India has the world’s third largest startup base – NASSCOM report and product startup showcase at NPC2017
Markets for Indian innovations are emerging overseas and locally, in sectors ranging from e-commerce and banking to manufacturing and healthcare. The product mindset is augmenting India’s traditional services strengths, with startups emerging in IoT, AI, VR, analytics, blockchain, e-health and other sectors.
NASSCOM’s annual Product Conclave, held in Bengaluru, is a regular draw for product innovators in large corporates and fledgling startups alike. Conference sessions this year focus on data dynamics, digital transformation, innovation cultures, frontier technologies, investment strategies, business storytelling, deep tech, and ecosystem engagement.
According to a report unveiled by NASSCOM at the NPC 2017 conference, there are now over 5,000 startups in India that are less than five years old; over 1,000 new startups were added over the last year. The mortality rate of startups is 35% each year.
More universities are setting up entrepreneurship education programmes, and the number of student startups in India in 2017 is 450 (up from 350 last year). “The education system in India is more accepting of startups,” said Raman Roy, Chairman, NASSCOM.
The percentage of female founders in Indian startups increased from 10% to 11%. The median age of startup founders in India is 32 years. More Indian and foreign companies are engaging with startups via collaboration, accelerators and investments.
India has the third largest startup base in the world, running neck to neck with Israel. However, angel investments in seed stage startups in India decreased by 53% in 2017 as compared to the previous year; this calls for urgent government intervention in areas like taxes on angel investments.