Startups are getting support from government and private players. Amid such a scenario, IDFC FIRST Bank too has come up with the launch of its groundbreaking initiative called First Symphony. The program is basically focusing to bridge the gap for startups. It is offering them an opportunity to find anchor customers, give shape to their innovative ideas and flourish in the competitive market as well.
It has been usually witnessed that startups recall the significance of landing their first major anchor customer, who provides credibility and simultaneously paves the way for future success by attracting other potential clients. All the startups are not lucky to secure such vital partnerships and this leads to a high failure rate within the first five years of their inception.
So, the question arises as to what makes an ideal anchor customer. And the question is serious for tech-savvy startups. The first aspect to note here is that the startups must hold prominence and simultaneously influence within the relevant industry. This will bring credibility to them. The second aspect is that they should demonstrate a willingness to embrace digital solutions as well as collaborate with other startups to address specific business challenges. Financial stability and a shared long-term vision are crucial factors too.
IDFC FIRST Bank has recognized the potential of startups. It has launched the First Symphony to double up as an ideal anchor customer. It is offering a trusted partnership opportunity for the startups with its vast influence, commitment to innovation and focus on data security as well as compliance.
Under the new program it is actively identifying startups for collaboration and providing them with the necessary support as well as distribution channels to thrive in the market.
