Did you know that India has been conferred the title of India a land of startups? What makes Indian ideal choice for startups? Find out right here.
With the new government pushing towards the ‘Make-in-India’ objective, better plans have now been launched to help entrepreneurs get on their feet easily. According to studies, India is also the fastest growing startup ecosystem. Ever wondered why this sudden hype? Well at Topgear Access, we are going to find out the exact reason India has become the land of startups in a span of few years. Read ahead to know what makes India a land of startups.
During the great recession period of 2008 and 2009, many IT companies had a hard time sustaining a steady growth rate. As a result, many professionals were either sacked or put on benches for months. It was during these difficult times that many Indian businessmen realized that India could not just be an IT-service country. India also had to make IT work for its population, so that we do not depend solely on the west for our IT jobs. This lead to a revolution that many christened as the inception of growing firms, making India a land of startups.
Many IIT graduates and other premiere college alumni started quitting their jobs to join the revolution back at India. No doubt there were several failed attempts, but as at least it got the wheel moving. In the initial startup revolution, numerous venture capitalists felt hesitated to invest in India firms. They slowly realized the true potential of an untapped market, and today 8 out of 10 top VC firms in India are overseas.
India also had a population of 1 billion and continued to grow rapidly. This also provided a motivation factor for the VCs as they knew that this market was open for sale. The next factor that constituted to the growth of startups in India was the fact that India has more than 65% of its population under the age of 35 years. Imagine a country with a large population of young people! The average age of an Indian is just 29 years and who wouldn’t want to invest in such a young and dynamic population.
Seeing this the government also realized how the economy could be improved by investing in startups. Hence, new policies and laws were passed to help startups fuel the economy of the county. The government realized that as a growing opportunity, India a land of startups could reap maximum financial benefits. Karnataka soon became the first state to have a startup policy. Following this trend, other states too have planned initiatives for the startups.
Despite such a huge startup growth, there is one major concern that may haunt the people. The concentration of population in cities and startup hubs! This brings us to the last part of this article. So, unless the government starts implementing better policies, startups will not transition to towns and village areas, which are in more need of startups and CHANGE! To initiate this, India a land of startups can create a dynamic change.
The economy is having a good trend and India remains as the land of the startups. We hope you enjoyed reading this article of India a land of startups exclusively on TopGear Access. We will be bringing more such great posts and articles about startups, tech, and gizmos. Do feel free to share your opinion and if you liked the article, don’t forget to like and share it with your friends.