Another feather in the crown for our nation. With Bengaluru, NCR, Mumbai being the leading cities in terms of startup hubs of the country, it is of immense delight to share that India bags the third position in terms of startup base in the world. Just behind the USA and UK, India expects an exponential growth of 8-10% in terms of new startups at the end of 2016 (Report: ‘Indian Startup Ecosystem Maturing-2016’). The landscape of the startup growth is an extremely positive slope and reflects a clear picture of how the country is adopting more innovative solutions to solve local issues of the economy. Investors have shown tremendous interest in the health sector, finance sector as well as education sector. This brings to notice the latent potential of the economy and the presence of entrepreneurs in the nation. But along with all of that the thing to keep in mind which is almost a word of advice for both entrepreneurs and investors, is that building strong businesses take time, investment, hard work and the right environment in order to achieve complete germination of new ideas. With startup ideas maturing rapidly, a lot of froth is vented out of the economy and investors cut to the chase and get down to real business.
Reports also reveal that the increase in student entrepreneurs is massive. Around 25% of growth in terms of startups have been noticed in the year 2016 itself. And around 350 new startups have been founded by young students. In fact India should also take pride in the fact that it is the youngest startup nation having 70% of founders being in age group below 30.
Some important facts also need to be acknowledged while talking about maturity of startups. For example the fact that large corporates like Airbus, Barclays, Microsoft, Google all these multinationals have started their very own startup or innovation programs. Even incubators and accelerators have portrayed a growth rate of 40% in both the years individually. And even so companies like Reliance and Axis Bank even support and encourage and are willing to collaborate with young ideas. Large corporates must continue this collaborative efforts. While startups can pitch in their fresh ideas and innovative techniques, multinationals can contribute their experience, knowledge and distribution capabilities and together they can swell up the nation’s economy.