The Increasing Potential Growth of Startups in the Digital Era
With the emergence of hostile conditions of COVID-19. There have been rising opportunities for various businesses and startups. In such situations where everything has started to shift online and given boosts to many small businesses working online and has paved a bit easier path for entry of the new startups.
STARTUP: A startup is an operation or business by individuals or a group of individuals to launch a new, unique product, service in the market.
Covid-19 has been a completely unpredictable time for all. The necessity to stay at home for prevention from such a deadly disease has made employees to students stay at home and continue their work and learning from home respectively. Since this pandemic has no visible end the economy and livelihood can be affected to worse than it is still going at present. This has given birth to various new ideas to sustain individually and as an economy as a whole. These new ideas as startups are establishing. Also, these are mostly dependent on online platforms.
Why has it been able to do so has been a constant question to many so far? There are various reasons for it. Let’s understand a few in brief:
The reason behind Start-up Growth
SOCIAL MEDIA: Social media such as Instagram, Facebook, and a few others have given rise to digital marketing.Moreover, have been able to create a shift from traditional to online marketing and shopping.
CHANGING PATTERNS: With an increased inclination of consumers towards online shopping for consumer-based and other necessities is a major reason for the birth of startups during this pandemic.
SERVICE SECTORS: The maximum benefits and acceleration has been in service sectors that have given opportunities in this sector to grow and new entries to establish and develop.
INVESTMENT BY ESTABLISHED COMPANIES: Many established companies understood the importance of online marketing and business in growing years after this pandemic and have invested in worthy start-up projects.
SURVIVAL OF TRADITIONAL BUSINESS: Nowadays the traditional retailers and other businesses have shifted to online marketing in order to sustain their business which could have been completely shut in such situations.
GOVERNMENT SUPPORT: The government with motives to encourage “MAKE IN INDIA” and such other programs have emphasized and has shown increasing support to startups.
GROWING PROFITS: With higher risks and failures, the startups were limited but now with the increasing reach of online platforms there has been a rise in the number of startups being established.
GOOD RESPONSE: With new ideas being accepted and appreciated by their targeted audience has boosted the confidence of other individuals to launch their own startups.
LOSS OF JOBS: the loss of jobs of many individuals has also urged such individuals to come up with their own ideas and start their own startups.
ACCESSIBILITY :
There is no mandatory rule for startups to be on the online platform. But it provides better reach and ease of accessibility to showcase to the targeted audience what they aim to provide.
Majorly, These are the reasons why the startups have been growing and predominantly. Hence, have found a way of growth during the pandemic.
Moreover, the Pandemic has just escalated the need and dependency on digital startups.
Scope for Startups?
From education to entertainment everything was hit hard by the emergence of the sudden pandemic. The need to reach customers of their respective sectors has been a reason for online platforms to be a stronger medium. As the students rely on online courses and video calls to gain knowledge.
All this emerging on online platforms has created the need for traditional businesses to merge online. Subsequently, working to provide them equal efficiency on online platforms even.
Startups seem to be the new future of economies along with the business that was previously running.
Benefits-
The benefits of new startups for economies are-
- Revenue generation
- Innovation
- Time reduction
- Cost efficiency
- Better performance
- Employment opportunities
- Networking
- Globalization
- Technological advancement
- Ease of access
- Increase in GDP
- Prevention from spreading of such deadly virus
- Competitive atmosphere
- Increased options with consumers
- Better services
What are the benefits that act as motivation to start a startup in India?
Let us try to understand and enhance our knowledge about it:
- Tax exemption: Indian government assures tax exemption for 3 years if you start a startup.
- Financial support: Indian government provides financial support to raise loans.
- Simplified process: from long complex procedures to start a business the government has tried to provide a better and simplified process. Thus, to encourage more and more startups in our country.
- Find your investor: government enables you to present your idea and helps you to reach potential investors for your startup. Therefore, this helps to ensure increased participation by worthy candidates who hesitated due to financial problems.
Other benefits under #startupindia
Startups shall be allowed to self-certify compliance through a simple online procedure.
Additionally, In the case of labor laws, no inspection will be done for 5 years.
Startups give rise to innovation and technology. Nowadays, the value recognized. Indeed, Governments are encouraging to establish more and more startups. Hence, growing startups will be a significant financial aid to the economies.
Especially in the times of Covid-19, a boost in more and more startups is visible. Surely, This will bring growth to the economy. Resulting, it gives many new ideas and innovation project space to stand out in a competitive market.
Also Read: ‘Don’t risk life savings, invest with caution’: Elon Musk advice on Cryptocurrency
