Ever since the Indian economy opened its doors to liberalization, growth of our economy has been dependent on new enterprises that created trends seizing opportunities. What’s glorious about man’s will and the Indian startup culture is that they were never dependent on government’s fiat and tapped on consumer demand by solving a genuine problem they themselves, as consumers faced.
Silicon Valley has been the benchmark for many startup hubs across the globe. For many entrepreneurs, the Valley was the dream that they were chasing. With numerous governments quoting the city as the destination they want to achieve; the capital is almost on its way to charter its own name against the holy grail. When entrepreneurship like we know it today, seeped in the Indian economy, it was cities like Bangalore and Hyderabad that clearly dominated the startup ecosystem. The startup bug infected the capital much later, even though entrepreneurship veterans pioneered avenues for entrepreneurship, breaking stereotypes in the country from right here.
In 2017, NCR which comprises of New Delhi, Gurgaon and Noida is home to 8,772 startups, according to a recent Tracxn Technologies report. The three separate cities respectively are home to rapidly evolving technology hubs within themselves. Additionally, Delhi-NCR also houses the highest number of online retail start-ups at 1,288, which includes companies such as Snapdeal, Limeroad, Paytm Mall and Shopclues that are based in the region.
In the last decade, the startup fever has captured minds of professionals and heirs to start something of their own moving beyond the comfort of a steady job. What’s unique about the Delhi startup ecosystem is that it fosters diverse verticals of startups moving beyond technology ideas to consumer services and financial services. This reflects well in the fact that Delhi-based fintech start-ups pocketed majority of the funds.
Delhi is the heart of our nation and its successful set-up as the epicenter of India’s startup economy showcases the success of the nation overall. It’s the students of IIT Delhi who happily skip placements to start something of their own. It’s the support systems like The Indus Entrepreneurs (TiE Delhi-NCR) that bring these students dream alive with a network of successful entrepreneurs as mentors who actively pursue disruption of old business models by bringing forth the Gen Y and their ideas. On the back-drop of the last ten years, where startups have received millions in funding and billions in valuation, it’s that one dream that matters the most which has been elevated from ‘almost there’ to ‘here, right now’.
(Pramod Bhasin is President, TiE Delhi-NCR.)