India holds third rank in the startup count of the world. Despite the large number of startups already existing in the country, the hunger for consumerism never really ends and the demand of the dynamic Indian market is ever-changing and versatile. Therefore, more young men and women need to acknowledge the fact that the startup market is an evergreen revolution that can create more and more success stories. #ThinkWithNiche.
India’s startup market has been providing an economic boost to the country for over a decade now yet the initial push to the existing companies has come around from the last few years. The Indian startups are a replicated model of the Silicon Valley of U.S.A., for example. Ola cabs are an Indian version of Uber, OYO is an idea lifted from Airbnb and the examples are endless, however Indian entrepreneurs are slow to invest in deep tech startups which require data security and software transparency.
An underlying fear of failure is natural, given the fear of competition but a proper market research, acknowledging feedback, need for demand,proper supply, a source of income to bounce back on and other key factors shall more or less guide a person to invest in a startup.
Let's Take A Look As To Why India Needs Startups
1. Need For New Innovation
Although there is an existing array of startups in India, Indians are yet to get comfortable with deep tech based information and technology, there exists a range of companies such Zomato, Ola, Oyo and others which are a copy of the models based in the West, however, Indian entrepreneurs need to invest in newer innovations that will thrive if provided with a market which caters to its needs.
2. Simpler Solutions
A startup that offers simpler solutions to complex problems provides great benefits to the public, attracting wide range public interest. Indian companies like Flipkart and Snapdeal have made the e-commerce market very user friendly, but there are other fields with exploring that require attention,hence offering a simple tech based solution is a great way to go ahead.
3. Bridge The Tech Divide
Engaging in tech based apps and making them popular across the country shall decrease the technology divide in the country. The Indian population has a huge base of internet users but the tech gap still exists, where people are not comfortable in trusting online solutions with their financial matters for example, even though Paytm is flourishing by the day. In order to cut down the tech gap, more user-friendly apps can be developed to build trust in the market and create a reputation.
4. Capitalist Interest
The world is aware of the fact that approximately 35% of the Indian population is young and is ready to work, hence the venture capitalists are ready to invest in the Indian market, therefore, all upcoming entrepreneurs should grasp this opportunity, and bring in foreign investment.
There is a need to address the attention of the world coming India’s way and use it in a positive manner, to boost our economy.
5. Rising The Level Of Competition
The higher the number of startups, the healthier the competition, which is exactly good in a way, healthier competition helps to stop the monopoly of a company in one trade. For instance, Paytm dominates the transaction trade, but as Razorpay came along, along with Paypal and others, the market has diversified itself, feeding the consumers with an option to choose from. Hence shying from competition will get you nowhere, so diversify and engage in building competitions building mindset.
Looking at the above mentioned factors, it is clear that India is growing space for startups and that they shall thrive here with newer possibilities seeing the light of the day.