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Development of Startup Culture in India

by MOTACHASHMA

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The whole world is brewing with some amazing ideas, fulfilling needs that were always there in the back of the mind of every person but were unrecognized by the old-school businessmen. This is an era where the most crucial issues are being addressed and the young minds of our country in comparison the whole world are trying to figure out ways that solve these issues. We are seeing a major transformation in the way business is done all over the world. The young minds with the start-up plans are heading towards breaking the taboos of Indian culture and also keeping the safety of everyone in mind. Thus, we can proudly say that we are going to see several new ideas and the ease of living and trading is going to be increased soon. Fifteen years ago we couldn’t have imagined booking a cab online and waiting for it without any worries, ten years ago we wouldn’t have imagined booking rooms for unmarried couples, etc. Things that seemed impossible a few years ago are just normal today. So if you have an idea that you think can flood the market, it is suggested to do an MBA before starting it for a better insight. You can take exams like GMAT, XAT or CAT to get into a B-school and complete your professional degree.

Development of Startup Culture

Funding for Startups and global scenario

The most common problem that these start-up ideas face is of funding. However, the Government of India has several policies that support young talent and help in funding their ideas. Again, if the start-up is something that supports sustainable growth and protecting the environment against ill-practices, there are some subsidies as well as tax reduction for such startups. India is the third-largest hub for start-ups after the UK and the US. Even with 5000 start-ups, India is somewhat lagging in the global aspect. Israel, though being new to the global market has achieved some huge milestones and is recently one of the most attractive places for a start-up.

Startup Culture in India

India being an agrarian economy was expected to flourish more on agriculture-based start-ups but unfortunately, that has not been the case. India has seen more rapid growth in e-commerce and service-based applications. India is noticeably behind most developing countries in the race of startups. The most specific reason might be poor quality check and low assistance from the government. There is a huge communication gap between the people and the companies. They are unable to penetrate the suburban and rural areas where most of the Indian population resides. Many people still don’t know to use smartphones and the internet and hence, they can’t use the facilities provided by these start-ups, which in turn is reducing the business for them.

The youngsters who are thinking to start-up are giving more importance to funding, their target market, specific market share and crucial elements like innovation, ease of use, sustainability are overlooked. There are several workshops, events and support programs organized for the youth and through which they are given inspiration and courage from the greatest minds but the founders are more concerned about profits and sales. If this practice goes on, there won’t be much difference between the conventional business and the start-ups.

Startups have to be a joint venture of innovative young minds and private capitalists with a strong financial background. This would be the perfect combination for a well-flourished business. No business can run on loss forever and neither an idea can take shape without proper funding. It is useless to blame the young generation to be worried for capital because without that it is impossible of thinking to start a business. A perfect combination of training, exposure, funding, guidance and acceptance can give the start-ups a perfect ecosystem to grow and flourish. Startups are holding an important part of the economy and this decade would be seeing a lot more flourished and sustainable growth of such startups with some amazing innovative ideas.

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