Consumer response pertinent for growth of startups

startup ecosystem| Consumer

Of many lessons that the pandemic is still teaching us, one is being self-sufficient and selfdependent. This is not just limited to individual households but the country as a whole. Exports, imports, trade relations all took a back seat when it came to containing the spread of the virus. This is just an indication of how fragile the market is when it is dependent on global forces to cater to local demands.

True, a country cannot have it all and trade-relations are not just about the money that countries exchange but the underlying goodwill and relations the exchange builds. However, the pandemic has shown that it is in a country’s interest to fulfil its demands locally. Supporting startups is the first step towards it.

The number of startups in India shot to 50000 from a mere 7000 in the last decade and the trend continues to grow. From food to AI, India has created a startup ecosystem that cuts across industries and is buzzing with ideas. True, there are more failures than success stories, but the momentum the startup movement has gathered is hard to beat.

While the government is trying at its end to support startups in ways it can, from easy loans to annual fests and competitions, the onus lies on consumers now. As a customer, we should be ready and receptive towards these startups. The way customers respond to a service or product by a startup is a key decider in whether the startup will stay afloat or not. So, until consumers go local, the buzz will not translate into a storm that it intends to kick off.

As consumers, every time you buy a product or utilize a service, take a pause and look for a local option. Chances are it will turn into a pleasant experience and something more than you expected. In this special edition of Insights Success, we celebrate the spirit of innovation and entrepreneurship as we bring Emerging Startups to Watch. These home-grown companies are trying their bit to bring their ideas to life and services to you.

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