Businesses Are Harnessing Tech For Innovation & Startup Growth
What leads to the startup growth and makes it intriguing? The answer is.. Business concept, technological prowess, dedication to excellence, level of risk, agile work environment, fresh income potential, the problem they’re trying to tackle, or even a mix of all of these factors are what fuel innovation and startup growth.
Drivers Of Startup Growth & Innovation
The past 24 months have shown that when established companies experience significant instability and high volatility, startups emerge as a driving force to create novel solutions to upset the current situation and encourage startup growth.
Many of these digitally enabled businesses are enabling the Indian economy to change and adapt to the new normal in a ground-breaking and impressive way, resulting in startup growth. These all are performed by using the most cutting-edge and innovative tools and platforms based on data-centric innovation, artificial intelligence (AI), machine learning (ML), augmentative and virtual reality (AR/VR), blockchain, and the cloud.
It makes sense that India, behind the US and China, has the third-largest startup ecosystem in the world today. According to NASSCOM, India added a record 1,600+ tech startups in 2020, the most in the three years before 2020, demonstrating a long-term expansion in the number of tech businesses. The country’s unicorn club, which refers to privately held businesses with a valuation of $1 billion or more, currently includes 77 companies. In 2021 alone, 38 of them joined the exclusive membership- close to 50%.
Yet this increase in unicorn sightings in India appears to be just the beginning. Tech-enabled startups are deepening their roots, engaging with their workers more deeply, and developing disruptive solutions to succeed in the New Normal. These sectors include cryptocurrency, fintech, e-commerce, OTT-based entertainment, gaming, SaaS, social media, healthcare, EdTech, and mobility. So, get ready to touch the height of startup growth if you’re among these sectors.