All You Need to Know Before Stepping Into the World of Startup Business

Cultivating innovative thinking starts at the top. Leaders can foster a culture of innovation by encouraging creativity and experimenting with a new idea- Lynne Doughtie

Since the evolution of mankind, inventions and innovations have been an integral part of the human ecosystem. Be it the discovery of fire, electricity or how water can be harnessed to generate electricity, they all have been major innovations that started off as just a thought in someone’s head. With a population of 7.6 billion people and rising, the world has more innovators and thinkers than before and this can make a major difference in the way the world moves ahead. And it can only be done when the thoughts are given a proper platform to be turned into innovations.

A plethora of ideas has evolved over the last few years which have made a significant difference in the lives of people. Innovations such as 3D printing are now being used to digitally print basic objects that even we can use, like vases, measuring cups, bottle openers etc. It is also used in hospitals to print outcasts and prosthetics for patients. Brain mapping is another such idea which neuro-scientists have been using for a better understanding of how the brain functions.

Startups and Reclaimed Ideas

The constant emergence of ideas needs to be steered in the right direction. Only then can it be put into action. And that is where startups come into the picture. Startups encourage the exchange and implementation of new ideas. When an idea comes up, its pros and cons are weighed in. There is a lot of research that goes into it and is given a thorough check. Only if it’s useful to the world and is something that hasn’t been done before, it’s implemented into the big plan. In the Indian perspective, independent reports suggest that the total funding in Q1 2018 reached up to a staggering 1.17 billion USD.  As compared to Q4 2017, it has witnessed a growth of over twenty percent. While Fintech as a sector received the highest funding, Bengaluru recorded the maximum funding deals.

The concepts may not have worked in the past but with the world constantly transforming, implementing the same thought with a few changes can be the first steps towards founding a startup. For example, if the idea of food delivery using an app was thought of as impractical in the past, a couple of years later, it is now one of the leading sectors of the food industry. This shows how one opportunity can probably make a difference.

Uniqueness in Startups

Startups have a very different way of functioning. When an idea is nowhere close to becoming a part of reality, startups work towards making the impossible, possible. And the world has its share of innovations to push through. The most unique ideas have a way of grabbing even the common people’s attention. An exemplar of novelty is a delivery service for food and other essentials. The catch here is that this service delivers anything in the middle of the night. Another example is a company that recycles cigarette butts to make new items such as key chains, soft toys etc. The fact that social gatherings create a lot of waste in the form of cigarette butts was the catalyst for the startup.

Building up a startup: Modern day innovators

Looking back into the past, there was a lot of encouragement was given to the discovery of new ideas. But to put it into action it required a lot of time, resources, effort and even the necessary finances. And the past is less advanced than today; it posed a major challenge to anyone who wanted to create a wrinkle in the norm. In the past, anything new was thought to be something bizarre. But the neoteric world is one that accepts advancements with open arms.

For a startup to be a part of the minds of people, it needs to give them a reason to notice. This requires a copious exchange of ideas, knowing if the concept matches the target audience and mainly how the organization will be funded.

But along with this process, a startup comes with its own set of challenges. In the Indian scenario, the policies created by the government for the startups aren’t really the friendliest. It requires a lot of effort. Even after the entire process is done and the company is set up, there are a lot of restrictions that weigh down the progress of the company. Another situation that usually arises is talent. Individuals who have brilliant skills tend to prefer a corporate which in a way can be justified with regard to the amount that is offered. This directly speaks of the main challenge being, funding. Startups have a tough time trying to invest a particular amount as they’re constantly low on funds. This leads to a reduction in facilities, pays, lack of proper equipment etc.

Even with a sober picture, it’s reassuring to know that since 2017, the Silicon Valley has its eyes set on the Indian startup scenario. The move of the Indian government of implementing GST has given startups the freedom to pay taxes only when the turnover is 20 lakhs. Finally, startups have been getting into mergers and acquisitions which have intrigued other investors to invest in Indian startups.

Workability and future prospects of innovation and startups:

The world is a Pandora’s Box of ideas, opportunities, and people who bring up these concepts. When you focus on a particular idea and envision it to be a success, it is bound to be exactly that. In a world where innovation is the way to growth and development, startups have the upper hand. They bring forth the belief that an idea can grow into an organization. As per reports, there will be more than 11,500 startups in the country by 2020 which will, in turn, create jobs for the needful. With a promising future ahead, this source of novelty is bound to attain greater heights of success and operational excellence.