoming a mindset and a culture. It has the ability to deliver a wider range of commodities to our national economy. And it gets better by the day, as it becomes more genuine and less encased in a virtual bubble that exaggerates its value. India is now getting ready! The startup craze has been catching up with India in recent years, given the popularity of Zuckerbergs, Bansals, and Kalanicks emerging as role models. It is not only confined to Bengaluru, India’s startup hub but also extends to smaller towns and other places.
India now possesses the position of being the world’s third-largest start-up ecosystem, with 21 unicorns (startups with a valuation of more than $70 billion). Despite the setback caused by the pandemic, entrepreneurial activity is ramping up in the nation, and it is estimated that more than 50’soonicorn’ businesses may enter the unicorn club as early as 2022.
According to a recent study, Indian entrepreneurs collected $9.3 billion in investment until the middle of December 2020. Despite the fact that this value is somewhat lower than that of 2019, it is nevertheless promising because it occurred despite the Coronavirus outbreak. This has been possible because of the youth’s continuous efforts, willingness to take risks, and fearless attitude towards facing challenges.
India has become a significant entity in the world of startup ecosystem because of a variety of reasons, some of which are-
- India’s growing youth population, which is educated and aspiring, has a strong mindset of being an employer rather than an employee. Because of a creation of a large talent pool, the youth with its yearning desire and creativity is finding ways to channelize their ideas into profitable businesses.
- With the growing market, more and more innovative ideas are being welcomed by the new generation. Disruptive business models which can enhance the lifestyle of people are in high demand, opening a plethora of opportunities for new startups to bloom.
- India’s growing technological and digital infrastructure has a major hand in the setting up of startups. With advanced technologies similar to other successful global economies, India is in the race to use its IT intelligence to its advantage. Government programs like Startup India and Digital India have also provided a significant push in the process.
Three cities—Bengaluru, Mumbai, and NCR Delhi—have transformed contemporary India and established themselves as well-known global startup centers. Pune, Hyderabad, Ahmedabad, and Kolkata are among the fastest-growing startup clusters. Even in Tier-II cities, young men and women are telling their personal stories of economic growth.
Whether it’s Indian programmers, engineers, or entrepreneurs, their abilities and will to succeed have resulted in a reverse brain drain into India. Even foreign-based firms are eager to invest in Indian minds and the future of Indian entrepreneurs appears bright.
India is in the midst of a sweeping entrepreneurial surge. Institutional heads are now interested in making entrepreneurship a mainstream curriculum. People, including innovators, mentors, and investors, are changing their perspectives on startups. The emphasis is moving from valuation to value generation for end consumers. Because a long-term business strategy is critical to success, the focus is switching to earnings and profitability.
It’s not only about finding the money; it’s also about developing financial discipline. This is the era of lean startups in India. The burn rate is no longer a topic of discussion. It’s becoming more real in certain ways. Many mentors want to help their mentees with these elements of execution.
With the rise of the need for developing skills to become a successful entrepreneur, India now offers a number of courses for entrepreneurs. The youth of India is now on its way to establish startups that are rapidly evolving into global entities, providing products and services for the global market.