Despite the recent setbacks, including the Coronavirus outbreak and economic slowdown, the Indian startup ecosystem is booming at a rapid pace. Cutting-edge Innovations and technology are fueling this growth, and 2020 will offer some great opportunities to entrepreneurs, business coaches, consultants, and founders, among others.
The India startup ecosystem has always been cyclic, involving growth, stagnancy, bust, and exit. However, there’s one thing that goes in favor of startups operating here – India’s ability to deliver a high return on investment to all investors. Let’s take a look at how technological innovations are shaping up the startup ecosystem in India in 2020.
What 2020 Holds for Startups in India?
1. Direct To Consumer Startups
Direct to consumer brands are gaining some serious traction with the help of popular social media platforms such as Facebook and Instagram. These digital mediums have empowered brands to target consumers without any significant investment. In 2020, this space is expected to grow three to four times. It offers excellent opportunities to entrepreneurs who are looking to build big brands quickly, at an affordable budget.
2. Voice technology
The voice-based technologies and interfaces like Google, Siri, and Alexa have opened up a new world of possibilities in almost every industry. However, to create a real impact in India, these technologies need to crack the regional language barrier. While most Indian entrepreneurs know that content in local languages has a huge potential, there have not been any significant advancements in this direction. There’s a high chance that this would happen with the voice technology in 2020. A number of new startups will emerge to cash in on this new opportunity.
3. Electric Mobility
The electric transportation sector has been growing at a very strong pace, especially the electric two-wheeler market. Promising startups such as Anther Energy had launched their electric scooter recently. With the help of new e-commerce technologies, this sector can grow massively this year. Moreover, the government’s efforts to switch to electric vehicles will fuel the growth further. Many experts believe that this is perfect time for electric mobility startups to transform the way people travel in this country.
4. Financial Technology
Pioneered by disruptive startups like PayTm, the FinTech sector is all set to scale new heights in 2020. PayTm and other digital payment providers have put a lot of effort in making ordinary people comfortable with digital payments. They have even managed to bring those people on the platform who didn’t have a bank account. The FinTech sector has seen a slew of new technologies in the recent past, and will continue to be an attractive area for investors in 2020.
Entrepreneurs need to constantly innovate to succeed and contribute to the country’s growth. To make this happen, the Indian government has started several initiatives such as the startup India scheme, National Programme on Artificial Intelligence, and setting up of several centers of technological excellence.
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