startup ecosystem 2019-01-14

Importance of building a local startup ecosystem

The Indian startup industry has witnessed rapid progress in the past few years. Read on...

By Senior Sub-editor
Importance of building a local startup ecosystem

According to the recent NASSCOM-Zinnov report titled ‘Indian Start-up Ecosystem 2018: Approaching Escape Velocity’, India continues to hold its position as the 3rd biggest startup hub in the world, with 1,200 new companies added to the eco-system in 2018. In addition to metro cities, tier II and tier III cities are also emerging as new hubs for startups. The Indian startup industry has witnessed rapid progress in the past few years.

There are multiple factors that have resulted in a rising number of startups across the country. For instance, government initiatives such as Make in India, Digital India and Skill India have provided ample opportunities to budding entrepreneurs.

Recently, Kerala Chief Minister PinarayiVijayan inaugurated a 1.8 lakh-square feet facility housing incubation set-ups across a string of segments using modern technology at Kochi in Kerala, which is said to be “India’s largest startup ecosystem”.

In the inauguration ceremony held at KINFRA Hi-Tech Park, Kalamassery, Vijayan said that Kerala Government is working for the state to have a total area of 2.3 crore sq ft of IT space and the opening of the new complex at the Technology Innovation Zone (TIZ) is a major step towards achieving the objective.

He also added, "We are also planning to give direct jobs to 2.5 lakh people in IT."

Importance of Building a Startup Ecosystem

Entrepreneurs or startup owners, who have just started their own business or have been in the business for a long time, would know that the work never gets easier, which is one of the driving forces that keeps entrepreneurs and startup owners on their toes.

All the entrepreneurs and startup owners, no matter how experienced they are, often face problems related to investment, pitching the idea to investors and giving the shape of business to the idea. A startup ecosystem will help each other in solving the problems. It gives new entrepreneurs opportunities to showcase their ideas, generate funding and finding the right partner(s) for their collaborations.

Knowledge sharing

The process of learning never fades if one has the thirst for it. Hence, in a startup ecosystem, one can share his/her year-long journey and help people be ready to face those challenges. A fresher can also be sharing what new methods he/she used while approaching a new challenge.

Understanding the customer

In any business, understanding the customer is very important for the growth of the brand because ultimately the customer decides which product they are willing to invest in. the aspiring entrepreneurs and startup owners often face the problem in dealing with investors or how possible they can showcase their idea to generate funds or creating hype for their product at large.

Team effort

Unless the government hears the problems that startups are facing, they cannot make policies for their growth. Also, only one startup cannot approach the government and make sure that he/she is heard. Hence, when a community approaches or speaks out, the government makes an effort to understand the problems and curb the policies for their benefits. Therefore, the team effort is necessary for bringing about any kind of change.

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