Indian at 3rd spot! How local companies are inspiring startups to be successful
Slowly and steadily, the Indian startup ecosystem has started taken a front seat among successful markets in the world. With 21 unicorns, India sits at the third spot among the largest ecosystems for most successful startups.
Slowly and steadily, the Indian startup ecosystem has started taken a front seat among successful markets in the world. With 21 unicorns, India sits at the third spot among the largest ecosystems for most successful startups. The first two positions are with the USA and China that account for over 80 per cent of the world's unicorns, while India is ahead of Britain and Israel in the top 5 list. In Zee Business Dare to Dream Awards Season 2, we have special focus on entrepreneurs involved with SME and MSMEs who have contributed to Prime Minister Narendra Modi's vision of making India a $5 trillion economy.
Notably, India's growth in the startup segment is driven by local companies. According to Hurun Global Unicorn List 2019, the payments solutions platform One97 Communications ($10 billion or Rs 71,069 crore), cab aggregator Ola Cabs ($6 billion or Rs 42,666 crore), online educator Byju's ($6 billion), and travel-stay finder OYO Rooms ($5 billion or Rs 35,555 crore) are the top leading startups in the country.
According to Hurun Research, there is a total of 494 unicorns in the world, based in 25 countries and 118 cities. These startups or unicorns are set up seven years ago on average, worth $3.4 billion on average and $1.7 trillion in total. The report also says that the world's most exciting startups are leading a new generation of disruptive technology. However, many experts of the businesses all over the world belives that the real performers often prefer to stay in the background but they do the heavy lifting. India’s Micro, Small and Medium Enterprises (MSMEs) are those silent performers who would carry the goal of India’s 5 trillion dollar economy.
To boost the growth further, the apex trade association ASSOCHAM has also announced the 'Startup Elevator Pitch Series', an initiative and platform for budding entrepreneurs. The launchpad would provide a chance to upcoming startups in the city to meet world-class mentors, investors and company leaders. The ASSOCHAM Startup Launchpad will give the budding startups in the tri-city access to industry experts who can give them the guidance they need on business, product, marketing and also connect them with right people that can help with funding process and proper guidance on how to set up a business case for funding.
There are 63.4 million Micro, Small and Medium enterprise units in India (mainly in rural and semi-urban areas) which contributes around 29% to India’s GDP and 49% to its exports. The MSME sector is called the backbone sector of the Indian economy as it provides employment to over 111 million people and produces over 8,000 products, ranging from traditional to high tech precision items. Therefore with immense opportunities, India as a young country will have a bright future with youth power behind the scale and speed startups growing. The young and innovative Indian minds represent aspirational and ambitious India.
Zee Business in partnership with SAP is hosting the 2nd edition of Dare to Dream Awards 2019 to recognise the shining stars of home grown enterprises. The Awards have happened in six cities so far and will happen in Chennai tomorrow. The last session is scheduled to take place in Kolkata on October 24.
Note: Log on to https://www.growthmattersforum.com/dare2dreamawards/ to nominate your organisation / any member / yourself, or register as an attendee. 8 cities. 7 award categories. Enroll now.