The future for Indian startups is a mixed bag of opportunities and challenges. While the startup ecosystem is relatively young, it has shown significant growth and promise over the years. Sanjeev Bhikchandani was bold to have started Infoedge and had a string of startups in his portfolio around the late 1990s, but the actual meaty companies like BookMyShow and MakeMyTrip came up in the middle of the 2000-2010 period.
Recent events, like the Byju’s scandal, however, have raised concerns about the integrity and transparency of some players in the space. It is essential to recognise that one or two bad players will not likely wipe out the entire startup ecosystem; it requires a series of players to mess up badly to leave a significant impact. The Byju’s case though serves as a cautionary tale, highlighting the importance of maintaining ethical practices and adhering to regulations. The most unfortunate part is that it is in a sector like education, where the future of thousands of students depends on the ecosystem.
India’s resilience and tenacity, evident during the Covid-19 crisis, also apply to the startup ecosystem. Founders and investors will face challenges, but it is crucial to learn from setbacks and continue to support innovation and growth. Consumers and users, too, play a vital role in the success of startups. As long as the customers are convinced that a Zomato, a MakeMyTrip, or a LensKart is delivering a quality product or service that is making a difference to their lives, they will support them in their growth. Consumers, however, also have the right to voice concerns and hold startups accountable for their actions.
India has a phenomenal advantage in terms of the size of its market. There is enough opportunity for an enterprise to succeed as long as they have an honest and clear intent of doing business in the country.
Startups must take responsibility for their actions and embrace transparency. Ensuring clean records, undergoing proper audits, practising corporate governance, and being honest with employees and customers are essential elements for long-term success.
In conclusion, the future of Indian startups relies on a collaborative effort from all stakeholders. By maintaining ethical standards, supporting innovative solutions, and fostering a transparent and accountable ecosystem, Indian startups can go beyond ‘go big or go bust’ and achieve sustainable growth in the long run.
The writer is a startup evangelist and a mentor of change with Niti Aayog