Here’s a quick 3-step process to identify great ideas for your startup company in India.
- Look for problems: The key to getting ideas is to look for every small or big problem in your daily life.
- Find a problem that messes with your mind: Look for those that interest you more. If you love to do craftwork, look for a problem that consists of decorative items.
- Find an innovative solution: Look for an out-of-the-box solution. Do your research about current solutions to that problem and create a better one.
Why do startups fail in India?
- Marketing Problems (56%): The biggest problem by far is the lack of product-market fit.
- Team Problems (18%): One of them would be a lack of domain knowledge.
- Financial Problems (16%): No budget and lack of funds.
- Tech Problems (6%): The biggest mistake is over-investment in technology.
- Operations Problems (2%)
- Legal Problems (2%) READ MORE
What is the success rate of startups in India?
The success rate of startups can vary from country to country, but overall only 1 out of 10 startups succeed.
Why are there so many startups in India?
- Big enterprises are realizing the potential of startups and are investing or partnering with them.
- Indian government understands the value of disruptive innovators across the value chain. More than 26 states have startup policies.
- Cheaper internet and higher mobile adoption opened a way to serve millions of new customers.
- First-generation entrepreneurs inspired new ones to start their businesses.