Bengaluru: India is the third largest tech startups ecosystem after the US and the UK. Among cities in India, Bengaluru is most attractive hub for the driven startups, followed by the Delhi NCR and Mumbai while Hyderabad and Chennai are also catching up the race, according to an ASSOCHAM study.
The study done in association with the ‘Thought Arbitrage’ found that in the tech startups, India has moved up to third position with the US occupying the top position with more than 47,000 and UK with over 4,500. India’s tech startups number around 4,200 up to 2015.
The report further mentioned that in terms of total number of startups, comprising tech and non-tech categories, India again figured among the five largest hosts in the world along with China. The number of startups in both India and China was 10,000 each. The US leads the overall list with 83,000 budding entrepreneurs.
Of the Indian startups, riding on the technology, the IT hub Bengaluru represents 26 per cent, followed by NCR with 23 per cent and Mumbai 17 per cent. In the ‘catching up’ category fell Hyderabad with eight per cent, Chennai and Pune with six per cent each.
“The disruptive innovation in technology and process is creating newer Indian start-ups and foreign investors including some of the well-known venture capital funds are showing immense interest in these start-ups,” ASSOCHAM President Mr. Sunil Kanoria said.
The startup culture is catching up across the country with rapid growth of technological “disruption” and innovation. Realisation of this distinction needs to percolate to all strata of the policy making and economy to ensure that a real support system for the startups, in terms of technology, hand-holding, funding and rapid growth, can develop properly in the country, the study paper noted.
Startup India along with Make in India and Digital India has the potential to create more opportunities for the new entrepreneurs. The paper suggested tax exemption for research and experimentation to encourage fresh ideas without fear of failure. Suggesting a Stanford University model in various Indian universities, the ASSOCHAM-Thought Arbitrage paper said courses on creation of small businesses should be encouraged in the learning campuses.
