“Startup India, Standup India.” Applause from a whole generation echoed as Mr. Modi spoke about this unprecedented initiative at Vigyan Bhawan on the 16th of January, this year. And while critics were sceptical of the ambiguity, announcements pertaining to simpler registration procedures, patents, rebates, tax exemptions, easier investment and recognition platforms were welcomed with great ecstasy by the startup ecosystem.
Indeed, with an amalgamation of numerous ventures, both large scale and local, the ability of startups to influence both lives and the modern day economy has very prominently come to the fore. On one hand, while an exponentially increasing number of Internet and mobile users has unearthed the potential of the online market in India, government policies have simultaneously served as the perfect impetus for entrepreneurs to target unexplored domains. The very concept of starting up is now no longer just a feature of the metros but something that is penetrating rapidly into the tier II and tier III cities in India.
Meanwhile, another hot topic of discussion has been the concept of the Startup Bubble Burst. Leaving the nuances of debate on the same to economic experts, one reason which causes the layman to often look at the startup industry as one on decline is a largely statistical and superficial outlook. While analysing recent trends in investment and startup success stories, it is imperative to realize that it would be unfair to jump to conclusions solely based on numbers, without actually considering external factors like market demand and saturation. At the same time, the reason why a number of startups have had to close down or get acquired off late is because a majority of them have tried to extract the benefits of the current startup fervour without laying adequate emphasis on developing proper business plans and revenue models.
Similarly, a lot of people have been apprehensive about an overall decrease in investment. This however can be simply attributed to the theory that the market is currently in a situation where it shall arrive at a profitable equilibrium for all, but only after its share of self adjustment.
A startup in the present scenario, therefore needs to be not just a profit making venture, but an institution with a well-structured ideation that aims to bring something new to the consumer’s table. Irrespective of market situations, a startup with passionate founders and a holistic approach is bound to attract investors and succeed in the long run.
So chase your vision, go ahead and START UP!