India’s startup has evolved into a vibrant hub of innovation in recent years equipped with more than 1.5 lakh young companies and a new unicorn emerging almost every fortnight. The need for collaboration within and beyond borders now has become more evident than ever.
IIT Kanpur’s Director, Prof. Manindra Agrawal, highlighted the power of partnerships in driving the startup growth at the ASEAN-India Startup Festival 2024.
Startups can create solutions which are technologically advanced and also commercially viable. Affordability often dictates market success in India and this approach can lead to such products that balance cost, quality as well as accessibility.
Each IIT has carved its niche like IIT Kanpur focus on MedTech and drones whereas IIT Madras is an expertise in robotics. Prof. Agrawal points out that the benefits of the startup ecosystem also need to extend to tier II and III cities. Programs like IIT Kanpur’s partnership with the UP government to set up incubation centers in smaller colleges are steps in the right direction.
Technology is the backbone of India’s startup success. Fields like AI, quantum computing and cybersecurity are rapidly shaping industries. Sustainability is simultaneously becoming a key focus equipped with startups developing cost-effective solutions which are tailored to India’s unique challenges.
The journey is of course not without challenges and many startups fail because they focus too much on technology.
India can build a stronger as well as more sustainable future for its entrepreneurs. By embracing collaboration and ensuring inclusivity across regions ASEAN-India Startup Festival is a testament to what can be achieved when innovators come together with a shared vision.
