Entrepreneurs And Their Views On The Role of Startups In India's Growth Trajectory
Startups is not merely a buzz word in today’s India’s thriving economy but is something that has the potential to transform India’s entrepreneurial realm and fulfil the dream of making India a 5-trillion dollar economy. The startup ecosystem in India has made significant contributions to recent economic expansion, boosting creativity, productivity, and job possibilities. India's future will be greatly influenced by the startup ecosystem's performance because it continues to draw attention and investment from around the world. Startups can eventually aid in the development and expansion of India's economy by putting profitability and sustainability first. Entrepreneurs have emerged as a driving force of the Indian economy and it is crucial to know their views on the role of entrepreneurship and startups in India.
Here is what some of the Indian Entrepreneurs have to speak about on the massive role that Startups are playing in India’s robust and thriving Economy:-
“The startup ecosystem in India has made a substantial contribution to recent economic expansion in the nation. It has boosted creativity, increased productivity, and produced job possibilities. To maintain this momentum, however, it is crucial to concentrate on building successful businesses that can support India's long-term development. Entrepreneurs must focus on creating a solid business strategy, choosing the appropriate market, assembling a capable team, and putting effective procedures in place to build successful and long-lasting enterprises. Profitability and sustainability are essential for startups to generate long-term value.
Finally, startups have a substantial impact on India's trajectory of growth. Nonetheless, it is essential to concentrate on building successful businesses that can support development over the long term. India's future will be greatly influenced by the startup ecosystem's performance because it continues to draw attention and investment from around the world. Startups can eventually aid in the development and expansion of India's economy by putting profitability and sustainability first.”
- Amit Kumar, CEO of Ramp Global
“An increase in mental health awareness has massively affected the purchase patterns of consumers. Consumers have started basing their decisions more on how a particular product or service makes them feel than on how it looks or functions. New brands focusing on self-love, mindfulness, and well-being are widely accepted and appreciated by consumers. With new brands entering the pool every day, customer loyalty patterns have also changed. Unlike our fathers and grandfathers, who will use only one brand all their lives, the youth is more experimental and likes to try different brands. Quality and service can make them stay, but that initial barrier to entering an established market is not present any more.”
- Stuti Bajaj, Founder and Director, Scribbling All Day
“Entrepreneurship is not just a way to create wealth, it's a way to create impact. Startups are the engines of innovation that fuel the growth of our economy, and India's journey toward becoming a global superpower is intricately linked with the success of its startups. As entrepreneurs, we have a responsibility to not only build successful businesses but also to solve the problems that our society faces. Startups have the agility and flexibility to pivot quickly, experiment with new ideas and take risks that traditional businesses cannot. India's startup ecosystem is vibrant, dynamic, and constantly evolving. We have seen some incredible success stories, but there is still a long way to go. As entrepreneurs, we must continue to push boundaries, challenge the status quo and build businesses that not only generate profit but also make a positive impact on our society. In the end, the success of India's startup ecosystem is not just about creating successful businesses, it's about creating a better future for all of us.”
- Rajib Gangopadhyay, Founder and MD of EMotorad
“I am optimistic about the emerging role of startups in India’s growth trajectory. Startups affect India’s destiny in more ways than one. On one axis, you have thousands of direct and lakhs of indirect job opportunities that a new startup company creates. Then there is upskilling and reskilling of experienced people working in startups, which are often re-defining the cutting edge of technologies.”
“On the third axis, you have the positive growth impact of newer technologies which are being created in eCommerce, FinTech, AI, Logistics, Consumer Goods, Defence and Media industries. Then there is the export of services and products and helping our country earn more foreign exchange.”
“But, the biggest impact, according to me, is the sea-change in the way the Indian economy operates now. Hundreds of millions of Indians holding a basic smartphone are tech savvy now, make online payments, purchase goods online, order food online, watch IPL online and transact with their banks online. India is on a multi-decade growth trajectory powered by technology, and we have only seen the beginning of this mega trend. Startups have played a major role in this trend and continue to do so.”
-Naren Lokwani, Founder & CEO, Frshr Technologies
“A startup is a courageous journey into the unknown by an individual or a team, fueled by passion and propelled by innovation every day. It is the manifestation of an entrepreneur's vision, an ambitious endeavor to disrupt the status quo and create something new for a better world, and to simplify human life.
For me, it has always been a rollercoaster ride of highs and lows, a test of resilience, adaptability, and perseverance. I enjoy and live it every day in and out. But deep inside my heart, there has always been a fire toward our mother nation "India". Founders of startups are also the soldiers working towards great causes such as Job Creation, Innovation, Economic Growth, Foreign competence, Digitalization, and enabling Social Impact.
Today, India is one of the largest hubs of Startup ecosystems in the world. New talents are recognized every day, and thousands of ideas are brought into real life and implemented, lakhs of new jobs are created for helping the families of the nation to survive. In short words " Startups are the lifeline to bounce back to normal life post-pandemic in India, and the growth trajectory is clearly bullish for a decade from now". I suggest new entrepreneurs not only invest in service and SAAS, but also in the hardware industry too. Hard to build, hard to destroy, and a strong nation.”
-Naveen Srinivas, CEO & Founder of Ridaex - India
