Every country’s economy is a composition of diverse businesses. The common classification of industries has been primary, secondary and tertiary and in their own way, each industry contributes to the overall growth of the economy and in turn to the rising standard of living.
Over the years however, the startup sector has come into its own and is transforming the business ecosystem like no other. Enterprises small in size in terms of capital and manpower to begin with, but with innovative ideas and smart ways of solving problems, are outperforming larger corporations in size as well as revenue. They are changemakers in the true sense. India with a constant uptick in startup registrations, freshly minted Unicorns and a whole army of Soonicorns and Minicorns waiting in the wings, is experiencing a positive startup impact. CoffeeMug is an AI based networking platform that has been consistently involved in helping multiple startups to grow and bring in a positive change in the community.
With a diverse geography, a huge population, different cultures and habits, India is a land of constantly emerging opportunities. The key to success for any startup here, is to pick an issue and come up with a solution that is easy, scalable as well as economical. There are many sectors where a startup in India can play a defining role. Here is a tentative breakdown of the present problems that startups can solve.
•Disparity in quality healthcare access
•Disparity in access to basic and advanced education
•Improper waste disposal
•Non availability of timely personal or business finance
•Erratic and costly energy supply
•Insufficient logistics connectivity
•Rising unemployment
•Water scarcity
Here is how startups are helping in resolving current problems in the country:
•Disparity in quality healthcare access – HealthTech startups can provide access to advanced remote diagnostics, online pharmacy, online specialist consultancies, doorstep tests and reports. All to help remedies and cures reach patients faster.
•Disparity in access to basic and advanced education- EdTech startups harnessing the reach of the internet and modern technology, can create a relevant and customized education knowledge base available at a click, to all age groups, irrespective of location.
•Improper waste disposal – By creating on ground facilities cleantech startups can offer better waste management, collection and disposal of solid waste, introducing organic waste management, as well as offering recycling solutions for the growing e-waste dilemma.
•Non availability of timely personal or business finance – FinTech startups can create robust online payment and finance distribution channels that offer timely access to cheap and reliable finance for small entrepreneurs and even create opportunities for small personal loans for which there is a huge market.
•Erratic and costly energy – Cleantech startups can create businesses based on renewable and clean energy sources. Solar energy, wind energy, bio-CNG, biofuel, nano-material composite batteries, emission control devices, air filters and more, which can bring down energy costs as well as are environment friendly too.
•Logistics connectivity – Startups can come up with flexible, innovative and highly responsive supply chain models across the first and last mile spectrum. Delivery for white goods, FMCG , food, medicines, warehousing, trucking, grocery deliveries, courier services, just in time deliveries, there are plenty of opportunities here.
•Rising unemployment – Startups may start with a small team but they can scale up quickly in terms of size and reach, which means they will require more manpower, which in turn means generation of whole new employment opportunities at every level of the organization.
•Water scarcity – This is a very important area which a startup can address as it is the need of the hour, not just in rural areas but also in urban areas. Desalination plants using solar thermal energy can be the way forward. Other methods like devices and software to prevent water leakages and water theft in real-time and using. Environmental moisture to create drinking water is gaining traction.
Along with these more visible sectors, startups also need to look at what are the problems in Indian agriculture. There are problems that exist which could do with smart, innovative solutions.
• Lack of proper produce storage
• Irregular power supply
• Water scarcity
• Poor soil care
• Lack of capital
• Lack of timely connectivity to markets
• Lack of access to seeds and organic fertilizers
• Poor marketing of farm produce
With a large chunk of the population invested in agriculture the sector presents huge opportunities for agritech startups to create solutions right from seed procurement, soil management, water management, mechanization, produce warehousing, cold chain storage and logistics, food processing, farm to market and even farm to kitchen options. Procurement, warehousing, marketing and distribution are the main heads which could do with real time solutions. This could solve the long standing problem of food wastage and in turn address the pitiful problems of hunger and malnutrition too.
Learn more about the emerging opportunities that beckon a startup in India. Discover who is doing what, to make the life of the ordinary man better with smart ideas and innovative solutions across business verticals. Subscribe to CoffeeMug.
CoffeeMug is that one exciting platform for the latest information on the state of the startup ecosystem and a host of other exciting business ideas, funding, new age technology and more. Also, it lets you get one on one interactions with mentors and professionals, who could perhaps hand hold your ideas to success.
FAQs
Q. How do startups help in the development of our country?
A. Startups develop new businesses and enhance the economy with groundbreaking technology. When these firms go public, they become money-making machines for not just the founders, but also the employees and shareholders; they also help to change the company image.
Q. Are startups good for a country?
A. One of the major advantages of startups is that they generate ample amount of job opportunities, lowering the unemployment ratio of the country.
Q. Why are startups growing?
A. The key motivations for the increase in M&A of Indian startups include technology acquisition, client acquisition, acqui-hiring and market consolidation. Investors are receiving more exit possibilities as M&A activity in India picks up.
Q. Which model is mainly used by startups?
A. The freemium model is one of the most preferred business models among entrepreneurs. The model integrates free and premium services into a single model through a tiered approach.
