After the widely acknowledged world startup report for China, the founder of CardMunch and the World Startup Report, Bowei Gai, has announced the launch of the India Startup Report. The report was unveiled in Rio De Janeiro.
Like the report for China, this is a exhaustive presentation hosted on presentation sharing site, Slideshare, which covers various observations of the Indian Startup ecosystem. This report has been co-authored by Benjamin Joffe.
“The energy in India’s startup scene, while still at a smaller scale, is comparable to what I witnessed in China. We met several outstanding startups which are going to be billion-dollar companies within a few short years, and many more which will be successful on smaller scales. YourStory is a key channel to give visibility to those successes and inform us about how the ecosystem is growing,” said Bowei.
Benjamin Joffe, co-author of the world startup report further shared, “Filling market holes will take some time, but original models applicable to other emerging economies are certain to emerge, and might even apply to first-world countries. India is likely to leapfrog to digital in several sectors. Then we will have to reconsider who is developed and who is held back by legacy industries.”
Some key points –
- India has 900 million mobile phone subscribers and the 3% smartphone penetration rate which is poised to skyrocket.
- In countries like China and Chile, startup ecosystems are thriving because of new government policies, in India they grow in spite of it.
- Finding talented engineers can be a struggle. Although India graduates over 1M engineers a year, the best leave the profession to chase management roles with higher paychecks.
- Infrastructure and culture are not favorable to entrepreneurs yet.
- Very little and fragmented internet penetration – India has also missed the PC revolution, but is riding the wave of the smartphone revolution
Here’s the complete report –