The startup movement is here to stay, and if you have the drive to start up, there is no better time and place than here and now.
India is the fastest growing large economy in the world and one of the main reasons for this is the huge market potential that the country presents. It, however, is not easy to pinpoint specific business areas that will see high growth.
Here, we explore a few areas that hold huge potential for new businesses.
Lifestyle and food & beverages continue to present a huge market opportunity as disposable incomes rise, and consumers seek higher ‘convenience’, for which they are ready to pay. Experiential tourism is seeing increased interest, and if properly managed, can open up a plethora of opportunities for startups. Infotainment content is another big upcoming market.
Below, a brief look at key business opportunities in various parts of India.
1. Infotainment: Netflix’s Sacred Games was a runaway success on the streaming platform, and to some extent, demonstrates changing entertainment preferences from traditional Bollywood films and even the Saas-Bahu serials. The next step, one might say, is infotainment which educates along with entertaining.
There, though, is a lack of good quality content in the genre and it follows that the opportunity is immense if one can find the right balance.
2. Going Green: This is the new mantra in Urban India. From hybrid cars to eco-friendly architectural designs, from yoga and green tea to eco-friendly kitchen solutions, the trend is evident and gaining. On the one hand, as the planet will thank you for your efforts, on the other, it presents a huge, nearly-untapped, market for those looking to start up.
Initiatives like electric bikes and ride-sharing apps are a step in the right direction, but there is much to be done, and many areas to be explored.
3. Lifestyle: Changing lifestyles are acknowledged to be causing stress, and having adverse effects on health. It follows that anyone who helps one get out of their tedious routine, even if it is for a short while, has a huge opportunity.
Experiential tourism, eco-tourism, and smart and green living spaces could present some, if not all, answers, and a big area for new businesses to look at.
1. Ecommerce and IoT solutions: Of all the wonderful things that the internet has given us, ecommerce takes the cake. The metro-dweller is addicted, but the one in Tier II India is yet to fully tap the power of home delivery.
Transport, home connectivity, and building security are commonplace IoT use cases in metros, but extending the scope of the technology to beyond will bring better availability of goods to Tier II cities, and make homes and buildings more secure and even energy efficient.
2. Fashion and food & beverages: Every new day, a new trend, a new food outlet and a new way to indulge – Tier II cities are getting better at tracking the latest in fashion and food, and this, will almost forever, present an opportunity.
India's true potential lies in its villages. There are multiple avenues for job creation and innovation when one looks at the rural sector and each one has the potential to push businesses in the high growth trajectory.
1. Clean energy: Much has been spoken, much done, and there are miles to go. From solar panels atop roofs and solar farms, wind farms also present an area that businesses can tap in rural areas, the latter primarily in hilly regions.
2. Skill development: A growing number of youngsters in Indian villages are keen on careers that are technologically driven. While there is no dearth of talent, the lack of right skills has kept them from getting an upper hand. Startups in the learning space – be it technical, language, or even formal education – have a strong market here.
3. Smart agricultural solutions: This is an emerging area of interest in India. Many startups are trying to provide assistance to farmers and farming communities by coming up with innovative solutions, and this will definitely be the next big thing in rural India.
With cheap labour, low production costs, and a huge population make India the next best thing in the world. Startups here are ready to lead the next wave, and take India to a global superpower status.