National Startup Day: An engine of the nation's economic growth
India has always been making an impact with fresh business concepts and unicorns that are developing rapidly. A multibillion dollar industry was founded by numerous companies, and significant foreign investments were also attracted. Also, a lot of successful Indian startups have gone global. On January 16, 2016, seven years after the Indian startup ecosystem first requested it, the Indian government would give it a big push for policy under the banner of Startup India to boost the nation's tech economy. There is hope for a new beginning after the wild journey of 2022, largely because the day has been declared National Startup Day.
Startup India Innovation Week 2023 will feature pertinent stakeholders from the startup ecosystem, including government officials, incubators, businesses, and investors. Startup Day intends to involve all key players in the startup ecosystem in order to promote innovation and entrepreneurship in India. The Government of India's flagship programme, Startup India, aims to promote startup culture and create a robust, inclusive ecosystem for innovation and entrepreneurship in India. In addition, Prime Minister Narendra Modi released an action plan that includes 19 elements and covers topics like "simplification and handholding," "financial support and incentives," and "industry-academia partnership and incubation."
Rise of startup
In India, new startups are being created every day, and in this New Year 2023, more unicorns will appear than in 2022. Let's have a look at a few fresh companies that will have a big influence in 2023. According to reports, investment in growth-stage startups surged drastically between 2020 and 2022, rising from barely $2 Bn raised in 2020 to an astounding 273% in 2022. However, the investment reportedly declined 4% YoY to $7.75 billion in 2022 from $8.1 billion in 2021. Additionally, even though there were fewer transactions involving growth funding in 2022 than in 2021, the average deal size climbed by 9% YoY, which is positive according to the industry's experts.
Here are some insights from few Industry Leaders on contribution of Startups to the nation's innovative ecosystem.
Padmakumar Nair, CEO & Co-Founder of Ennoventure Inc - ''Indian startups have made immense contributions to the country's innovation ecosystem. As we celebrate the spirit of entrepreneurship, it is crucial to engage with stakeholders across the startup community and chart the way forward, further enabling startups to contribute towards nation-building and economic progress. Our long-term view should be to make India a hub for global skills and innovation, thereby creating a positive impact on the startup community.
At Ennoventure, we believe in driving global change through our futuristic technology to combat the ever-growing counterfeiting menace. We aim to foster customer trust and satisfaction while protecting the integrity of brands. This National Startup Day heralds a new era of digital transformation, and we strive to continue making significant breakthroughs in our goal to end counterfeiting.”
Deepak Agrawal, CEO and Co-Founder, TurboHire - ''2023 is predicted to be hit by the recession, which is alarming for all startups. While recovering from the recession is expected to be tough, the start-up ecosystem of 2023 will be Rule-of-40 driven. Founders would have to strive hard for growth % and profitability % totaling 40 as an outcome. This means every company needs to account for every penny spent.
One of the biggest revelations of the startup industry in 2023 is investors’ interest in customer retention rates and employee retention percentages. With the post-pandemic scenario, layoffs, and toxic work culture, most company reputations are taking a nosedive, which needs to be prevented in this new year.
With this also comes the discussion of how seamlessly companies need to implement a people-centric approach more quickly and efficiently. This is where HR tech will play a vital role. CEOs under-investing in HR tech should now change the course to enhance talent acquisition, internal talent mobility, employee engagement, and well-being. One of the most notable technologies will be AI and automation, which will help companies of all sizes to competitively source the right talent and onboard them in real-time without losing out on precious capital.’’
Nitish Rai, CEO and Co-Founder, FreightFox- "The Indian startup ecosystem has consistently evolved and innovated with changing times, and despite worries about a funding winter in 2023, we expect it to bounce back stronger than ever. With technologies like AI and IoT making their way into the general consciousness, digital innovations will skyrocket across multiple sectors. India is also set to become the number one global manufacturing hub in the light of industrial shutdowns in China to contain Covid-19.
Meeting the demands of this manufacturing boom will call for robust, streamlined logistics and complete transparency at every stage of the supply chain. Cloud-based logistics management and tracking will become the order of the day to help start-ups fulfil orders and deliver timely values. Sustainability will also come to the fore as industries work to reduce carbon emissions through fuel-efficient technologies and the use of alternative energy sources. Now more than ever, it’s vital for startups to be nimble on their feet. 2023 is poised to be a year of tremendous growth, and we at FreightFox are proud to offer solutions that build the infrastructural backbone for that growth."
Indian startups have dramatically ramped up the country's socioeconomic change. It has taken place within a few years, but it was previously expected that the adoption of digital goods and services would increase over a decade. Even when they implement procedures, discipline, and professionalisation, businesses should make an effort to retain the spiritual triad of company intent, customer connection, and employee experience. It is essential for both development and greatness.
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