Startups are the platform for entrepreneurs who have the ability to think out of the box and innovate to conceive products that can create a niche for themselves in a dynamically changing world, Says Hirav Shah, Leading Astro-Strategist and Business Astrologer.
Meanwhile, the Government’s focus on startups in 2021 is clear and is evident from the fact that :
The Startup India Seed Fund, which has a target corpus of Rs 945 crore will be disbursed over five years in early-stage startups, is looking to support around 3,600 entrepreneurs through 300 incubators, according to its implementing body Department for Promotion of Industry and Internal Trade (DPIIT).
The investment will be made in eligible startups in order to support their proof of concept, prototype development, product trials, market-entry, and commercialization. The Commerce Ministry had recently notified the scheme days after Prime Minister Narendra Modi had announced the fund at the Startup India’s international summit Prarambh. The scheme is likely to be implemented on April 1, 2021.
In a world where uncertainty is more a feature than a bug, it’s important to be prepared for market highs and lows, even within the span of the same year, Says Hirav Shah.
Hence, diversification is the key here ; Indian Startups are in a diversification spree today, Opines Hirav Shah and he elucidates the same below:
1.Diversification into Digital
The pandemic has accelerated the Indian startup ecosystem’s growth on the digital front by at least two years. For all its faults, COVID-19 has brought in trends that were not there earlier.That level of disruption is an entrepreneur’s delight, meaning entrepreneurs revel in these kinds of disruptions.They’re great opportunities to grow your business, pivot your business, do things differently, Opines Hirav Shah.
For Example: Online grocery startup, Bigbasket, which is part of Avendus’ investment portfolio, for instance, witnessed an 84 per cent growth in new customers in 2020, with its customer retention rate going up to 50 per cent from 30-45 per cent in the pre-COVID era. Through the coronavirus crisis, the online grocery segment has seen explosive growth and yet there is still a lot more room for it to expand. According to Bloomberg, around half of the country’s $1 trillion retail market comprises grocery sales, leaving a massive-sized playing field for those in the online grocery game.
2.Startups going public
The Indian startup ecosystem is at a juncture at which several companies are reaching a stage where they will have to take some “hard calls” on how to grow from here on. From his vantage point, it is predicted that there will be “a lot of IPOs (initial public offerings)” from the Indian startup ecosystem in the “digital and tech medium” over the next two to three years. This sentiment is echoed by several others in the ecosystem, especially after the Narendra Modi government in March gave its nod to allow startups to directly list on stock exchanges overseas, before listing in India.
Several startups including the likes of food delivery unicorn (startup valued over $1 billion), Zomato, and insurance aggregator unicorn, Policybazaar, have expressed their intent of going public over the course of the next couple of years. Shah believes these IPOs will also help make digital investing mainstream. So far, digital investing has been the preserve of the VCs (venture capitalists), you know, who sit in the best offices, who hobnob with the Silicon Valley folks… so as per assumption, it is a time period where on the back of all of that, you will see a lot more participation in digital, in tech.
3.Artificial Intelligence and Augmented Reality Based Start-ups
A large consumer base, multiple market segments within this base, a growing digital economy and presence of high-quality tech talent are actors that have boosted India’s start-up ecosystem. While e-commerce, consumer Internet companies, health tech and fintech are sectors that continue to dominate, a wave of new-age start-ups powered by new ideas are making their presence felt.
Smart mobility is one of these new spaces that is attracting significant traction from both entrepreneurs and investors. The government’s National Electric Mobility Mission Plan that aims to make India completely move to electric vehicles (EV) by 2047 has been a major driver of this trend. EV start-ups are introducing scooters with powerful lithium ion batteries for fast charging, and a series of start-ups are pushing for the creation of an entirely new market space for smart mobility in India.
These new-age start-ups are not just banking on EV technology but are also using better integration of devices, improved connectivity and technology to boost the concept of smart mobility. Similarly, artificial intelligence (AI), Big Data and augmented reality which are global buzzwords today are fuelling a new generation of start-ups. India’s AI startup space is booming and venturing into diverse domains such as self-driving, retail, health and audio production, among others. Interestingly, most start-ups in Smart mobility and AI are less than five years old but the sector is already looking immensely promising.
4.Developing Startup Space in Tier II & III Cities
There is also a visible geographical shift in origination of new start-ups. While top tier cities such as Bangalore, Mumbai, Hyderabad, Chennai and Delhi-NCR still remain the main strongholds, a new wave of start-ups are also emerging from smaller tier II and tier III cities such as Pune, Ahmedabad, Jaipur, Chandigarh and Kochi, among others. In 2017, as many as 20% of the new start-ups are estimated to have emerged in smaller cities. A number of factors are favouring this geographical shift. These include large under-served markets and availability of low-cost talent and technology.
Conclusion : Innovation, creativity, talent, hardwork and destiny may be crucial for any start-up to thrive and grow. But despite having everything going for you, its important to be totally aware of every move you make, every step you take and if those steps are leading you to assured success in your venture. This is where an Astro-Strategist proves to be of great help.
Hirav Shah’s unique practice mixes the fundamentals of Astrology with Business Principles, thereby opening more doors for opportunities.
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