Data shows more than 70000 DPIIT-recognized startups- Alok Kashyap of Yatiken Software has advice to face competition
May 03, 2024
New Delhi [India], May 3: In India's burgeoning startup ecosystem, the third largest globally, entrepreneurs face a fiercely competitive arena marked by a high saturation of businesses across tech, e-commerce, and fintech sectors. Despite a promising start in 2022, funding sharply declined by year's end, reflecting broader economic slowdowns that starved emerging companies of essential capital. This financial crunch is a significant hurdle, especially given that approximately 90% of startups fold within their first five years, often due to inadequate market fit, lack of innovation, and funding shortfalls. Moreover, the bureaucratic red tape and intense competition for skilled talent further exacerbate the challenges, with large global corporations and local unicorns vying for the same human resources. With consumer preferences and technology evolving rapidly, startups must pivot quickly to survive, all while competing against well-funded international firms that bring formidable brand recognition and resources to the table.
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