As of October 3rd, 2023, India has firmly established itself as the world's third-largest hub for startups, boasting an impressive count of 112,718 startups recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) spread across 763 districts nationwide.
India has notably secured the second position globally in terms of innovation quality. This achievement highlights the country's excellence in metrics such as the quality of scientific publications and the caliber of its universities, especially when compared to other middle-income economies.
"The influx of venture capital and angel investors has provided crucial financial support for aspiring entrepreneurs, enabling them to turn innovative ideas into thriving businesses. India's optimistic outlook for the coming decade is providing an additional boost," shares Pavitra Pradip Walvekar.
While these numbers paint a promising picture, the startup journey is fraught with challenges, and not every venture succeeds. Many startups confront the harsh reality of failure, encountering obstacles like market fluctuations, intense competition, and poor management. Pavitra Pradip Walvekar sheds light on the four most common reasons behind startup failures.
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