Despite the economic impact of the COVID-19 pandemic, India continues to hold its place as the world’s third-largest startup ecosystem. In the recent months, this position has only strengthened our hold, as reflected by the steep incline in the number of unicorns that have emerged.
Going forward, these numbers are sure to increase further, catalyzed by the widespread adoption of technology at every level and how closely intertwined it is with our everyday lives. Startups play an important role in both social and economic development of each and every sector, from education to finance, healthcare and beyond. With budding new technologies and innovations, these companies exhibit what the future can be, as long as they have the resources to succeed.
Research and experience proves time and again that the best way for these up-and-coming companies to grow, is to build a network of collaborative relationships with different players in the market. Business does not thrive when in a vacuum – what it needs is an ecosystem – an interdependent force that is mutually beneficial and that fosters innovation at a local, national and global level.
The pandemic galvanized businesses to adapt and be agile in order to meet the immediate needs faced across sectors. Collaboration and partnerships were no longer a nice to have, they were a must, especially for startups. This brought on a new-age business model in which new entrepreneurs are supported by a community of people, organizations, and other startups that support them during new venture formations and their achievements. Through this entrepreneurial ecosystem, startups can walk the path of creating disruptive innovation knowing that they have access to a host of resources that can fill the knowledge and capability gaps as they grow.
As an ed-tech entrepreneur myself, I saw firsthand the advantages of having a collaborative startup ecosystem. A network of intelligent alliances with premier educational institutions, multiple well-established startups, government organizations and industry connects leads to synergies that can only help improve upon your offering. It creates a whole new way of collaboration and can offer access to stellar talent and resources in any time zone.
The advantage of such an ecosystem is the treasure trove of agencies, consultants, complementary startups and more that it can introduce you to. Each can be a valuable resource that can potentially play a crucial role in a startup’s growth, forming a safety net of intellectual capital startup leaders can turn to in times of strife. Importantly, the presence of such collaborations can lead to huge cost savings, ensuring that the quality of output doesn’t suffer, but improves exponentially without adding unnecessary burn.
Today’s entrepreneurs are faced with many opportunities if they are unbound by the traditional ways of doing things. By learning, adapting, and evolving as time progresses, constant changes in our environment can become huge opportunities. The journey ahead for startups is rich, exciting and limitless, thus, leading the movement from being just a by-product to economic prosperity to a stand-alone addition, economic growth of the country.
Article By – Nikita Sivakumar Co-Founder and CEO of AdmitNXT