Revolutionizing Business & Commerce through participation of Startups is nothing new but seldom underutilized weapon for economic development. Boosting the Startup ecosystem through various protective measures have already shown their impact in terms of overall development of countries like Germany, USA, UK, Canada, Switzerland, Singapore and yes, in India.
Today, Startup ecosystem in India has grown exponentially and established its vital role as a key contributor to the growth of India’s Digital economy. The performance of Indian Startup ecosystem proved its resilience towards external shocks, including the all-time unique and powerful threat of the pandemic.
India has the third- largest ecosystem of Startups in the world. The growth of Startups, both in terms of numbers and the contribution to economy has remained very promising during the past few years, yet almost 80% of India Startups fail within the first 5 years of their inception. Burden of this failure doesn’t fall only on the companies that failed but influences your business in an adverse manner, if you’re not collaborating with Startups or taking their services to improve your own business functionalities.
Whatever be the type, category and level of your business, you’re destined to miss out a lot of winning factors to make you achieve another milestone of your success, if you continue with your indifference towards the Startup ecosystem. Here are the reasons
- You miss Innovations in your business. The first qualifying criteria for Startups is their innovativeness and the whole ecosystem around Startup is made for boosting up this innovativeness of highly enthusiastic bunch of youth (it’s not a mandatory quality for being recognized but in most cases, it’s the young brigade who lead the Startup).
- Ultimately it’s you who miss out this immense power of Innovations if you are shying away from these fresh minds with eyes full of conviction towards bringing solutions to the existing challenges. Not engaging these young brigades in your business activities gradually take you to a less innovative and less- updated or conventional style of functioning,
- You sacrifice the benefit of cost optimization if your preference remains with the conventional business collaborators. Once you partner with a Startup, you are ensuring that you managed to get the best product or services at the most competitive price. It’s the Startups only who could provide you the best price, given they have lower overhead costs like the big players, that allow them to settle at lower rates for higher quality of product or services.
- Once you get into partnership with a Startup, you are minimizing the possibility of compliance related matters. One very significantly common quality of Startups is their positive intent and efforts towards doing responsible business. In spite of their limited knowledge, that many a times gets diluted further because their focus on other aspects of business, the Startup ecosystem will surely provide you the most transparent but flexible to accommodate your requirements at lowest possible efforts from your end.
All the touchstones of ‘Innovations, Modernity, transparency, flexibility and cost effectiveness’ will surely influence your individual business and take it to the zenith of success, at the same time, it’ll boost up the larger economy and Market to pave the way for your own products and services. Startup ecosystem influences the local economy in many ways and facilitates the inclusive economic development.
Thus, your engagement with the Startup companies guarantees you to get the best out of your business, both directly as well as indirectly. Rapid spread of Startup ventures beyond the urban areas around big metros during the last two years clearly indicate the decentralization of business, at least on geographical aspects. COVID 19 made us more experienced in handling virtual mode of operations that again makes us best cost optimizer through reduction of establishment costs.
For all possible reasons, it’s the wisest solution to be connected to the #StartupIndia ecosystem for keeping yourself agile enough to withstand the evolving challenges around the business and commerce.