If you look back to around a decade ago, you will observe that the condition of Indian start-up ecosystem was very pitiable due to poor infrastructure, lack of support from the government and unavailability of funds from investors. But when we see the situation today, we see a promising future for the Startups in the making. The scenario has changed dramatically and reflects the fact that how corporate giants and the government have come forward to boost the start-up ecosystem in India via mentoring, acquisition, funding, acceleration programmes and setting up of incubation centres. And this is a good news for the prospective Startup country.
In order to figure out what can be done to improve this situation it is only fair enough to understand what can pull us back from achieving our vision. We have tried to enlist a few:
- Not giving an opportunity: It is an age old saying that “seeing is believing”, hence it is always better to test a product or service that is being offered by these startups, rather than just writing them off based on the reviews from news / blogs or through Social Media. Go signup and try the product.
- Not sharing the Feedback: Feedbacks are always important for anything that we do, and the products and services offered by these startups are no exception to that rule. Let the startup know what you liked or disliked about their product or service, so that they can improve. Not sharing the feedback diminishes their chances of making the experience better.
- Refraining from “Word of Mouth” publicity: Word of Mouth is considered to be the most important form of publicity for any company and this stands true for startups as well. If you like something that they have offered it is our duty to spread the word, so that more and more people can be benefitted by the same.
- Shying away from connecting people: Connections are very important for any business to flourish. If you know someone who can help a startup, don’t shy away from connecting such people. Who knows, may be the connection that you made can help a budding startup achieve success.
- Lack of Patience: Rome was not built in a day and sam holds true for the Startup ecosystem of the country. India will take its own time, so have patience. It takes about 3-5 years in valley for one such cycle, so a better ecosystem is still 10 to 15 years away.
- Lesser people opt for Startup jobs: No Startup can succeed without the right talent, but apparently very few people opt for the Startup jobs. Everybody in the system either wants to be an entrepreneurbut very few people are actually looking to join a startup as, an early stage employee. If we want to see India produce some world class companies there have to be more people willing to join startups.
- Exploring more cities where the Startup can thrive: When we say that Bangalore is the startup hub, we don’t mean that every new company should fond its roots in Bangalore. There are so many untapped business ideas lying in every corner of our country which we must explore. North-East for instance can be a potential area.
- Investors should be more open to take chances: Investors play a major role in building a startup, but appears that they are slightly risk averse. While is totally justified for them to do their due with respect to the founders, the idea, the market and the business, but investing by nature itself is a high risks and high gains. So there must be an understanding where they are becoming over cautious.
- Technology is not the only game changer: In today’s scenario, technology is what every other startup wants to lay their hands on but to be precise we should stop focussing and getting obsessed too much on technology related things. India is a vast country and we might have many other options to look at with respect to Startup options.
- Generation X should start believing in Generation Next: Times have changed and so has the economic scenario of the country. Gone are the days when getting a job with a reputed organisation was considered the ultimate aim for any child. As parents it becomes an additional responsibility for the generation X to find the entrepreneurial skills in their child and help them develop on it. This early encouragement will for sure go a long way.
We have enlisted only a few changes that need to be inculcated in our daily lives. I am sure there will be more. But the point is we must do whatever possible in our limited means to make sure that India grows to become a great Startup Nation.