What good are startups for the Indian economy? With the increasing amount of resources, time, and personnel invested in startups, this question has become increasingly important. Total investment in startups is expected to reach $180 billion by the end of 2023, surpassing the government’s spending on education for 2023. Moreover, with close to 90,000 startups in India today, we are witnessing an increasing presence of startups in the mainstream, with shows like Shark Tank actively promoting entrepreneurship in India.
With greater resources, better established operations, and existing market share, large businesses can excel in sectors where initial capital investment remains the predominant factor. Moreover, it also lets them attract the best talent, benefit from existing expertise, and a number of other factors that bias them towards success.
However, when each decision magnifies its impact many folds, the ramifications of a single incorrect decision are dire. Moreover, if that wasn’t enough, the flow of information is slowed, leading to a longer evaluation and response time for the business.From ideation and evaluation to planning and execution, businesses seek to minimize risk and maximize return by largely sticking to what worked previously.
As a startup, one enjoys the benefit of being able to iterate rapidly. By embracing failures and learning from them, startups drive innovation. It can pivot once, twice, or as many times as required to achieve product-market fit.
It has often been highlighted that startups predominantly emerge from the tech sector. This illustrates an important point: technology is one of the easiest sectors to scale, with fewer infrastructure constraints. Additionally, as one of the sectors experiencing the greatest disruption, it allows for rapid iteration. Startups can add, subtract, or modify their product’s features.
Another vital aspect of startups is their ability to address specific market gaps and unmet needs. They often identify niche markets or underserved segments and develop products or services tailored to meet those demands.
Startups are not meant to replace large, established businesses but rather to complement and challenge them. While large companies have their advantages in terms of resources and market share, startups bring agility, fresh perspectives, and the ability to disrupt existing industries.
It is evident that startups require substantial support to navigate the challenges and complexities of the business world, whether it’s in the form of funds, mentorship or industry connections. As a result, the role of startup accelerators becomes imperative. They serve as catalysts for growth, offering a structured framework that helps startups refine their business models, develop their products or services, and streamline their operations.
Conquest, BITS Pilani’s flagship startup accelerator, has evolved to become one of the largest in the country in terms of the impact it has had over the past 18 years. It operates on a zero-cost, zero-equity model, providing its cohort of startups with equity-free grants, resources, mentorship, and investment opportunities over a 7-week hybrid accelerator program.
Conquest enables startups to thrive in today’s competitive landscape by focusing on personalized mentorship and fostering community-based learning. It hosts a series of pitching and fundraising workshops conducted by leading investors and ‘Ask Me Anything’ sessions with successful founders, including Nithin Kamath of Zerodha, Aadit Palicha of Zepto, and Amit Jain of CarDekho Group, among others. Selected startups get the opportunity to pitch their ideas at the Demo Day in Bangalore and win INR 10L+ in the form of equity-free grants.
Specifically catering to early-stage startups, Conquest receives over 2,000 registrations each year, attracting founders ranging from students to established professionals and serial entrepreneurs. Aspiring founders can register their startups for the 19th edition of Conquest at conquest.org.in before June 6th.
