Startup India is an Indian Government initiative which was announced by the Prime Minister Narendra Modi on 15th August 2015.
As per startupindia.gov.in, the startup India initiative is based on three pillars
- Simplification and handholding.
- Funding support and incentives.
- Industry-Academia partnership and Incubation.
In this article we will go through the:
- Evolution of Startups in India.
- The growth and the success of the start-up companies in India.
- Government Schemes for Start-ups
Let us start with the interesting evolution of the Indian Startup which shaped into the entrepreneurial world we see today.
- 1984 Liberalisation of Computer Industry.
- 38 members started NASSCOM in
- 1989 A public bank Canbank Venture Capital Fund set up a Venture Capital Fund.
- 1995 WWW (World Wide Web) was launched by VSNL, Infoedge was founded, rediff.com was launched and shaadi.com was launched.
- 1996 Zoho was founded.
- 1997 First ever internet banking by ICICI.
- 1999 The Indus Entrepreneurs (world’s largest network of Entrepreneurs was formed).
- 2000 Information Technology Act was passed.
- 2004 Musigma was founded.
- 2006 saw internet companies like naukri.com, 99acres.com, bookmyshow.com, and infibeam.
- 2007 Flipkart was founded.
- 2008 Zomato, Quikr was founded.
- 2010 Ola, Snapdeal, paytm was founded.
- 2011 Shopclues, bowerstack, Webengage was founded.
- 2012com, jabong, INDIAMART became 2nd largest B2B marketplace after Alibaba.
- 2013 Amazon entered in India. NASSCOM initiated NASSCOM 10,000 start-up programme.
- 2014 Swiggy was founded, Flipkart acquired Myntra.
- 2015 Infibeam became first E-commerce Company to get listed in India.
- 2016 Start-up India, Stand-up India initiative was launched. India became the 2nd largest consumer for the internet.
Success Stories and the growth of Indian Startups:
The Year 2016 was the golden era for India; it was the year where talents and the capabilities were seen like never before. India is a classic example of the start-up culture and some companies have utilized the opportunity well and proudly made a business space for themselves.
- Paytm is in the payment process and valued $3 billion in the market in 2016.
- Ola-cabs, hassle-free travel, and easy cab booking; Ola is the most valued start-ups at a valuation of nearly $ 1 billion.
- com in real estate business was the biggest employer in start-ups (about 45 students from IIT campus).
- Make a Difference (MAD) who works to eradicate educational inequality in the country. Almost 2100 MAD volunteers teach 5200 children across India.
- Teach for India is a non-profit organization and provide an excellent education for all the children, Teach India has its presence in 7 cities, 660 alumni working for educational equality.
- Free-charge is an e-commerce website established in 2010 made mobile recharge free by providing value back to the customers in the form of retailer’s coupon. Free-charge created a win-win situation for the customers and the retailers.
These start-ups are true ‘inspiration’, yes these companies too had to face hurdles at the initial stage like any other company, but they were able to overcome the hurdles and proved that they are here to stay. India is also a hub for software and Information technology and the most exciting place for start-ups like Europe, China, and the U.S
Currently, 4,000 start-ups exist in India and expected to reach 12,000 start-ups by 2020.
The potential for the business in India is so vast and serious investors cannot ignore the phenomenal growth story of Indian Start-ups. The report by global start-up ecosystem released by compass, states that Bangalore remains a favorite place for start-ups for Information Technology. Other places like Mumbai, Pune, Delhi, Hyderabad, Kochi, and Jaipur are also the hot places for start-ups in India.
Startup India Standup India has exciting plans for start-ups as mentioned above. Apart from these incentives, there are 50 plus schemes by the Indian government for start-ups. To list a few
- SIP-EIT (Support for International Patent Protection in Electronics and Information Technology) for more information about this scheme click http://www.ict-ipr.in/sipeit/SIPEITForm
- MGS (Multiplier Grants Scheme) for more information about this scheme click http://meity.gov.in/content/multiplier-grants-scheme
- M-SIPS(Modified Special Incentive Package Scheme) for more information about this scheme click http://www.msips.in/MSIPS/
- New Gen IEDC (New Gen Innovation and Entrepreneurship Development Centre) for more information about this scheme click http://www.nstedb.com/institutional/edc.html
- You can also visit startupindia.gov.in for more detailed information about start-ups India programme.
Startup Incubators in India is a boon for the start-up companies in the country. These incubators are the organizations which contribute to the set-up and success of the start-ups, help for capital connections, Investors and many more. The Indian government has set 200 plus start-up incubators for healthy start-up environment in India.
The government initiative and the company’s performance very much show a brighter future. However there would be start-ups which may fail and may have to leave, but the majority of the existing companies have made their space in the business and the opportunity is vast for the newbie. We end with a note that a rapid growth and revenue awaits for the existing players.
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