Yes, startup founders are workaholics with big dreams and endless to-dos but when the investors start believing in their dreams then It turned into Miracles for the entire ecosystem.
Interestingly for in public listed space, only 13 % of the 336 firms (with valuations exceeding $1 billion) of the BSE500 firms were started after 2000, which means only 46 of the listed firms were founded this century, whereas Only five months into 2021, the Indian start-up ecosystem already has 14 new unicorns as opposed to the six-year annual average (2015 to 2020) of 6 unicorns.
The start-ups in India have drastically evolved in the 21st Century and are now significant contributors to economic growth and development. India is currently the third-largest start-up ecosystem in the world with a total of 51 Unicorns to date. An earlier NASSCOM report had stated that India will have 50 unicorns before 2021 ends, but we have already surpassed that number.
Probable Responsible Reasons:
1. India’s diversity in culture, religion, and language has helped start-ups to innovate & customized the products/services according to the needs of a particular community. This becomes their Unique Selling Proposition, which in turn entices investors to fund the start-up.
2. Almost, 40% of the talents of Silicon Valley belong to Indian origins. The tech-savvy education system and awareness to get a higher education were increased in the last decade. The availability of a skilled workforce is increasing at a larger scale in India.
3. The increase in smartphone and internet penetration further helped the startup ecosystem. “Till 2005 less than 15% of Indians had a phone vs 85% now; 750 mn-plus people have internet access now vs 52mn in 2008 and this is all due to cheap data and falling smartphone prices.”
4. Further improvement in physical infrastructures like road connectivity, increasing financial innovation, and development of ecosystems in several sectors are also contributing to the surge in firms.
According to the Startup India Portal, India has about 50,000 start-ups and is the 3rd largest ecosystem in the world. India is likely to see 100 unicorns by 2023, much earlier than the earlier projection of 2025.
Entrepreneurial success cannot be generalized. Successful entrepreneurs, by definition, are exceptions. If you have the belief that your innovative idea can make a difference, you should take the plunge.
The data also shows that becoming a unicorn has been a 5–7 years journey until now, so founders must have a keen Focus on the products rather than Sales, as achieving a UNICORN TITLE is anyways a long-term Journey.
At last, congratulations to all stakeholders for well-deserved achievement on long-term wealth creation & Looking forward to many more success stories in the future !!