JUNE 20248he startups are the storehouse of innovation, nurturer of talents, and creators of wonders. Hanging on these startups our economy is progressing and touching new heights unlocking numerous boundaries. These startups are the testament of incredible potential, unwavering determination which are not only cherishing their dreams but boldly achieving it. Entrepreneurship is not just a random endeavor by rich businessmen, but it's a genuine story of leadership which achieves its zeal of creating and innovating products for this industry solely depending on their talents and wisdom.Indian startups have invigorated the economic outlook of our country and today, India has emerged as the 3rd largest ecosystem for startups across the globe. India has also achieved the 2nd rank in innovation quality. In past few years, the startup ecosystem has evolved drastically with 15x increase in funding, 9x increase in investors, and 7x increases in incubators across the country.As per the data from the government portal of StartupIndia, 99000+ startups were recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) as successful startups and surprisingly, 58 percent of them having their headquarters in Tier-II & III cities. The cities which achieved the praiseworthy positions as the breeding ground for startups are Gujarat, Karnataka, Kerala, and Tamil Nadu.The Union Minister of Commerce and Industry, Piyush Goyal enthusiastically mentioned, "India has emerged as a global powerhouse for innovation and achieved multiple milestones in 2023. Over 1.15 lakh startups have now been recognized by DPIIT, and over 12 lakh direct jobs have been created by these recognized startups".Growth of Startups in Tier II & III Cities of IndiaStartups are the catalyst for economic growth globally as well as locally. As soon as a company develops an impactful robust business model and a committed mindset, it is ready to scale-up responsibly and sustainably. To speed up the productivity, an economy must have better tools and equipment, like capital goods, and highly specialized labor-force. The startups are fueled up with those qualified and coherent groups of young visionaries who are constantly targeting to achieve more innovation.The narrative from the market depicts that startups from the Tier II & III cities were those underdogs of the industry, who kick-started from a humble beginning and reached to a crescendo with their dexterous perseverance and dynamic thought system.Influential Factors Influencing Startups: To Move to Grow in Tier II & III Cities1. Widespread of Technology: With the vivacious development of Science and Technology, the wave of SC COLUMNTSTARTUPS: IGNITING DREAMS FOR CRAFTINGA BETTER TOMORROW IN TIER II & III CITIES
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