In very generic terms start-ups are businesses with a purpose, they are businesses that want to rattle industries and bring about a change in the world. Start-up founders hope to provide society with a service or good that it currently lacks in order to generate eye-popping valuations that will result in an initial public offering (IPO) and an exorbitant return on investment.
When we talk about India, about 65% of its population falls between 25 to 35 years of age; we can say that India is a pretty young country. Now when talking about the revolution of start-ups in our country we can trace it back to the year 2008.
In the same year in 2008, a big recession struck the entire world that forced big businesses to budge their resources and a large number of employees were laid off from big companies. The IT industry was most vividly impacted, in order to curb the fear of remaining unemployed the IT professional went in search of different mediums to keep themselves out of debt or difficulty.
The nascent nation was shaken by this fear, which was coupled with an unquenchable desire to prove one’s mettle, and as a result, people broke free from the chains of mediocrity and rose to the challenge.
The contemporary start-up ecosystem
The beginning story is very common; generally, it’s someone who belongs to a middle-class family and who starts working on an idea that will bring about a big change in our existing society. They further work extremely hard and put their ideas into play and with the help of investors’ attention, and assembling effective human resources they build their personal brand.
Start-ups in India are renowned for their accommodating work environments, late-night celebrations, and culture that promotes treating co-workers fairly. The second-largest start-up ecosystem in the world right now is found in India.
We have now headed into a decade which can also be termed as the ‘Techade’ of India. The core of the nation will be innovation, entrepreneurship, and start-ups. It is hardly surprising that new enterprises are utilising the technology boom, which has been going on for more than 20 years. Government intervention has also been made in response to their significance by cutting red tape and simplifying the registration and taxing processes.
Shark Tank brings in a craze for entrepreneurs
Thanks to the nation’s flourishing start-up culture, which is supported by the appropriate policies, the show “Shark Tank India” quickly became popular with the general public. In a very short duration of time since the show’s release, the aspiring, diligent masses with a stake in India’s future had responded well to Shark Tank.
The stories from across India taking centre stage to forge their identities via entrepreneurial energy are what makes this phenomenon particularly compelling. The show’s USP has been highlighting the possibilities of underutilised innovation in India.
The show’s premise allows viewers to observe how agreements are reached, how concepts take shape through commerce, how networking fosters community development, and the creative solutions companies come up with to address societal issues. Here, the journey of a promising firm of the future taking shape humbles the observer rather than glorifying success stories.
Let’s have a look at a few successful start-ups in India:
- Urban Company
- Classplus
- Paytm
- Apna
- Razorpay
- UpGrad
- Delhivery
- 1mg
- BigBasket
- GoMechanic
Future start-ups in India
Those working on creating new technology, enhancing existing technology, or creating novel new products or services are some start-ups that may prosper in the future. You need to analyse supply and demand patterns.
How you approach the current competitive market environment will have a significant impact on your company’s future. Determine the public group you wish to address and the nature of their needs first. Second, create products or offer services that are adaptable to the demands of your target market.
For your organization’s long-term success, innovation is a crucial step. Innovation can be applied to the entire product, the labelling and packaging, or by changing the way your product is distributed. Innovation always boosts your market acquisition and draws in new customers.
In conclusion, the youth of India today aren’t frightened to quit their 9–5 occupations in order to see their ambitions come true. They are all prepared to surpass the barrier and take on genuine, powerful leadership positions. What determines whether or not a start-up succeeds is more important than the concept. It is therefore safe to conclude that the start-up culture is prospering and won’t be disappearing anytime soon.
