India, being the third largest nation fostering startups, is on its way to reach the top rank. OYO Rooms, Food Panda, Zomato, Swiggy, Paytm and Uber are the innovative entrepreneurs’ examples which have disrupted the markets and broke the various existing myths about innovation.
Consequently, India needs more such ideas that will disrupt the existing market with innovation. Various factors affecting innovation and entrepreneurship are surfaced below that need our due attention.
- Demographics of Working Population
By 2021, the employable population will reach its peak of approximately 64% with most of the citizens lying in the age group of 20-35 years. You will be surprised to know that by 2020 the median age in India will be 29 years leaving the US and China far behind.
This directly implies that by 2020, India will have the highest number of people in the world capable of working and earning. The benefits are widespread for marketers who see it as a boon for businesses because the greatest asset being the human capital will grow tremendously.
Creating Value Through Innovation
The business with the innovative entrepreneur’s ideas and making the life of customers the easiest tend to survive the longest. You are waiting for a cab, Ola is here; you want food, delivered to your home;
Swiggy is at your service; you want to book a hotel room on an official tour or on a holiday, OYO rooms are everywhere; you want to book a movie, BookMyShow exists. What really matter is the one-billion-dollar idea that will save time and add maximum value in customer’s life.
- Investors Craving to Invest more
The investors around the globe are ready to invest in a good idea that will flourish in the market. All venture capitalists across the globe have seen the high potential Indian market and have realized its worth. According to a survey, Indian startups have raised around $1.4 billion across 350+ deals in Q1 of FYI ’16.
- Government’s Constant Support
The Indian government recently launched ‘Startup-India’ campaign, with a scooping amount of INR 2000 crores allotted to the same. Additionally, the government also plans to render different benefits to budding entrepreneurs such as rendering legal advice for filing patents, low cost for filing patents fee, subsidies, etc.
- Healthy Competition
More innovative entrepreneurs will generate more innovative ideas creating a competitive marketplace. The start-up Zomato inspired two other major startups in India; Swiggy and FoodPanda. Healthy competition brings out the best form of innovation where each player tries to capture the market with a better idea.
- Challenges for Employable Population
If we trace back we will find that in between 1991 and 2003, the working-age population increased by approximately 300 million but only half of them half of them got employed. Although there are a number of start-ups we need to ensure their stability and competitiveness in the global market.
Most of the Indians are working for MNC’s in place of which we all need to adopt Make in India to create more jobs and entrepreneurs rather making profits for other countries.
India with its passionate and innovative human capital has the full potential to grow and compete in the global market. We need to believe in ourselves and put our entrepreneurial skills to the best of its use for the benefit of our economy and our nation.