By Deepshikha Singh, Managing Editor, Consultants Review
Over the recent year, the startup ecosystem in India has really gone up, thanks to the factors such as evolving technology, growing demand and domestic market and especially the support by the Indian Government. The Startup initiative by the government helps in building an effective ecosystem that assists business ideas turn into reality. However, with the Covid19 situation the startup sector in India has been extremely dented. Although the market is crowded with innumerable consultants to help the budding businesses in achieving their objectives, the count of consultancy firms to guide the start-up ventures is almost negligible.
In general, there are two major categories of start-ups one, which is well funded and has enough resources to launch their start-up and the other that lacks resources and have improper planning which eventually leads the firm to shut down within few months. Today, while the start-ups in SME spaces are trending in the market and turning out as a whole new venture of industry, the present-day start-ups prefer seeking guidance from the consultants to gain knowledge about running a business and incorporating new trends to get in more clients.
Sidhant Singh, Founder, LIO Consulting shares, “Startup consulting is not a new concept in my opinion. If you look at most of modern history, any new company looking at entering or establishing itself in a sector has a guiding force behind it. The major difference and I don’t mean it with a negative connotation is that the mentorship or the guiding light for a company to be successful has evolved. You have numerous titans in any given sector, however, approaching them or having access to them on 1:1 basis has become challenging. This is the gap that startup consultants need to address. Also, startups as well as consultants are more inclined towards a fast turn around and this can be troublesome at times.”
Today, while the start-ups in SME spaces are trending in the market and turning out as a whole new venture of industry, the present-day start-ups prefer seeking guidance from the consultants to gain knowledge about running a business and incorporating new trends to get in more clients
Manikandan Chidambaram, CEO, of Laabh Technology Ventures adds, “According to us there is always hunger in the economy to start or own a business. I would say everyone in some part or stage of their career would aspire to start their dream business. But there has to be someone to motivate, set a direction, guide and usher them to see the big picture. In simple terms its all there just that someone should trigger their instincts that strive to accomplish. I guess we have over a period of time tried to understand the traits of the entrepreneur and have tried to bring the best out of him. Newer gov. norms, success of startups in the yesteryears, the recognition of an entrepreneur by the society are the thrusting factors.”
Startups have become a key player in the modern industrial landscape of the country. A recent study shows that the total amount of startups increased to 9300 by the end of 2019. Many such business ventures have gone on to creating unprecedented success stories that have even shocked the industry experts. Although the country’s attitude towards startups is favorable, many new business ventures still struggle to get a foot-hold in the market. In this modern competitive environment where reputed companies are using the consulting services of various specialized consultants, startups are forced to up their game to have any chance of survival. With the industry witnessing rapid developments and changes in the past couple of years, many companies have failed to cope up with the changing market requirements and perished. By constantly evolving with the industry requirements and technological advancements, Startup Consultants have been able to put some clear daylight between them and the rest of the competition