National Startup Day: India's startups come together, chart out road map

New Delhi [India], January 13 : On National Startup Day, it is indeed a moment to celebrate that roughly half of all recognised startups in India are now based in Tier II and Tier III cities. This demonstrates that startups are here to stay, despite a brief pause in funding.
It may be noted that the government recently announced a USD 200 million investment in startups that design code, tools, or devices.
Calling the startup ecosystem a matter of pride, Vidushi Kapoor, Co-Founder, Process9, said, "We should take immense pride in our startup ecosystem, which is today, the third largest in the world. For this, we should recognise not only our ambitious entrepreneurs, but also investors, incubators, and our government, for nurturing this flame into a blazing fireball. In addition to solving problems innovatively, the ecosystem is also a formidable engine for employment generation, that is fuelling the growth of our economy."
Shruti Jain, CSO, Arihant Capital, is also hopeful that 2023 will be a year of recovery for Indian startups. "With the Indian economy showing resilience despite all the global headwinds, 2023 will be a good year for startups. The focus will be on companies with a clear roadmap to profitability, that have strong unit economics and strong corporate governance, and that is driving innovation. However, it will be the survival of the fittest," she says.
Similarly, travel startups have prepared themselves to meet the increasing demand for travel in a post-Covid world.
"As the industry continues to recover, we anticipate a resurgence in both domestic and international travel, as well as a shift towards sustainable and responsible tourism. To achieve this, there is a pressing need for collaboration between the government and private sector, including stimulus for the industry, streamlined visa processes, improved infrastructure and a coordinated approach," says Chirag Gupta, Founder and CEO, Deyor.
Gupta said, "As a leader in the travel industry, we at Deyor remain fully committed to providing innovative solutions, while meeting the evolving needs of consumers. We believe that with focused effort and collaboration, the travel industry will not only bounce back but will be better than before."
On National Startup Day, Prashant Gupta, Founder and CEO, Caerus3 Advisors and think tank, noted that the startup ecosystem is a rapidly growing and dynamic sector, with new companies and ideas emerging regularly. "Starting a business can be a challenging and daunting task, with many obstacles to overcome along the way like funding, competitors, lack of experience, time constraints, scalability and the high risks involved. To overcome these challenges, startups must be innovative, persistent, and willing to adapt to changing market conditions," he said.
"They should also seek out mentorship and guidance from more experienced entrepreneurs, as well as networking opportunities to connect with potential investors, partners, and customers," Gupta said.
Talking about the perfect plan for a startup to succeed, Raj Kantak, Founder, Petzzco, said "Successful business will happen only with a perfect business plan and marketing strategy involving finances, funding, (angel investors, crowdfunding, invoice financing, incubators) budget, skills, and availability of time involved. Finding the right equipment to work with in terms of accounting, payroll, website building, and your visible presence on social media can make or break a start in the initial phases."
Now that Covid is almost gone, some startups are already tackling real-world issues.
Consider the app Unilife, which caters to the needs of college students. "When I studied in London, I had access to student discounts on almost every product or service. I realised from my experience what Indian college students were missing out on. So, looking at the untapped student market, Anuja and I founded Unilife. The biggest challenge was to identify what students in India required, to make their college life fun and affordable. To combat this challenge Unilife was made into an off-campus lifestyle app. We wanted to make sure that through Unilife, students are easily able to navigate their off-campus life," said Ali Ishaq, Co-founder and CMO, Unilife.