November 4, 2017
It isn’t uncommon to see so many of your friends quit their cushy job to start something of their own. They have the idea, vision and the passion–and they hope that would be backed by some funds to get it going. The recent news of India adding about 1,000 technology start-ups in 2017 is music to many ears.
Youngsters who want to innovate in their chosen field are encouraged with such news. This obviously helps India retail its position as the third largest hub for entrepreneurship. Nasscom Chairman Raman Roy was quoted saying that 1,000 tech startups were registered this year (2017), taking their total to 5,200 and making India the world’s third largest startup ecosystem. Raman emphasised on the fact that despite tough competition from Britain and Israel, India retained its momentum as a vibrant landscape for startups. And the icing on the cake is, that within all this, it is Bengaluru which has become the top city in the country for startups as far as funding is concerned. It is indeed time to gloat.
“Reports suggest that the Startups in Bengaluru got funding of $4.1 billion for the first three quarters of 2017 as per data provided by research firm Tracxn. 2016, Delhi-NCR was ahead of Bengaluru with companies like Paytm, Snapdeal, Ibibo, MakeMyTrip. The funds that have been pumped in Flipkart and Ola have made a difference this year,” says B.R Das, Founder of Adwaita Technologies, a Tech startup. He adds, “Apart from the big guys attracting funds, I am not sure if all startups are indeed able to pull up. The ease of doing business, is not great here. Red Tapism is a huge deterrent.But yes, it is because of the talent pool that Bangalore has a thriving start up system. I am trying to do some good work too.”
Expressing his views on the same,Probal Banerjee, Founder of Antara Collectives, Bangalore says, “There is a world of difference when it comes to funding between IT based startups and non IT based startups. Access to funders also depends on your network. Unless your product/service is really unique. I think more than the existence of a startup ecology , it is a byproduct of Bangalore being the IT capital of India. That has created a heterogeneous population, substantial part of which has global exposure. So while the supply can be created by some startups, more importantly there’s a lot of demand from this population. So the boom is demography and market driven more than any other factor.”