The Economic Survey of 2021 and 2022 has revealed that there are as many as 61,000 startups in India, which is recognized by the Department for Promotion of Industry and Internal Trade. Furthermore, 14,000 startups have reportedly been added in 2022 alone and with most of the growth reported in the IT sector. This implies that the pandemic has resulted in digital transformation, which has been a catalyst for the startup industry.
While the current number of startups in India are over 120, Iron Pillar, in it’s 4th Report: TechUnicorns Market Landscape, has stated that India will have as many as 250 unicorns by 2025. However, in order to accomplish this milestone, the startup ecosystem in the country requires strong support in the form of partnerships, policy and regulations, infrastructure, mentoring and funding to name a few. In order to shed light as to how startups can become a driving force in India, Shreshth Mishra, co-founder, Simple Energy and Vikas Bhonsle, CEO, Crayon Software recently had an astute discussion.
Shreshth Mishra emphasized about the factors that have led to a shift towards entrepreneurship, the challenges that many startups face in terms of infrastructure, networking, and funding and the support that is needed for startups in India to compete with some of the leading economies in the world, and Vikas Bhonsle stated about how solution providers can dip their toes in the burgeoning entrepreneurship ecosystem in India which will can help startups incorporate advanced technologies to their advantage, and how he foresees the startup ecosystem in India.
The perceptive conversation brought out unique insights pertaining the factors that lead to the rise inthe number of startups, and unicorns; how corporates and service or solution providers can partner to give startups an impetus in the latter’s growth phase and the road ahead for the ecosystem in India. Vikas Bhonsle also drew attention to how Crayon Software Experts can help the startup ecosystem in attaining their goals with the aid of the company’s technology, expertise and capabilities.