India, the 3rd largest start-up ecosystem globally: NASSCOM

NASSCOM has unveiled key findings of India Start-up Report 2014 at the 11th edition of its annual flagship Product Conclave in Bangalore.

The National Association of Software and Services Companies (NASSCOM) has kick-started its three-day annual flagship NASSCOM Product Conclave 2014 in Bangalore. The conclave builds on the fast growing product and start-up ecosystem in the country and provides a platform to engage with thought leaders in the product space, discuss issues of common interest and network with start-ups and partners to create a common framework for the future of the product start-up ecosystem in India. The event will feature 225+ international and national speakers, showcase of 120+ product companies and curated 250+ meetings.

The NASSCOM top Emerge 10 companies will also be showcased on the sidelines of the conclave. These success stories are a mixture of burgeoning product innovations and exciting new solutions.

The growth of the software product industry in recent years has signalled a transformation - in India and across the globe. With increasing numbers of online active users becoming consumers of e-commerce solutions and the related marketplaces, Indian start-ups today are building global digital solutions to capitalize on this rapid growth. Hyper-growth, capital availability and acquisitions are the leading drivers of the growing start-up ecosystem in India. Indian start-ups today are well positioned to address the entire Asian market opportunity and also expand beyond the US and European region.

R Chandrashekhar, President, NASSCOM, said, “The Indian start-up ecosystem is rapidly evolving, driven by an extremely young, diverse and inclusive entrepreneurial landscape. An additional driving force is a four-fold increase in access to capital through VCs, angel investment and seed funding are allowing Indian entrepreneurs to work on building tailor-made products for their customers. Simultaneously, we need to also work addressing challenges in creating supportive government policies in terms of ease of doing business, tax incentives, participation in government contracts, availability of risk capital etc. NASSCOM will continue to actively engage with stakeholders across to address these challenges.”

Ravi Gururaj, Chairman, NASSCOM Product Council, said, “Scaling up, Design and Growth Hacking are the key priority for startups today. On the innovation front, it is imperative to increase collaboration and partnerships for product companies with platform players, IT Services, Global MNCs and CIOs. The conclave this year will showcase interesting technologies that are evangelizing the product space and that are poised to become ubiquitous across both the consumer and industrial fabric of our society.”