You may have heard of the saying- the best time to plant a tree was 10 years ago and the next is now. Well, for Indian startups 10 years ago may not have been as favorable as today. If there is a business idea not letting you sleep, get out of the system, drop it in the market, have it up and running. It is possible provided you have the right conviction.
Below we have outlined the primary reasons why for Indians this is the best time to be entrepreneurial:
Positive Start-up Scenario
According to the Startup Blinks 2023 Global Startup Ecosystem Index ranking, India bagged a promising 21st place. Indian cities under the limelight include Bangalore, Delhi, and Mumbai.
The Indian start-up ecosystem as of 2023 is promising. With steady funding opportunities and better internet/smartphone penetration, the room for innovation has increased. India also is home to 108 unicorns with a combined valuation of US$340 billion.
Government Aid
The Indian government, on national and state level, are taking initiatives to help the Indian startup ecosystem grow optimally. One may notice government assistance in the form of simplified laws, introduction of funding schemes, and various tax benefits.
Commendable Digital Infrastructure
Over time, India has developed a strong digital infrastructure supporting budding entrepreneurial endeavors. With an underdeveloped digital system, it is difficult to innovate as reaching out to consumers becomes difficult. India, however, has shown impressive smartphone and internet penetration becoming the second-largest economy with internet availability.
Consumers with Better Purchasing Power
As the Indian economy, consumers, on a broad level, are experiencing a higher purchasing power. There is more cash in hand opening avenues to spend on a better lifestyle. This, in turn, has encouraged entrepreneurs to be more experimental with their ideas as the audience is ready to pay, if the product or service solves a critical problem.
Better Access to Data
Access to data is the backbone of strategy formulation. Collecting and analyzing data has now become easier because there are automated tools available. As an entrepreneur, you shall be able to make better decisions with the correct data.
What is your opinion on this topic? We would love to hear from you. Write to us at info@beforeyoustartup.com
Well, that is all from our end. Before U Start Up shall be here bringing out more informative blogs for young entrepreneurial minds like you. Stay tuned!
