Slowly but surely, startups are taking over the world, and Innovation, entrepreneurship, and startups are the engines of a growing economy such as ours. In the past two decades, we have witnessed the establishment of startup culture in the whole world, and India has also been a part of this new-age revolution. India has also seen the rise of some of its best startups in the past decade.
From countering global environmental issues to fighting homelessness, startups have been playing a vital role in the betterment of the world. Besides playing an enormous role in the bigger picture, startups have also made our daily lives more comfortable and convenient. Nowadays, we can get groceries delivered to our doorsteps within 10 minutes and have a car on the go wherever we want. All these things are possible because of innovative startups.
Improving the standard of life, making goods and services easily accessible to everyone, creating a more convenient and hassle-free society, and contributing towards a better world are some crucial attributes of startups. These attributes make them a driving force for the advancement of technology and refinement of living.
Besides making the world a better place, they also accelerate economic growth. They might have a modest beginning, but the economic reverberations they cause can alter the fate of countries by pushing economic and technological advancements. Therefore, having more innovative startups can drastically change a country’s economic and technological landscape.
Here are some reasons BrainerHub Solutions, the best custom software development company in India, thinks we need more innovative startups.
Ideas and innovation shape and transform the world, and India needs innovative ideas to take the lead in the global market. It seems that in the worldwide race, India is somewhat left behind. We can do much more with more robust startups with a global footprint. Our country has given birth to some of the most lucrative startups in the past decade, including Byjus and Oyo, which have largely succeeded in foreign markets and increased India’s influence globally. We need more startups like them, which bring innovative ideas to the table and deliver value to the entire world while making our country proud.
From Ola to Bigbasket and Byjus to Netmeds, startups have transformed how we live our daily lives. You can get groceries delivered to your doorstep within 10 minutes without having to wait in billing queues and roaming through aisles of supermarkets; you can eat any kind of food from the comfort of your home and do so much more, which was unimaginable a couple of years ago.
All this is possible because of startups. Whenever new and creative startups come up, they impact people’s lives positively and enhance their living standards. However, we need more startups focusing on rural areas rather than making urban areas their only service area.
Foreign Investment
Startups boost our economy by acquiring huge investments from foreign capitalists and investors. Besides pumping our economy, foreign investment increases market reach by establishing better connections, providing better opportunities, improving production, and increasing total exports. If our country focuses more on startups, we can secure more foreign investors who would be beneficial for the entire country.
Eliminates monopolies
As the competition in the market increases, the consumer gets better goods and services at more attractive prices. Monopolies are typically counterproductive for a growing and sustainable economy. If the markets are controlled by a handful of powerful companies, the risk of these companies abusing their position to raise profits at the expense of consumers increases drastically. Startups help eliminate monopolies, helping develop a more sustainable economic model and deliver better consumer services and prices.
Boosts the employment
It is undeniable that startups boost employment rates, and our country is in dire need of more employment opportunities right now. Startups come with novel job profiles and give both skilled and unskilled people a chance to earn a decedent wage. For example, Rapido, a couple of years ago, nobody would have thought of bike taxis as a tangible income source. However, they made it possible; now, if a person has a motorcycle, he can make a good living doing the same.
In August of this year, Mr. Piyush Goyal said that 7.46 lakh jobs have been created by the startup ecosystem in India. The statistics speak for themselves. Startups give people a chance to work, evolve, develop, and boost our country’s economy and growth.
Conclusion
If you have a startup idea but do not have the technical skills to transform this idea into a sustainable business model, do not worry, BrianerHub Solutions, the best IT company in India, is here to help. We help you transform your ideas into reality with the help of the most dedicated tech team in India. Don’t shy away because of not having the technical skills; hire the best experts, be a part of the startup ecosystem, and contribute towards our country’s growth.
