Start-ups depend on innovation for growth
A vibrant economy, technology-enabled growth and challenges that demand out of the box thinking have made innovation a key aspect of Indian start-ups, a study by a global advisory firm has revealed.
The study, released on Wednesday, by Zinnov Management Consulting, revealed that a combination of factors such as increase in domestic IT spend, global aspiration of Indian enterprises and a multitude of factors from complexity of markets and the synergy of talent and entrepreneurship are making Indian start ups grow by nearly 20 per cent each year.
“The global expansion of Indian companies –which started about three years ago—has been a key factor in the demand for innovation,” Zinnov’s Director for market expansion Karthik Ananth said, adding, “Companies like Tata Motors and Airtel have acquired global peers and it is important to keep innovating on solutions if they were to get their products across to different markets. Moreover, the domestic market is as complex and as challenging as they can get.”
Second generation entrepreneurs who have a better understanding of market, venture capital investors who are seeing more success in funding Indian start-ups and multi-nationals who like collaborating or co-creating with smaller Indian companies, are also contributing to the need for innovation.
