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The united states are one of the most successful startup nations. Uber has changed the way we order taxis and how we think about transportation. Airbnb just went public and is threatening all the hotels out there, even though it doesn't own a single one itself. Then there are other big players like, Tesla, Facebook, Space-X, and many many others.
Nevertheless, there are more and more competitors. Even though China is the one that is most frequently in the media, there are multiple other countries with strong startup ecosystems. Many other countries developed their startup ecosystems, but there is one player that most people often miss. This player is called India.
India is a large country with over 1.3 billion inhabitants and India is on the rise in terms of startup culture. We have seen the rise of many such promising futuristic technologies that is taking over the market at much faster pace. Many entrepreneurs have come up with unique innovations that gives solutions to the present issues. Adding to this tech start-ups have emerged to be the most game-changing ventures where they eye on futuristic technologies rather than focusing on the technologies that already being into practice since ages.
India, is known to be a hub for service-providing sector for a longer period. But slowly and gradually the time is changing and so is the trends of Indian entrepreneur’s changing. Many such tech start-ups have cleverly identified the potential of future technologies like Block chain, Virtual Reality, Augmented Reality, Artificial Intelligence, Big Data, Internet of Things and many such technologies. These technologies have proved to be the life-changing technologies that have brought massive transformations into the lives of the people on daily basis.
Some of the Indian start-ups who made it higher into the market of futuristic technologies. They are:-
FairCent – One of the most influential start up in the Fintech sector that provides support for easy transactions, digital payments by the support of the government have been in the operations since 2014 by Raja Gandhi. Their uniqueness lies in providing a platform where a person to person lending and borrowing of finance is possible.
Klar – They have an innovative concept of customizable voice recognition technology. This technology is useful for home appliances and other devices through voice recognition. These devices changes its course of the functionality with the version of the customers. Browser-based user interfaces and home automation technology has been playing an integral role in their business model. This start-up was founded Urmil Parikh.
Capital Float – This start up took up a different flow of helping SMEs and retailers against data with a profiting fund of $1000 last year. They have elite set of clients like Yatra, Amazon and Ola. Having founded in 2013 by Sashank Rishyasringa & Gaurav Hinduja has been taking a new heights in online and digital payments sector.
Realbox – A start up founded by Saurabh Moody aims at providing real-time data that includes delays in delivering time, recently sold products and other specific insights. This platform also has options to upgrade to professional services for more reliable data and growth of the business.
Canvas Flip – With the aim to enhance user experience on smartphones Manish Jha & Vipul Sharma started this start up to make the process of designing the prototypes faster and easier. Their major clienteles being Myntra, Paytm and MakeMyTrip was a part of the Google Blackbox’s program.
These are some of the most promising start-ups that doing wonders in their sectors. The government of India have been instrumental in bringing up such start-ups in vast numbers. The government have also taken keen interest in promoting the upcoming start-ups who are working with a vision to provide solutions using the latest technologies. Even the process of filing patents, taxes, fees have subsequently lowered to provide more opportunities to the aspiring entrepreneurs of India.
Many enterprise level organizations have also started accelerator programs to give a wave to the hidden talents within the young minds and the investors have shown deep interest in investing to tech start-ups that are the future of start-up ecosystem. Interestingly, we can see that these tech start-ups have been playing key roles at global level thereby enhancing the economic growth of the country.
It’s hard to do a really good job on anything you don’t think about in the shower. – Paul Graham, YCombinator Co-founder
To lend a helping hand with the finance, banks have also come with its scheme to cater the entrepreneurs those interested on building prototypes to attract the international market. The banks have subsidised the financial support and its paper works have been made even smoother compared to earlier times.
If we just go around the global start up ecosystem, then you will find that Indian start-ups have strongly made it a strong stand with regards to innovation, invention and solutions to the present issues prevailing with the climatic changes, water and land. There are social entrepreneurs who have come up with the solutions to help battle the weather conditions through the available resources combining with technology.
The best startups generally come from somebody needing to scratch an itch. – Michael Arrington, TechCrunch founder
The start-up ecosystem in India is growing consistently at much faster and remarkable rate that the larger companies eye on these start-ups and expect maximum ROI on the product that is built or with the prototypes that are ready. The time is not far when the start-ups in India will lead the world in latest technology that will not only solve the problem but will also give a new hope of economic growth. This will directly affect the financial growth of the country and the living standard of the people will be set higher using the latest technologies like Home automation, smart gadgets, smart cities, etc.
To sum up: America's startup ecosystem is still very powerful. Nevertheless, China is catching up quickly and also India is a player that shouldn't be ignored completely. 2021 is going to be a very interesting year in terms of startup development.