Takeaway: A few decades back, nobody has thought that India would grow into one of the world's few big economies. It was all possible because of the contribution of startups. Of course, due to the pandemic, the situation got worse, but India is recovering from it quite well, as the major IT and Pharmaceutical startups are contributing so much.
You would be amazed to learn the fact that the number of startups in India has grown from merely 7,000 in 2008 to 50,000, according to the latest report by KPMG on the startup ecosystem in India. It was all possible because of the acceptance of startups by people, and as a few years back, people didn't take it seriously due to its risk factors and various other aspects.
The government has also implemented various schemes for the upliftment of such startups.
Startups provide multiple benefits to a nation as they provide both economic support and employment to the youth. In a country like India, where we have many youths who are yet to be employed, startups provide a boon.
KillerLaunch has proven to be one of the best startup job sites in India in the year 2020. Within a few months of its launch, the platform already made a dream come true for many startup recruiters and candidates. KillerLaunch is specially dedicated to startups. The site provides multiple benefits to startups like a resume downloading option, post job/internship, startup profile, etc. At the same time, it has also helped the candidates to find jobs and internships in various amazing startups.
Here are 6 reasons why the startup job market is growing in India, an insight by KillerLaunch.
Fundings have become easier.
There are more ways to raise money today than it did 25 years ago. Earlier, a businessman had to go to the stock market to make money. However, the concept of seed bags, angel money, mass sponsorship, VC support, etc., has made it easy to get started today. The KillerLaunch launch program also offers amazing offers for startups. Check it out!
The power of youth.
Technology has also helped promote a 'do-it-yourself' situation at all country levels in terms of entrepreneurship. Ten years ago, in college interviews, there was no 0.5 percent of students interested in business. That number is growing as two to three percent of students choose to own businesses in the millennium. For some of these students from healthy economic backgrounds, no one is forced to earn money immediately after graduating. Therefore, even if there is no fixed income, their parents can still care for them. This makes taking a risk. This has helped the ecosystem. Some students take the job and start at the same time.
Changing job options.
Earlier, a student who excelled in his studies chose to pursue a doctorate or an engineering degree. The business was the choice of those students who did not do well academically, or their families were in business. This has had a chance at sea. Many colleges and the B-School with innovation centers like IIM-Ahmedabad - with Innovation, Incubation, and Entrepreneurship; Nasscom has 10,000 Startups. All of this has made business more accessible and easier.
Improving technology.
Technology has simplified the way business is done. There is no need for regular sales or market distributors. Entrepreneurs are now able to access markets online because technology is now allowed. This is very different from what it was a decade or more ago when entrepreneurs had to seek out and verify vendors, distributors, etc., to place a product or service. The internet has made it easier and easier to communicate directly with the consumer. The businessman thus has no sympathy for the middle class. Direct marketing is the best way he can get it now.
Social entreprenuership.
The social entrepreneur has grown, thanks to more students from the cities of Tier III, IV. If one were to look at the IIT-Bombay campus construction, there are many students now from non-metros. It was not so twenty to three years ago. These students have faced real problems at the grassroots level and are determined to solve these problems. In the past, social entrepreneurship could not be considered a viable proposal. However, that is not the case today.
Easy communication.
Communication has changed the way business is run. It has led to lower costs to organize meetings etc., due to the acquisition of better technology. Previously, if there were to be a meeting in another city, an adult would have to go down to the city and stay in a hotel - all these costs have been eliminated thanks to Skype, conference calls, and video conferencing.
Final thoughts
India has vast talent. Between tax restrictions and other existing policies, it first opened the way for some degree of success and opened the way for the world to see. The founders of these small businesses incorporated a wide range of youth, college graduates to professionals, business veterans, all focusing on disrupting and transforming the business world in an unprecedented way.
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