India’s Startup Incubator Is Shaking Up Tech Across The Globe
Historically startups have been the engine of Indian economy. From creating job bubbles to floating ideas people never heard of before, these spurts of business services play an outsized role in churning out the creative economy of the nation. And 2018, was melted by their love. An outstanding total of 1,200 new
#techstartups was added till the month of September which also includes 8 unicorn startups. In 2017, only a 1,000 startups could climb the ladders because of slow funding and returning this year, the significant boost of these companies is clearly measurable.
This great news was announced at the 15th edition of
#Nasscom Product Conclave 2018 that was being held in Bengaluru where many of these businesses came for the night. "The investment in Indian start-ups increased 108% annually from $2-billion from January to September in 2017, to $4.2-billion during the same period in 2018," said NASSCOM president Debjani Ghosh.
A Conclave Bearing Good News For India Techies
According to NASSCOM’s report 'Indian Startup Ecosystem - Approaching Escape Velocity', there are about 7,700 tech startups which put India on the pedestal with 3rd rank globally. With a doubled growth rate to 15%-year-on-year, 2018 saw the number of incubators and accelerators growing to 11% year-on-year to over 200. If the men-in-tech stereotype was still there in 2017, it’s on the verge now dying with 14% of women entrepreneurs as compared to 11% and 10% in the last few years.
"This is the right time for India to become a bigger startup hub in the world, as it is brimming with innovation and new ideas. We ask the government to open itself as the market and allow start-ups to sell their products to the government which can make a huge difference," Ghosh added. Adding 40,000 new job holes in one single year, startups have 1.6 to 1.7 lakh people working within.
Electrocuting challenges with swelled-up cheques
Challenges like seed-funding and angle tax remain as some of the roadblocks in the ecosystem but entrepreneurs are not worried about them because of the increasing cheque size. "I am not worried about this trend since quality on entrepreneurs is improving and cheque sizes have increased, which is also leading to startups skipping rounds," Sanjay Nath, managing partner at Blume Ventures, an early-stage venture capital firm, told the daily. "At Blume, seed funding used to be Rs 50 lakh to a crore from the first fund, and has now increased to $1 million at present."
With a heart-warming density of up-and-coming tech focus startups in the country, what 2019 will bring can only be defined as an overwhelming revolution of technology for India.
#Startups #India #Technology #StartupIndia