Shouldering The Innovation Agenda Of The Nation
Being the world’s sixth-biggest economy, India has the 3rd largest startup ecosystem in the world. India is minting start-up unicorns at a record pace. In the period from 2015 to 2021 there has been:
- 9X increase in the number of investors
- 7X increase in the total funding of startups
- 7X increase in the number of incubators
2021 has been recognised as the ‘year of unicorns,’ with 40+ unicorns added in the year. The year also witnessed more than 2,250 start-ups, over 600 more than 2020. Innovation is forging the future. It’s the moment of truth: innovation has sustained us through the pandemic and is now redefining how we work, live, and interact. India ranks #2nd in innovation quality with top positions in the quality of scientific publications and the quality of its universities among middle-income economies. The innovation in India is not just limited to certain sectors. We have recognized startups solving problems in 56 diverse industrial sectors with 13% from IT services, 9% healthcare and life sciences, 7% education, 5% professional and commercial services, 5% agriculture and 4% food & beverages. These new leaders are—ICONS, turning into UNICORNS.
2022 demands the need for a different path to light. Innovation that not just fix the business but also upend convention and craft a new vision for the future. The commitment now is to develop a culture of innovation and entrepreneurship in every nook and corner of India.
The investment ecosystem has systematically helped in crafting the start-ups focus on innovation that helped script their success story. While innovation has always been pivotal for higher productivity and economic growth, it is also crucial for bolstering a post-crisis economy.
The Indian start-up ecosystem has taken the lead in mobilising resources to battle the ongoing Covid-19 crisis. Thanks to their unique business models and product offerings, these start-ups are making a strong foothold in the market. By 2025, the Indian start-up ecosystem is expected to have 37,000 tech start-ups, and 180-200 unicorns with a cumulative valuation of $600-700 billion. Current valuation = $320-330 billion.