As the startup eco-system in India is flourishing at a fanatic pace, the wanna be entrepreneurs are all charged up to explore the most uncommon ideas under the sky! These untapped ideas have the potential to erase out a problem area and evolve as a viable business model.
As startup business continues to emerge as a dominant segment contributing to the economic growth of the country, it’s a staggering fact that from approx 3000 startups in 2014, today we look upto 11k startups by the year 2020. Another interesting fact is currently India has more than 26 unicorns (with a value over $ 1 billion); this figure continues to rise steadily by the virtue of enhanced utilization of innovation and resources. As half of 2019 has gone by, the rest and the coming years have some good news for the below industries that are related to startup businesses.
Data Analytics: As the 2nd largest populous country in the world, we are a data-rich country and that’s what has grabbed the eyeballs of the entrepreneurs. From Fintechs to insurance and from hospitality and much more, data has become a vital element for today’s venture to succeed.
IoT: The Internet of Things is ruling the global business platform. IoT devices are assisting the market to manage, monitor, and create more avenues. As per independent reports, the Indian IoT market will reach upto $ 15 billion by 2020. The advent of advanced chips, 5G, and innovations are helping the market along with the gradual rise of smartphones in India.
Funding: Amongst countless obstacles, funding is one of the biggest hurdles to cross for budding professionals. The term ‘Bootstrapping’ is invented by the advent of the startup culture and is synonymous to crunch-based situations. By the virtue of the positive reforms from the Government, we have global investors, angel funding, and incubator platforms that are coming forward to convert the ideas into reality.
Creating an ‘enabling’ platform at all levels is the bottleneck that needs to be answered. As we progress ahead, new trends, latest technologies, innovations will further enhance the startup eco-system in India.