Is Indore giving a tough competition to Pune, Bangalore and Hyderabad?Manish Verma
With IIM and IIT co-existing, Indore is all set to be the great tier 2 cities that people would be giving example of. All the major newspaper are talking of Indore as the city that is all set to be become the entrepreneur hub in the near future. The youth here are full of zeal and innovation that has led to some of the great ideas perceived here in the campuses of IIT and IIM.
What it is going to be when IIM and IIT of Indore come together. The result was i5 Summit. Through this summit the students joined in their expertise and there were many startups that gained prominence as a result of this confluence.
Let us look Indore with more depth:
Being fast forward in terms of commerce is not a new thing for Indore. Indore has always been the commercial capital of Madhya Pradesh. With time it is also trying to keep up the tech based commercialization and entrepreneurship that is developing.
There are a lot of issues that are faced by the entrepreneurs who are functioning in tier 2 cities. Getting over all that, the people of Indore are participating vigorously in the tech startups and all other kinds of startups.
WittyFeed is a viral platform startup that was established in the year 2014 and is now functioning in Indore. The company was established by Vinay Singhal, Parveen Singhal and Shashank Vaishnav in Chennai. Later the company was shifted to Indore. The move was made so that there could be better communication as the entrepreneurs were facing language and cultural gap there. He had admitted to the fact that there was lack of entrepreneurs ecosystem in Indore but one cannot deny its potential and the fact that Indore can be developed into entrepreneurial ecosystem.
There is low operation cost in Indore that makes it a cost friendly place. If you compare the city of Indore to other metro cities then you will realize that taking an initiative here is quite easy and cost effective.
Here entrepreneurial networks play an important role in developing the ecosystem. Here in Indore Entrepreneurship Network, Startup Ignition, Indore Startup Community, Jain Social Group, Swan Angel Network and eChai are some of the well known networks that can be used to make entrepreneur advancement in the commercial sector of Indore.
Indore has many startup ideas that can be used by new entrepreneurs to explore and get the best results.
One such industry is the retail industry. This industry has a large variety of goods and services and can be used to penetrate the market. Indore is increasing in terms gross domestic state products and per capita income of the people.
The resultant increased purchasing power can be used to make the consumers buy new products that they guess will only be available in metro cities. Taste and preferences of the people of Madhya Pradesh is changing and they are accepting new brands. For more suggestions on the retail industry you can look for business consultants in Indore.