Startups have emerged as a prominent driver of transformation, employing revolutionary technologies to bring about axiomatic shifts in business operating models. A new generation of entrepreneurs are disrupting traditional mores and challenging the status quo through rapid development cycles, agile management, and lean practices by foraying into leading-edge domains such as defence, space technology and bioengineering.
With its conducive investment climate, India is now home to the third-largest base of startups in the world after the US and China, having risen at a phenomenal rate of 15,400% since 2016. Our government is deeply invested in the advancement of the technological prowess of the country, and, to that end, has rolled out several programmes and incentives to provide a fillip to the startup ecosystem. To augment the rise of India as a tech superpower, the government is now admitting private players into critical areas such as defence and space tech, leading to a procession of high-tech entrants into strategic sectors.
India stands at the crossroads of opportunity today, with technology, talent, and investment converging to accelerate startup growth. In 2021, Indian startups raised more than 23 billion dollars in investment, and spawned 44 unicorns, each with a valuation of over 1 billion dollars. Ambitious, educated, and talented, India’s demographic dividend is increasingly inclined towards investing in new ventures and affirming its role as a key growth driver in propelling India to a 5 trillion-dollar economy.
However, the path from ‘vision’ to a ‘successful business’ is hardly straight or easy. Startup founders are faced with persistent challenges— such as finding the right investors, protecting IP, nurturing talent, and most importantly, finding buyers. Most tech company founders are creating technology solutions; utilizing resources and bootstrapped teams to develop their products to perfection. The journey to becoming a sustainable enterprise thus benefits immensely from mentorship, incubation, and support in diverse disciplines such as governance, compliance, and go-to-market strategies.
Recognizing the potential of startups to act as an engine of exponential growth, the Government of India has taken numerous measures to promote early-stage startups. Under the Startup India initiative launched in 2016, the government facilitates the acceleration of innovative start-up businesses through funding support and incubation. Policy level changes are aimed at simplifying complex legal, financial, and technical compliance, as well as easing regulatory norms. Implementation of the associated 19-point action plan will encourage greater participation by reducing the legal burden on startups, thereby allowing them to focus on their core business while keeping compliance costs low.
The Startup India Hub is designed as a hub-and-spoke model, acting as a single point of contact for the entire startup ecosystem, enabling easier communication between various state governments, regulatory institutions, and other stakeholder agencies. The Startup India portal also provides access to legal support and patent examination at lower costs.
Collaboration between industry and academia will further catalyze innovation through the exchange of industrial expertise and scholarly research solutions. The Startup India Action Plan aims to promote the Industry-Academia partnership to transfer key enabling technologies and harness industrial learning experiences such as quality assurance, project management, testing and verification, and leadership skills.
Another key aim is to develop Startup-Corporate Collaborations. Established, large corporate houses often lack innovation capacity and agility, while nimble early-stage startups endowed with flexibility lack financial strength for growth. Opportune partnerships will leverage complementary strengths and open the doors to faster innovation and greater market access.
As the world’s leading technology company, Dell works with more than 5000 tech startups in India to empower them through a variety of initiatives and technology offerings and strengthen the deep-tech ecosystem across the country. We have partnered with various industry bodies such as NASSCOM, ASSOCHAM, the American Chamber of Commerce in India (AMCHAM), and the Ministry of Electronics and Information Technology (MeitY) to reach out to promising Indian startups.
The climate of investment and innovation coupled with lower entry barriers is attracting many young entrepreneurs who are not averse to risk-taking. However, as organizational size and complexity increase, startups will have to streamline roles, increase efficiency, and make the right technology choices to attain revenue-generating outcomes.
Director & GM, Global Alliances,
Service Providers & Startups, India,
Dell Technologies
Through initiatives such as the Dell Startup Challenge program and the MeitY Start-up Hub, we provide mentorship and strategic guidance to startups with fresh and exciting tech solutions. Using our vantage point as a market leader, we help them gain access to pitching events, and also familiarize them with the customers. This effectively creates a go-to market for startups that, in turn, results in faster commercialization of technology.
A robust ecosystem calls for greater and more inclusive participation. Dell Technologies offers synergized support to startups in an effort to aid them on their path to stability and success. We will continue to partner with these young entrepreneurs to help them achieve their business objectives as they drive innovation for a better tomorrow.
Reference:
[1] https://www.startupindia.gov.in/content/sih/en/international/go-to-market-guide/indian-startup-ecosystem.html
[1] https://www.livemint.com/economy/india-witnesses-a-massive-15-400-rise-in-startups-in-last-6-years-11658627326219.html
[1] https://www.drishtiias.com/daily-updates/daily-news-editorials/startups-in-india-and-data-localisation
[1] https://www.investindia.gov.in/indian-unicorn-landscape
[1] https://dpiit.gov.in/startup-india/startup-india-initiative
(This article is authored by Sudiip Goswami, Director & GM, Global Alliances, Service Providers & Startups, India, Dell Technologies)
