The new era has ushered in a lot of modernization and technology. This has brought drastic changes to our lifestyle, resources and social conventions. Gone are the days when business had very narrow options, too many restrictions, was very risky, and people with billion-dollar ideas and great potential had to leave their entrepreneurial dreams due to lack of finance, support and funding. Doing business is still risky and markets are still volatile, but today’s smart minds are able to implement their mind-boggling and zealous plans to brick, stone and mighty structures, thanks to the foundation base here – venture capital firms, angel investors, government organizations and policies, and big multinationals in search of innovative technologies to modify the good old operating procedures of their voluminous businesses.
The startup culture in India has taken highway speed and numerous new ideas are turning into success stories every year. A reason for this may be the support that today’s budding entrepreneurs are receiving, the belief and motivation that they can be first generation innovators and the comfort of investments that they secure (though comfort is a euphemized word here; in reality, these enthusiastic people are made to go through tedious processes of convincing their investors to load fuel into their new models (why not! Putting money into their powerful plans is a matter of high trust and equal risk), and public outreach is a different process altogether, very unpredictable and inestimable). In the big picture, we realize how these people thought ahead of time and converted their simple ideas into stupendous businesses, caught the eyes of the public and commercialized their offerings. A large part of their hugely positive reviews can be credited to their excellent market research, reaching out to the right target audience, personalizing and customizing their products and services according to the trends in town and customer needs, revamping their strategies and product range, efficient marketing and social skills. The best part of many of these good startups is that they either innovated into a booming sector, thought out of the box or renovated an existing product or service in the market in a much better way. A large online presence of these companies has also contributed to their connectivity with the consumer directly, resulting in better camaraderie, companies understanding the expectations of their customer and delivering better with time. Technological tools have hugely impacted the way these companies work, which is where local and small-scale ideas are getting the big push to enter a bigger world of opportunities and development.
India has been having its own league of startup unicorns and soonicorns in the recent years. Unicorns are privately held startup organizations with a market value of over 1 billion dollars. India is slowly but strongly transforming into a motivating tech startup ecosystem. The last year of COVID-19 pandemic was expected to be a big disaster in the corporate arena, but entrepreneurs have made huge transitions in their strategies and have played on big risks to make up for an unforeseen, unpredicted situation. Last year rather witnessed the addition of many unicorns into the elite startup club. These companies are mostly active through online mode, including startups in online pharmacies, social media platforms, e-commerce websites, digital and computer technology, digital education apps, online banking and fintech, cryptocurrency, stock market trading, enterprise tech, online dating sites and other technology sectors. They have paced smart, swift and risky to turn an unprecedented lockdown situation conducive to their way and have made an intelligent entry into India’s booming startup hub. A recent report in financial newspaper Business Line suggests 35 soonicorns – soon to turn unicorns are to bag the unicorn title by the end of this year. These companies are establishing their hold into fintech, edtech, healthtech, foodtech, agritech, SaaS, logistics, digital gaming and e-grocery sectors.
The new world is revamping the face of entrepreneurship, paving the way towards digitalization and those identifying niches and turning them into opportunities in this sector have made it well and big. This is a fair opportunity for those brainiacs who have it in them, the ideas and potential to make a change, a place for themselves in this highly competitive and demanding world, and are actively seeking for the experienced bigwigs and believers to power their brave shot.