Design takes time and effort and returns benefits in the future.
Winning Article For Enactus International Winter School, Tomsk, Russia, during February 2016
Amount of investment by venture capital funds touched a four year peak at $2.34 billion in 2014. Inflow by June, 2015 itself surpassed all of 2014 at $2.46 billion.It is no surprise that venture capitalists are growing fond of India. India, being a developing country, has many opportunities of improvement yet to be taken advantage of. Being the second largest country, it also provides a huge domestic market. Change of political governance in the past year also adds a reason.
Enterprise software, Digital consumer and Engineering have been critical growth engines of India in the past decade. According to Sudhir Sethi, the Chairman of IDG Ventures, India is now globally recognized as the second most likely new global center for technology innovation, behind China. India is catching up to developed countries that have already adopted mobile technology and social media. 4G era has begun but 3G hasn’t quite taken off. Bluetooth 4.0 technology has endless applications in everyday life but gadgets based on this technology are yet to be introduced on a higher scale in India.
Country may have adopted recent computer software-related inventions, but has space of improvement in hardware sector. Despite government policies to encourage manufacturing, only few entrepreneurs have taken on the challenge in past. However, trend in hardware invention and adoption has recently begun and has potential to be the next growth engine for the upcoming decade. Startups in hardware sectors are expected which require some serious seed funding. India is currently witnessing a mobile revolution of sorts, with mobile devices becoming the first screen for an Indian consumer. This makes e-commerce sector a center of attraction for Indian startups.
Change in government past year has poured optimism in the Indian industrial sector. Government has taken steps in encouraging both, entrepreneurs and investors. Policies supporting manufacturing, improvements in the Indian patent law, tax breaks, incubation centers, easier approvals and other startup friendly policies are introduced to boost spirit of entrepreneurs. International marketing campaign branded ‘Make in India’ started with a purpose to make India a hub for manufacturing, attracts investment. One more campaign is to be announced in the end December, 2015 by government named ‘Startup India, Stand up India’. The purpose of the campaign being promotion of bank financing for startups and offering incentives to boost entrepreneurship.
For investors, investing in India remains bureaucratic, weighed with paperwork and rules and regulations. Government is looking forward to solving this issue. Government is also working on making the country’s taxes more transparent. Government’s tendency to take forward India’s entrepreneurial ecosystem brings home a lot of VC investors.
All in all, in a country where 1.2 billion lives thrive everyday, domestic market is enormous. India’s domestic market growth is highest in the world. It is said that even a flop product would sell huge in this market because to even find the product to be flop, one has to buy it. Indian domestic market is much diverse encouraging all kinds of products from cheap quality products to exorbitant ones. Summing all this up, India is a country yet to be developed. Developing which is quite profitable
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