The Indian government has launched the streaming initiative of startup India in 2016 with a purposeful goal to escalate the startup culture in India and form an environment in which people having entrepreneurial capabilities would leave their comfort zone and gear up to become entrepreneurs of the country. Matching pace with the visionary thoughts of our Prime Minister Narendra Modi concerning entrepreneurship, Aatmnirbhar Sena is working on projects that will eventually help in the advancement of the startup ecosystem in India.
In the past few decades, the startup ecosystem in India has evolved well. It all started with a handful of tech-based companies, and now more than thousands of progressive as well as innovative new startup ventures have established themselves in the market. In the current scenario, the number of startups in India is 55,000. Around 3200 startups are engrossed in raising $63 Billion in funding in around the last five and half years alone.
The digital revolution and flourishing internet connectivity have helped paved the way for numerous startups to bloom over the past decade, address unusual and diverse problems, transform entire industries as well as create new segments. Deep data insights to change strategic decision making in investments, governance, advancement, and other vital aspects are driving the startup ecosystem in India.
In recent years, the growth of startups has lured more international investors and boosted their faith in India. The startup ecosystem in India has made its mark in the past five years, from just a handful of decent investors and a few startups to around 55 thousand startups and around 6,000 Indian & International investors. International investors now routinely take a trip down to India in order to invest in the burgeoning tech ecosystem. The rhythm of participation by the present investors is on the rise.
The leading factors that determine India's potential as a startup nation are-
For most job-seekers, working in a startup is not a desirable career choice because of the inherent risk that the startup business might fail. Rather, the majority prefer to join big corporations, which assure more stable jobs and a low-pressure working environment. Besides this, startups fail to compete with the stature and compensation scales that large firms can deliver. Many employees who initiated their journey with startups switch to well-established companies after working for a few years.
Another significant reason is that several job applicants are not adequately skilled. Startups detect a gap between the knowledge provided to students in schools and colleges and the knowledge required at the workplace, primarily in sectors in which technologies shift takes place at a fast pace. As they have insufficient awareness of industry requirements, fresh college graduates are usually not employable from the beginning. As an effect, when hiring fresh staff, startups have to invest a considerable amount of time as well as the cost to train a new breed of employees. A third aspect is that a notable number of highly qualified professionals move abroad for jobs. Less qualified employees are affecting the smooth functioning of startup ecosystem in India.
Financial issues are the major issues in establishing and running a startup business. There is a requirement for finance at every step. It's a big issue as people don't have that abundance of personal income which they can invest in their business venture.
In case if they go to banks for acquiring loans, they either give it at an elevated rate of interest or inquire of collateral security, which a major chunk of the population is not able to meet the required standards. Due to the processes entailed as well as the high interest rates in the industry, debt as a funding source is also not a feasible option. Due to financial issues, the startup ecosystem in India undergoes hurdles.
There are heaps of government rules & regulations prevailing in our regulatory system which impact startups either directly or indirectly. Sometimes, the startup owner has to make considerable trips to government offices in order to get registered or seek any approval.
Since the startups at a growing stage don't have enormous funds with them, they face difficulty in meeting the taxation bars as they do not reap a massive profit during the initial phase of the business. Therefore, it sets an impediment in the way of setting up a startup business and the progress of the startup ecosystem in India.
The need to reinvent on a frequent basis and gear up with a service that can match the expectations of the customer are one of the tremendous challenges. Due to the inception of technology & competition, the challenge is to keep reinventing and working on the innovation factor.
There are several support mechanisms that portray a crucial part in the lifestyle of all the startups, which entails business development centers, incubators, science & technology parks, etc. There is an elevated risk of failure due to the lack of such support centers.
Aatmnirbhar Sena is all set to play a Prominent Role in Boosting Startup Ecosystem in India
As the startup ecosystem in India expands, Aatmnirbhar Sena is witnessing startups rising thick and fast all across the nation. We are bringing the less known startups to the fore and helping the new entrepreneurs develop their startups by directing as well as aiding them in the process. We are all set to maintain the early-stage startups in getting funding at the initial level from VCs and angel networks.
Our honourable prime minister, Narendra Modi, furnished the example of the startup ecosystem in India as the beacon of desire and innovation. Also, he added that India's startup sector is a perfect example of how tenderness, desire, and innovation can eliminate the sufferings of one and all.
At Aatmnirbhar Sena, we have realized the disruptive potential that new startups hold, and thus, we are wholeheartedly making the wise result-oriented investment in them. Most importantly, we are looking to become the enabler of the startup ecosystem in India. Aatmnirbhar Sena is planning to empower entrepreneurs to make resources accessible and sort out the prevailing issues in their local areas. Also, we are heading towards bringing the reduction in the regulatory burden on startups so that they can keep their primary focus on their core business. Besides this, we will be addressing the obstacles at the entrepreneurial level.