Session on "What are the challenges in the Startups"
31st July 2023
Startups are a business model or venture which are focussed on a single product or service that the entrepreneur wants to bring to the market. The Government of India has introduced the “Startup India Scheme”, after which startups in India have risen from 471 in 2016 to 73000 in 2023, making India the third largest startup ecosystem. These numbers certainly make a budding entrepreneur happy but there is also another side of these numbers which is not discussed often. According to the survey done by Institute of Business Value, Oxford 90% of Indian Startups fail in the first 5 years. These numbers show that there are certain challenges which Startups in India face.
To find solutions to these challenges, Institution’s Innovation Council (IIC), Ministry of Education (MoE), Dronacharya Group of Institutions, Greater Noida organized a session on “What are the challenges in the startup” under the guidance of Mr. Anand Mathew( Zoom Communication Pvt. Ltd.). Mr. Anand emphasized, startups do not only fulfill the dreams of young aspiring entrepreneurs but also bring economic stability for a nation. Thus it is important to discuss the challenges that lead to failure of a startup.
Mr. Anand then highlighted the major challenges that Indian startups face in the market. Major reason for the failure of a startup is misleading market demand. He told the students that 42% of the startups doom in India because there is no need for their product. It is important for an entrepreneur to analyze market problems and find solutions to them. Later Mr. Anand told that the aspiring entrepreneurs find it difficult to raise funds for their business. They have brilliant ideas but are unable to find the right technical partner to develop their products. He also highlighted the importance of building a proper team that can work together towards one vision. Startups in India are unable to overcome these challenges, due to which they tend to fall in their initial stages.
Later the session ended with a vote of thanks from the (Prof.) Dr. Seema Shukla (Director). She thanked Mr. Anand for the enlightening session. The students were excited and inspired by the informative session.