The Indian IT Industry has already achieved leadership position in the IT-BPM segment backed by its distinguished capabilities across different areas. The service portfolio of the industry is continually expanding from traditional IT services to the new breed of productized solutions. With its vibrant ecosystem and a unique business model, India is creating a platform not only for the existing large and mid- sized providers, but also thrashing a new wave of growing entrepreneurial spirit with emerging start-up community.
The rise of entrepreneurial thinking and the recent development of start-up ecosystems flowering all over the world would be a major catalyst to the global economy. India is experiencing its share of rising entrepreneurship, as a result the start-up ecosystem in India is on the rise and the emerging/ disruptive technologies are already alluring innovators to showcase their entrepreneurial capabilities. Massive markets are emerging for start-ups in India coupled with global opportunities around Enterprise Mobility, Enterprise SAAS, Social integration etc
- Number of start-ups have grown up to three times in last 6 years, a CAGR of ~19 per cent
- Entrepreneurship is on the rise, ~64 per cent of the start-ups are First ventures
- Tech hubs are gradually transforming to start-up hubs, Bangalore and Delhi are notable places contributing more than ~50 per cent
- Multiple focus areas for Indian start-ups, emerging areas like Enterprise, Social, Big Data, Education are gaining prominence along with traditional Web, Mobile and e-Commerce
- Affinity to start-up application is high among people with <10 years of experience
- Individual decision maker as well as risk takers, approx ~35-40 per cent start-up foundations are owned by single founders
In my view, while we all concord that India is positioned as one of the most promising markets for start-ups, there is still scope to further improve the start-up ecosystem. Therefore, it is the need of the hour to jumpstart innovation and accelerate the mindset of young entrepreneurs towards technological innovation, through a formal program aimed at promoting the start- up Ecosystem in the country.
NASSCOM for Start-ups with its initiative of ‘Catalyzing Tech Start-ups in India’ is an attempt to promote the Start- up Ecosystem within the country. The joint initiative with partners such as Google, Microsoft and Verisign aims at building 10,000 start-ups in the next few years, while funding and mentoring young start-up ventures.
The 10K Start-up program aims at fostering entrepreneurship through virtual learning, workshops/ seminars and increased access to mentorship through formal and informal channels. At the same time, it will facilitate early stage support through incubation, Angel and VCs intervention as well as providing necessary infrastructure at their perusal. With its initiative, NASSCOM desires to create a massive ecosystem impact by achieving some of the broader milestones:
- Top 10 Innovation/ Entrepreneurship Global Rank
While it’s just a beginning towards a new journey, a lot of support from the industry as well as Government is anticipated to keep the momentum high and set aspirations for transforming both economy as well as society.