17, Jan 2024
Quote for National Startup Day | Rubix Data Sciences
Quote from Mohan Ramaswamy, Co-Founder & Chief Executive Officer at Rubix Data Sciences
The past year has been a difficult one for start-ups the world over, and the Indian experience has been no different. Funding constraints, geopolitical uncertainty, and inflationary pressures made 2023 a challenging year for the start-up ecosystem. Unfortunately, many of these challenges will spill over into 2024 as well, particularly the drying-up of easy capital.
Having said that, the Indian start-up ecosystem is both robust and resilient. Founders now have a greater focus on profitability and strive to achieve sustainable unit economics. Unviable and inefficient ventures which depended on frothy capital to survive are seeing their values drastically marked down or are shutting their doors. In their place, we are seeing the emergence of start-ups that have a ruthless focus on financial discipline and cash conservation.
Indian start-up founders have shifted their attention to addressing real-world challenges such as climate change, renewable energy, manufacturing efficiency, information security, and productivity-enhancing AI innovations.
Combined with a very positive economic outlook for the country, the Government’s initiatives to promote entrepreneurship will help reinforce India’s position as the world’s third-largest start-up ecosystem.
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- By Rabindra
16, Jan 2024
National Startup Day | Inputs from Nitya Sharma, Founder and CEO, Simpl
Nitya Sharma, Founder and CEO, Simpl
In the era of Unbundling of E-commerce, startups play a vital role in creating a level playing field and bringing market access to millions for small businesses led by MSMEs and D2C merchants in the country. They also help in building customers’ trust on merchants online or offline, resulting in a significant acceleration in the trade of goods and services and contributing to India’s objective of achieving a $5 trillion economy by 2028. This National Startup Day should set the tone for the growth of this ecosystem over the next 10 years where governments, industry, and the academia pool their knowledge and resources together to build a truly digital-first nation, powering the world’s economy.
