Crystal Gazing for 2016
- The year ahead will see the coming-of-age of applications focused on making payments easier.
- Startups will have become nimbler and agile to cope with the demands for generating revenues in a sustainable fashion.
- Finally, startups will rise to focus on opportunities rising from government’s drive to make in India etc.
So far the Indian economy has witnessed phenomenal growth for the Indian technology startup ecosystem, driven by factors such as massive infused capital, acquisitions and consolidations, increasing Internet and smartphone penetration, and an ever growing domestic market.
Although the market has suffered in recent times due to considerable backlash against certain startups for layoffs, India will continue to grow as a startup incubator. As the environment is highly emergent where everything changes in under a month, making predictions for a year is almost like crystal ball gazing. However, 2016 will certainly witness significant progress in digital payments. With liberalization of KYC norms in mutual fund investments and various initiatives by NPCI, we will also witness greater financial inclusion and easier investments and transactions for individuals across the country.
India is on the path of becoming the world’s fastest growing mobile app market where startups, financial institutes and even traditional companies are doing their best to keep up with the fast changing times. The app revolution presents incredible opportunities in several different spaces including communication, payments, and collaboration.
Increase in inventive concepts and entrepreneurial spirit in the country will not only draw attention of domestic VCs and individuals, but will also see enhanced interest of overseas investors. With ‘Make In India’ & ‘Startup In India’ campaigns, several state bodies are working towards creating a support system to boost the startups in their respective areas. While the growing technology penetration is a reason enough for an optimistic wave among investors for startups, the government’s support would be an added advantage. However, the success of many startups will also depend on how they plan to spend. My advice would be to spend wisely, celebrate failures and learn from the mistakes you make while creating a business. No sustainable business is born overnight; so mistakes are inevitable. Pick up the best lessons out of these falls and move along.
To people looking to work in a startup, I’d say go for it, by all means. The wealth of experience you will get in a startup and the treasure trove of skills and knowledge you will garner in a startup is in itself reward enough.