Upswing of START- UPS is on 'Progress'

Start-ups are an initiate of new concept with lots of confidence, along with sparkling innovative ideas, and investment by the VC. It is true that starting a new company is as difficult as solving the Sudoku puzzle, tricky but an interesting one. We just need to valuate new ideas, evaluate the investment and constantly re-evaluate the hurdles to pass and reach-out desired results and outcome.

Failing and risk taking are the subsequent names of START-UPS. Whereas looking at the brighter side, 10 percent of startups are successful each year and know what it takes to survive the odds of failing. Thus, graduating from startup to unicorn startup to successful company takes great efforts courage and patience. Penetrating effective & futuristic ideas with fat investment can only help in transforming bank balance, name and status of the business from startup to fully established firm.

The journey of startups during Pandemic was chaotic. Winning over all the hurdles during life-threatening Covid-19 was challenging, nevertheless the initiative undertaken by the government like SEBI registered alternate investment funds, COVID-19 Start-up Assistance Schemes by SIDBI(Small Industries Development Bank of India), and more encouraged to promulgate promising startups.

Passing through all the pain points, India has successfully achieved remarkable target. "The success rate of startups in India is relatively higher than the rest of the world", said by union commerce minister Piyush Goyal. The number of recognized startups in India is skyrocketing. From just 452 startups in 2016 it has surpassed the expectations and reached to 84,012 in 2022.

Undoubtedly, the GOI has played an important role in boosting the confidence, enhancing the skills & knowledge, and promoting the new & unique ideas of young entrepreneurs. The strong financial support from investors and government holistic approach to build strong startup eco-system has indeed created a successful platform for building successful career of young business owners and young entrepreneurs.

During his 89th Mann Ki Baat radio address to the nation, Prime Minister Narendra Modi said, "Even during the global pandemic, our start-ups created wealth and value." India has become home to 100 unicorns with a total valuation of $332.7 billion by May 2022.

The government has implemented flagship annual exercises and programs including States' Startup Ranking, National Startup Awards and Innovation Week to facilitate expansion of Indian startup eco-system. This is not the end, in fact series of schemes such as Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS) and Credit Guarantee Scheme for Startups (CGSS) extend support to startups at various stages of their business cycle and encourage budding entrepreneurs to progress with flying colors.

As a result, startups continue to bring innovation and disruption in multiple industries, including SpaceTech, FemTech, HealthTech, and FinTech. The stage is set for India to realise its vision of becoming a $5 trillion economy and global powerhouse by 2024-25. Undoubtedly, India sees the maximum number of startups being added every hour(four start-ups/hour). It houses the third-largest unicorn community and start-up base.