Category: Startup

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Startup

Tech Startups in India Report Nearly 10% Growth in 2020 Despite COVID-19 Pandemic, Over 1,600 Tech Startups Added in a Year: Nasscom

Tech Startups in India (Photo Credits: Pexels)

New Delhi, January 8: Tech startups in India have witnessed a steady growth in 2020 with over 1,600 tech start-ups and a record number of 12 additional unicorns added in a single year. i.e. in 2020. This is the highest ever in a single calendar year. The tech start-up base in the country witnessed a steady growth at a scale of 8-10 per cent (year-on-year), Nasscom said. According to the annual report by Nasscom in partnership with a global management and strategy consulting firm Zinnov, nearly 14 percent of total investments in 2020 were in deep-tech start-ups, up from 11 per cent in 2019. The report said that further, 87 percent of all deep-tech investments were in AI/ML start-ups and seed-stage funding in 2020 recovered to more than 90 percent of 2019 levels.

Debjani Ghosh, President, Nasscom said with the continued addition of new start-ups, booming unicorns and increased adoption of deep-tech, the ecosystem shows an even more promising future. The report informed that despite a lower number of total start-up deals in 2020, seed-stage investments are recovering at a good pace as investor activity at lower ticket sizes has increased.  “Early and Late-stage investments are also recovering steadily. An increase in median deal size is further underscoring investor confidence and a willingness to take big bets,” the report added.

The Nasscom annual report further added saying that the sectors with COVID-19 tailwinds such as EdTech, BFSI, AgriTech, Gaming, etc., are witnessing a steady increase in first time funding, up from 29 percent in 2019 to 42 percent in 2020, garnering a 14 percent growth in absolute numbers. It added that the investor sentiment is also recovering with the second half of 2020 funding up by two times over the first half. “2021 will be the ‘Decade of Collaboration’ where entrepreneurs engaging more with not just their peers but also with the government, corporates, and the manufacturing ecosystem, will catapult India’s dreams of becoming a trillion-dollar economy,” said Pari Natarajan, CEO, Zinnov.

The report said 2021 promises a return to normalcy for the Indian tech start-up ecosystem. In terms of total unicorns, India is on track to have a 50-plus strong Unicorn club in 2021. Remote working continues to see significant adoption amongst tech start-ups, with around 30-35 percent offering remote roles and 15-20 percent companies having committed to remote work culture, as per NASSCOM tech start-up survey. “Deep-tech and new start-up hubs will continue to grow at 40-45 percent CAGR. While the investments in 2020 were significantly lower than in 2019, recovery in deal pace and investments is expected to return to 2019 levels, if not exceed in 2021,” the report noted.

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Startup

3 Start-up Challenges Every Entrepreneur Must Overcome

Startup-challenges

From a handful of tech companies to thousands of new ventures, India`s start-up ecosystem has come a long way in the past decade.

According to the report published by NASSCOM, ‘India ranks 3rd globally, with more than 4,200 start-ups, creating more than 80,000 jobs’. The Indian start-up ecosystem remained stable in 2018 and 2019 in terms of funding and investor interest.

Though the global pandemic changed the entire game completely in 2020, by 2025, the number of startups is expected to cross 100K. More than 3.25 million job opportunities will be created in the market.

Although the idea of having a start-up business sounds appealing, entrepreneurs face many challenges in today`s world. However, overcoming these challenges can provide creative solutions to operate the business successfully.

Here is a list of startup challenges that every entrepreneur faces and must overcome in India:

Cash-Flow Management

Getting funds for your business is one of the major startup challenges that every entrepreneur faces. Finding the right amount and kind of investment in a fresh new sector is difficult in the early stages of a start-up.

Steady cash-flow is essential for the survival of the business, thus you always need to have extra funds to take care of the rainy days. Proper planning and financial plan are critical for the survival of the business. Hence, always ensure you have a well-prepared strategy ahead of time.

Marketing Strategy

One of the biggest startup challenges in India is the absence of a good marketing strategy. Many entrepreneurs think their business can thrive on word-of-mouth. However, the truth is far from a cry. If you want to expand your customer reach, you will have to find creative ways to do that.

Thanks to multiple social media platforms, there are ample opportunities to find the right audience even with minimum investment. Shifting your business from offline to online will improve your brand`s presence and increase your customer base.

Lack of Right Guidance

One wrong turn can take you away from your destination. Thus, the right guidance from the right person can do wonders for your business. The right mentor can prepare entrepreneurs for future challenges and can help them navigate through their experiences.

Though business networking can add up to the contact list, people who have experienced failures on the same journey would always add value.

These startup challenges are faced by almost every entrepreneur in the early stages of the business. But with the right guidance, you can take your business in the right direction.

You can learn to overcome these challenges with industry experts. Discover their Secret Mantra with the help of 600 business templates, checklists, and tools to run your business efficiently. Our Problem Solving Courses can help you overcome any business challenge. Click here: https://www.badabusiness.com/psc?ref_code=ArticlesLeads to know more.

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Startup

Women Entrepreneurship Cell Launched by Maharashtra Govt to Boost Female Engagement in Startups

Women Entrepreneurs in India (Photo Credits: Pixabay)

In a bid to give a major boost to women entrepreneurship in Maharashtra, the state government has announced of establishing of a woman entrepreneurship cell. The special cell that has been launched will work towards enhancing, guiding and training the female entrepreneurs in startups and different entrepreneurship-related sectors. The news was announced by Maharashtra Employment and Entrepreneurship Minister Nawab Malik. The cell is established to improve the innovation-driven entrepreneurship ecosystem in Maharashtra.

The Minister said that there will now be a “Girl-Student Entrepreneurship Club” at schools and universities levels. In these clubs, appropriate coaching will be given to college students who aspire to be budding entrepreneurs in their career. Further, it’ll additionally create incubators for women entrepreneurs and will help them in organising accelerated packages. The Minister further added that the monetary help might be supplied to start-ups established by these women entrepreneurs.

In December, the state government of Maharashtra decided to provide financial assistance to innovative startups which wish to file for patents. Malik had said that in the first phase of the scheme, 125 to 150 startups will be supported with financial assistance of Rs 2 lakh to Rs 10 lakh. He said in order to survive in a competitive world, it is important for startups and early-stage entrepreneurs to protect their Intellectual Property Rights (IPR).

 

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Startup

Home Business Ideas: 4 Brilliant Work From Home Ideas That You Should Consider Taking Up

Home Business Ideas (Photo Credits: Pexels)

At a time when the world is battling the coronavirus pandemic, people have been forced to work from hone than ever. Whiles some are working remotely, some have started their own small businesses amid the crisis. Staying productive and maintaining a balance between professional and personal life is the only way out to survive the crisis. Amid the crisis, employers are encouraging or requiring people to work from home for an indeterminate amount of time. If you are planning to start a home-based business, you need to first understand what interests you and what you are good at!

Remember, a business will survive if there is a need of your product in the market. The struggle comes when you have to create a demand for your product, which takes a great deal of time, efforts and funding. Of course, there are pros and cons to consider when deciding whether a home-based business is right for you. If you’re new to the work-from-home lifestyle, you will have to change some of your routine habits to make working from home a success.

Buy products in bulk to sell

If you want to start with a small business, this hack can work wonders! Amid the pandemic and COVID-19 restrictions, people avoid venturing out to buy things. If you have good contacts, you can buy products in bulk and sell them in your circle, neighbourhood and among your pals. These products can be really simple ones, like cups, mugs, coasters or maybe other daily essential items. Maybe you know of some unique products that aren’t readily available in your market despite a demand for them.

Sell homemade products

Be your own boss and sell what you make. There is no other joy that creating something of your own and selling your own handmade products. If you are the maker yourself, you can consider turning your hobby into a business. If you like making candles, cushion covers, curtains, dresses, or anything else, you can create your products and make it commercial. You can also sell gift baskets, handmade jewellery, sweets, homemade cookies, personalized gifts, etc. The only thing you should focus on is to promote and make it reach large audience via social media. As home business idea, there are plenty of opportunities for designers to create and sell their own clothing from home.

Baker

If you enjoy cooking, especially baking, and you can spend a great deal of time baking in order to create enough goods to sell, taking up baking as a profession is meant for you! It is rewarding which fetches you decent income. With too much competition in the market, it is tough to stand out in the crowd. To take up baking business, buy some equipment and set up a commercial kitchen at home. You can sell your products to local shops or businesses or sell products online. Read up on regulations to be compliant!

Freelance Writer

If you are fond of writing and can play with words, it has huge potential to be one of the most profitable business ideas. Freelance writing is the perfect job for people planning to set up their own blog or digital content firm. You don’t need any formal training to become a freelance writer.

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Startup

Planning To Start a Business in Beauty Sector? Here Are 4 Tips You Should Know Before You Begin

Beauty Sector (Photo Credits: Pexels)

The beauty sector is among the fastest growing sector. This sector is witnessing constant innovations as new beauty products and services are being launched at regular intervals. Despite the uncertainty that COVID-19 has brought, the beauty and cosmetics businesses have skyrocketed. Over the next few years, the beauty market is expected to continue to rule the retail industry. If you are planning to try your luck in this sector, then this is the best time to get started. This could be a great year for those who want to try their luck in the market. One thing that you should keep in mind is that starting a beauty business can also prove dangerous if managed with poor planning.

Keep Up with Trends

You need to be really well-informed about the latest beauty products in the market to keep your game up the mark. You can’t really run a successful beauty business without following the latest or current trends. This is a very competitive market and you need to always be one step ahead of your competitors. If you are new to this sector, you can subscribe to a variety of well-known beauty/fashion websites to stay updated on their latest products.

Choose a Product

The most important thing that you need to do is ‘Choose a product’. You have to decide on a product that you can create with a unique touch which will make you stand out from the rest in the market. Try and understand what interests you the most and also ensure there is a demand for what you want to produce. Start with only one or two cosmetic products before growing your business. By choosing one or two beauty products, you can perfect the process and know about the wants and needs of your customers.

Use Technology to Spread The Word

In this digital era, consumers use various channels to shop. People are highly dependent on online shopping and have become really techno-savvy. Thus, make sure you make it easier for them to find your brand online. Make your brand visible via online mode and target your consumers by promoting your products through social media platforms like Facebook, Instagram, WhatsApp among others.

Get Funding

If you are planning to start a business, it will requires a healthy amount of investment to get started. Try and meet people who you think can sponsor things to help you grow. For cost-cutting and to get a hang of things, you can opt for second-hand equipment for your business. If you are planning to take your business forward with an investor, determine if you want a partner who is hands on or you want a silent investor. Investors could be family members, friends or business associates.

 

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Startup

Planning to Start a Tourism Business? Here Are 4 Revenue-Boosting Tips for Small Businesses in Tourism

Tourism Business in India (Photo Credits: Pexels)

The tourism sector in India is going to be the next growth driver but to achieve that, it needs to survive the impact of the COVID-19 pandemic and emerge to be one of the leading industries in the country. As the country battles the coronavirus pandemic, every sector that has been hit hard is limping back to normalcy after the government has eased the restrictions. At present, each vertical of the tourism industry is under deep stress and hopes to revive in the coming year.

The travel industry is booming with small tourism businesses now. So if you are planning to start a tourism business, the New Year is the best time! There you have it, now it’s time to get marketing, so don’t hold back. Here are 4 revenue-boosting tips for small businesses in tourism.

Expand the business beyond your website

People usually review a place when they wish to plan a travel. A thorough study is done of the location and what it offers. Online searches have become increasingly competitive, even amongst the big companies. One way to expand your business beyond your website is tie up with third party-platforms which provide an online marketplace for travel experiences. They can offer a lot of exposure, for small travel companies and demand a small commission.

Build a Discussion Platform on Social Media

Social media interaction is growing and you need to just talk about your website and promote it to people across groups.  People visiting your area will have plenty of questions that they need answered before they come. Create a discussion platform where people can come and discuss out places they want to visit. A great way to supercharge your tourism marketing is by creating a discussion platform around your Facebook page.

Create Awesome Destination Videos

Videos help a lot in spreading awareness. The world is moving into a digital era and is more inclined to video content more than just reading about things. Videos have a potential to convey a lot of information in very little time, so it’s a great way to showcase about what you can offer to your customers.

Generate interest about a destination with online quiz or a challenge

Challenges have become a well-loved internet sensation and attracts a lot of people at the same time. Promoting your business cannot get as easier as this one because people are far more likely to participate and share with their networks. One thing that you need to keep in mind is that you should create a fun challenge related to your niche.

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Startup

Planning to Start Your Own Business in 2021? Follow These 5 Rules For a Successful Start-Up

Tips to follow for successful start-ups| Representational Image (Photo Credits: Pixabay)
Tips to follow for successful start-ups| Representational Image (Photo Credits: Pixabay)

The Indian start-up ecosystem is blooming, with more and more individuals giving up their regular jobs and taking the path of entrepreneurship. As per the Economic Survey for 2019-2020, India now ranks in the number of new firms created annually. Quoting the data from the World Bank, the survey concluded that number of new firms in the formal sector has grown by a significant 12.2 per cent between 2014 and 2018, compared to a meagre growth of 3.8 per cent from 2006-2014.

From idea generation to implementation, starting a business takes a lot of efforts, dedication and perseverance. A start-up founder should be extremely careful while making entry level decisions as the initial success of the business depends upon them. Having a business of your own does look like a Herculean task, but with proper research and guidance, starting, surviving and being successful in the business is not impossible. Being a Solopreneur: 5 Business Tools to Grow your Business.

Here are Five Golden Rules Every Entrepreneur should follow to Make the Start-Up a Success: 

Undertake Market Research and Analysis

The first and foremost rule of any business is to properly research the market. This includes analysing the market demand, competition, price range, and channels of distribution among others. Understanding customers’ taste and preferences is also an essential pre-requisite of launching a product or service. Analysing the market trends and patterns help the entrepreneur to make informed decision and deal wisely with external environment challenges. 7 Powerful Marketing Ideas to Boost your Business in 2021.

Ensure Constant Funding

A start-up needs steady and committed sources of funding to establish itself in the market. Many start-ups shut down in the initial years owing to lack of finance. Before jumping into the market, the entrepreneur should ensure that the business has adequate source of funds and have an access to a regular stream of finance. Various private and public sector banks, venture capitalists, angle investors, government grants are among secured source of finance for start-ups.

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Devise Comprehensive Marketing Strategy

For a business to establish itself in the market, it needs to be visible to its potential customer. Marketing and advertising helps the start-ups to increase its reach. Entrepreneurs should carefully choose their marketing plan and advertisement campaigns. Ads should convey real vision of the business and create a positive image in the minds of the people. Efficient marketing policy also helps in generation the ‘want’ for the product among the potential customers, thereby increasing sales and profits.

Know Your Customers

It has been rightly said and preached for generations that ‘Customer is the King.’ Every entrepreneur need to believe and follow the same. Knowing the customers in extremely important as their attitude, preference and tastes effect the business’s offering. Start-ups should avoid indulging any activity that might upset the customers. Businesses should understand the overall society as well, the cultural and social environment also effects the functioning of the start-ups.

Comply With Legal Requirements

In order to undertake various operational and production activities without any hindrances, businesses should make sure that they comply all the legal requirements. There are various legislations that govern any business, to avoid any penalties or fine, entrepreneurs should make sure that all laws are abided by. These include laws related to incorporation, labour, product, customer safety among others.

Apart from these, entrepreneurs should also focus on sticking to the budget, garnering knowledge about the various aspects of business. Start-ups also need a strong and dedicated team of employees to achieve its goal. Starting a business is indeed a big and courageous step which requires perseverance and dedication. However, with proper knowledge and hard work establishing and succeeding in business world is not impossible.

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Startup

Startups in India Bagged $9.3Bn Investments in 2020 Despite COVID-19 Challenges: Report

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Startup (Photo Credits: Pixabay)

Amid the COVID-19 pandemic in India, the startups have been hit hard but have managed to emerge successful in attracting investments this year. According to data from consultancy firm Tracxn, Indian startups received investments to the tune of $9.3 billion in 2020 despite the coronavirus challenges. The report reveals that fortunes for the Indian startups turned significantly in the second half of the year. The study reveals that startups raised just $4.2 billion in the first half of the year from about 461 deals while the year saw 11 Indian startups including RazorPay, Glance and Unacademy becoming a unicorn.

According to a report by IANS, the figure is much lower than the record $14.5 billion raised by Indian startups last year as the number of deals this year reached 1,088 from 1,185 last year, TechCrunch reported on Monday. Reports inform that there were 20 funding rounds with dealsize $100 million or larger in 2020 compared to 26 in 2019. Similarly, rounds with dealsize $50 million to $100 million fell to 13 in 2020 from 27 last year. Moreover, the figures exclude the funds rasied by Jio Platforms, which alone bagged over $20 billion investments this year.

The Tracxn report further adds that global technology giants like Google, Microsoft and Facebook wrote checks for Indian startups, while Chinese giants such as Alibaba and Tencent made fewer investments amid border tensions with India.

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Startup

4 Simple Business Tips That Will Help You Stand Out From Your Rivals in the Competitive Market

Businesses (Photo Credits: Pexels)

For any business to flourish, it takes a great deal of understanding of the market, your product and its need in the market and your target audience. Communication certainly plays a very important part in growing any business, be it online of offline. Few things that will help you stand out from the rest is, know what your customer wants and try and satisfy their demands, timely communication with them and not compromising on follow-ups. You have to understand that for every success you have in growing your market share, other businesses will inevitably lose ground, and you will surely have rivals in the market.

The key factor is that you should establish your business in such a manner that you are not affected by any new entrant in the market. Here are four easy business tips to gain a competitive advantage over your rivals. You can use these tips to insulate yourself from the threat of new businesses in the market.

Provide Solution, Don’t Just Sell Products

Unless you are a known brand, people don’t really search for you as a ‘brand name’. People are just looking out for things that can help them solve a problem or find a particular type of product. If you want to make a difference, you should convince the customers by explaining them in simple terms of how or why your product can help them in solving their problem.

Take Friendly Customer-Facing Staff On Board

This is an important point that every entrepreneur should keep in mind. People tend to buy a product also because the sales person who’s attending to them is just up to the mark, with impeccable skills and behaviour.  Friendly, outgoing and cheerful customer-facing staff will always attract more sales and more people, thus helping you grow your business.

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Own Your Niche

Understand your expertise and go ahead with it. Speciality will really bring you genuine customers. People usually attribute ‘specialists’ with higher quality products that the others who act like ‘Jack of All Trades’ but are a master of none. Your speciality should be kept exclusive and you should try perfecting a single product or service. It should certainly be something that you excel in and have a thorough knowledge about it.

Be Humble And Down To Earth

Always be open to leaning news things and don’t ever get too satisfied with your business. There is always scope for improvisation! Even if your business does wonders and flourishes in no time, don’t get carried away by the success. Always keep in mind that popularity is a double-edged sword! Remember the lessons you’ve leant and heard about the downfall of countless hitherto thriving brands. Market leaders tend to get lazy and complacent when they realise their business is going good.

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Startup Technology

4 Ways to Grow Your Business Online Without Spending a Lot of Money

Online Business
Online Business

Going digital is the trend today, so if you have an online business, it will surely grow over the time without any doubt. If you are planning to  start an online business, then you cannot afford to waste money at the initial stage. You don’t have to put in a lot of money into growing an online business. In reality, there are certain things that you can do  without spending any money at all. It just takes little creativity, effort and imagination. Take a look at these 4 ways to grow your business online with a small budget.

Create Rich Content Online

Rich content will always attract readers. Whether it’s a company blog or a product description, Creating high-quality content should be the main focus. For this, you need to really think out of the box and be creative enough to lure the readers with you writing skills. Use facts appropriately and try and engage the readers so that they are engrossed in the write-up. Only if this happens, your online business. In short, it is all about how well you can manage to engage the audience with what they need.

Design Layout and Presentation

The first thing about online content is how it looks when the reader sees it. The layout of the firm, be it any firm, should be appealing to the eye. It shouldn’t be tacky and haphazardly presented. You need to understand your target audience first- youngsters, middle-aged or any other category, and choose colours and layouts accordingly. You should remember that more than one-third of visitors will leave a site if the layout is poor. All that you should keep in mind is the choice of the colour, graphics and even the overall layout of the site. Your aim should be to deliver a pleasant visual and functional experience to people visiting the website.

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Be Mobile-Friendly

Not everyone carries a laptop or a tab everywhere they go, right? So the basic thing that one should keep in mind is to have a mobile-friendly website. Most people these days surf online from their smartphones. Your website should have a mobile variant like an app so that it becomes hassle-free for your customers.

Be an Active Participant in Online Communities and Use social media

Social media can help your business reach more than lakhs of people in single day. Facebook, Twitter, YouTube, LinkedIn, and other social media platforms have highly engaged users and can help you fetch business and establish your brand identity. Moreover, be active in online communities where people go to post their questions, find content, and explore. Top communities on the internet that are really popular include Reddit, Quora, TripAdvisor among others.