KOCHI: In contrast to the past, an increasing number of startups from the state are finding a foothold in the global market. Recent developments have seen several startups securing lucrative deals with overseas companies, shedding light on the thriving entrepreneurial ecosystem within the state. Among the standout successes, Sastra Robotics signed an agreement to export 150 robots to a leading UK IT company, Ufarms.io gained attention in the UK for its farm technology, and Fuselage Innovations emerged victorious in the AgriTech4 Innovation Challenge in Uzbekistan.
“There are two reasons that are in play when it comes to the attention that the startups in the state are getting from companies abroad. They are the ‘Global Exposure Programmes’ and ‘Corporate Connects’ which are being organised regularly,” said Anoop Ambika, CEO, of Kerala Startup Mission (KSUM). Under the Global Exposure Programme, the startups are exposed to various international events and given a chance to showcase their products, he added.
Both the programmes along with good mentorship have worked wonders for the startups registered with KSUM, said Richard Joy, co-founder, of Ufarms.io which is an agri-tech startup from Kalady in Kochi. “Moreover, the talent and products that we offer exhibit exceptional quality. KSUM has adopted a proactive approach in providing global exposure. For instance, KSUM facilitated our participation, as an agri-tech startup, in various events held in Dubai and Israel,” he added.
According to S R Nair, a startup mentor, going global is what every startup ecosystem wants for its companies. “For example, when CareStack, a company that offers a unique cloud-based dental software solution designed for dental practices went global it helped shine the spotlight on the startup ecosystem in Kerala. The company has gone big and has a market valuation of more than Rs 500 million to Rs 600 million,” he said.
“Any startup ecosystem will want some of its companies to expand. And when these startups fly out, the ecosystem they come from gains respect in the global market,” said Nair. He said, that though the state started early, it took some time for the companies incubated here to come on the radar of the global market. “And this led to a delay in funding. However, all that is changing. We are slowly picking up and this has been reflected in the form of the large amount of investments that startups like Gen Robotics and IRov have been getting of late,” said Nair.
However, he said, though technologically many of the startups in Kerala have the potential to scale up on the global level, they are unable to do so due to various factors.
“The main three things that many of the promising startups lose out on is the lack of managerial, and networking ability coupled with lack of global visibility,” said Nair. According to Robin Alex Panicker, chief product officer, of Finotes, another reason that has seen changes happening in the ecosystem is the fact that the entrepreneurs in the state have matured. “Their knowledge of business has expanded and they now know how to tap into resources in other locations,” he added.