India is seen as one of the fastest growing economies globally with tremendous scope for growth. India has the third-largest startup ecosystem in the world, and it is predicted that it will grow by 12–15% per year on average. Approximately 8,900–9,300 of the 50,000 startups in India in 2018 were focused on technology. 1300 new tech startups were created in 2019 alone, which suggests that two to three startups are created daily. This article is about what is driving start-up culture in India.
India is home to 107 unicorns as of September 7, 2022, with a total worth of $ 340.79 billion. The most Indian unicorns were born in 2021, 2020, and 2019 with 44, 11, and 7 unicorns born each year, respectively.
What is a Unicorn?
Startups with a value of $1 billion that are privately held and supported by venture capital are known as unicorns. The value of unicorns is mostly determined by their growth potential as judged by investors and venture capitalists. They evaluate performance in various investment rounds, rather than judging solely by current financial performance.
The Indian government is recognizing the benefits of collaborating with disruptive innovators across the value chain and utilizing their inventions to enhance public services.
In collaboration with Startup India, the Department of Animal Husbandry and Dairy has held a major competition to award the top startups in five categories with 10 lakh INR each. The Small Industries Development Bank of India has introduced a program to help current Small and Medium Businesses that require finance for expansion. There are startup laws in more than 26 states nationwide.
Digital Service Adoption
The pandemic spurred consumer adoption of digital services, assisting startups and new-age firms in creating customer-focused tech businesses.
Businesses are cooperating with and investing in startups as they become more aware of their disruptive potential. There are numerous instances of corporate assistance. The top 5 chosen startups received cash awards from Facebook and Startup India totaling $50,000 apiece.
The 10000 Women program at Goldman Sachs offers business and management training, networking opportunities, and financial access to female entrepreneurs everywhere.
16 startups have recently been accepted into the India Microsoft Ventures Accelerator Program.
How Policies are Helping
Government programs like MeghRaj and Cloud Vision for India 2022 have made India a center for cloud computing and are encouraging more e-governance projects to embrace the cloud.
By developing regulatory frameworks, data centers, delivery networks, and internet exchanges, the National Digital Communications Policy 2018 aims to make India a hub for cloud computing, content hosting and delivery, and data communication systems and services.
Given that national programs and initiatives like the Swachh Bharat Mission, Government e-Marketplace (GeM), e-Hospital, My-Gov, and e-Transport are now cloud-based, cloud services have enhanced governance in India.
A cloud-based platform for issuing, exchanging, and validating vital lifetime documents or certificates called DigiLocker was introduced by the government. DigiLocker had more than 101.1 million users as of March 2022 and had generated 4.94 billion documents.
By redesigning their processes, cultures, and customer experiences, start-ups may change course and adapt to the shifting market dynamics; the cloud is the key to effective digital acceleration. To achieve the best of both worlds and maximize cloud value while minimizing costs, proper cloud utilization is crucial.
In the case of start-ups specifically, the public cloud appears to be the ideal answer because the emphasis is on developing the business rather than expending resources on IT infrastructure. Alternatives, on the other hand, are more economical and enable startups to invest their money in expanding their organization.
According to studies, running workloads continuously for eight months on a public cloud costs the same as purchasing infrastructure and receiving 36 months of support, not to mention operating costs.
India is rife with start-up opportunities. Even niche goods can have a sizable market in a nation with around 1.3 billion inhabitants. The embracing of technological change along with government support is propelling these opportunities. India is the fastest growing emerging economy globally. Clearly all this growth is leading to innovative advances. Many factors are coming together to drive startup culture successfully in India. For a large part of history, India has been a land of prosperity, growth and innovative thinking. May our drive for growth and advancement bring back glorious days.
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Startups with a value of $1 billion that are privately held and supported by venture capital are known as unicorns.
Government support and digital service adoption are two of the factors driving start-up growth in India.
India is home to 107 unicorns as of September 7, 2022, with a total worth of $ 340.79 billion.
India has the third-largest startup ecosystem in the world, and it is predicted that it will grow by 12–15% per year on average.