The Startup Culture – “Plan your startup now”
Startups in India have been on an exponential surge. The Indian startup ecosystem ranks 3rd in the world, consisting of 83 unicorns with a valuation of $277.77 billion as of January 14th, 2022. Today we will leap into understanding why that has been the case, why are startups necessary & how can you take advantage of this confluence of opportunities.
Why has there been a sudden surge in startups?
Following are the points which have contributed to this:
1. India is a country with problems. But there is a thing about problems if you find a solution for them they give rise to opportunities, opportunities that can turn into ‘Startups’. Today as India goes digital, the supply of opportunities is increasing. May it be the field of defense, healthcare, logistics, etc. India has gone tech-savvy.
2. Each era has its problems. Problems that can only be solved by a fresh approach, an approach that can majorly originate only in 1 place ‘a new generation’, which fortunately India has in ample. More than 50% of the population of India is young.
3. The points above have been present for decades. There have been startups in the past which are the crown of our country today. E.g. TATA Group, Infosys, Reliance, etc. But why the sudden surge, what is different today? This is where ‘The Great Confluence’ comes in. Below are the points, which according to my view have formed this Confluence.
2014: The start of Confluence when our PM at the time, Narendra Modi used ‘self-reliant India’ in relation to national security, poverty & digital India. Thus giving us a direction.
2015: JIO revolutionized data plans.
2016: Startup India campaign launched & payments were revolutionized using UPI. The access & ease that every citizen gained in this period is legendary.
2020: The pandemic.
It might be harsh to say but, this has played a huge role in the confluence. Because this is the period when India truly went digital, this is the period when we realized the harsh truth of our shortcomings, this is when people had lots of time to think, a new perspective, a fresh start. Maybe through necessity but it does not matter. To tackle the effects of this pandemic, the government, in 2020 came out with an economic package ‘Atmanirbhar Bharat Abhiyan’ providing a package of ₹29.87 lakh crore.
The problems + solutions = opportunities = startups
The access to data
The ease of functionality
The clean slate
All these points together form ‘The Great Confluence’ & thus forming the surge.
Why are startups necessary & inevitable?
There is no uncertainty that new businesses are significant for the economic development of a country. The role of new companies in economic flourishing is improving in this day and age. One of the principal preferences of new businesses is that it makes new openings.
Here are some roles that startups perform in the growth of the economy:
1. Create jobs: As of September 6th, 2020 there were 4,22,986 jobs created by just 34,267
2. Create wealth: Startups bring in FDI & various investors. Thus contributing to the country’s
3. Better standard of living: New businesses can boost developments and innovations to improve the living of individuals. Numerous new businesses are working to build up the overall ecosystem.
4. Increase GDP: About 30-40% contribution of India’s GDP comes from MSMEs.
Why is this the right time ?
Points that will boost your startup journey & how can you take advantage of this confluence :-
1. India today is a developing nation with ample problems & therefore ample opportunities.
2. The government has been encouraging startups with so many schemes coming in & which you surely have heard in the budget speech on February 1st, 2022.
3. Today we are in the mid-phase of the startup surge. Therefore giving us access to case studies of success & failures.
4. The sources of investments have increased & are more accessible. Eg. The recent entry of the popular franchise ‘Shark Tank’ in India.
5. In late 2021 GoChanakya, an aggregator for financial advisory was introduced. A startup just as yours, connecting you with trusted & qualified financial advisors. These are the things you can achieve from our site: Want help setting up your startup, want your finances in order, we got you covered. All you need to do is ask.
Lastly, I cannot stress enough about how the Startup Culture in India is going to transform lives soon & for good. It is going to be the new normal. If you are planning a startup, take the early opportunity for you could be the future crown of India shining all over the world, realizing the meaning of our country (भारत- प्रकाश की खोज मेंडूबा हुआ).