The growth of the software product industry in recent years has signaled a transformation – in India and across the globe. With increasing numbers of online active users becoming consumers of e-commerce solutions and the related marketplaces, Indian startups today are building global digital solutions to capitalize on this rapid growth. Hyper-growth, capital availability and acquisitions are the leading drivers of the growing startup ecosystem in India. Indian start-ups today are well positioned to address the entire Asian market opportunity and also expand beyond the US and European region.
Expressing his views at NASSCOM Product Conclave 2014, Mr. R Chandrashekhar, President, NASSCOM, said, “The Indian startup ecosystem is rapidly evolving driven by an extremely young, diverse and inclusive entrepreneurial landscape. This is leading to emergence of focused domain solutions for verticals like healthcare, agriculture, and education etc. An additional driving force is a four-fold increase in access to capital through VCs, angel investment and seed funding is allowing Indian entrepreneurs to work on building tailor-made products for their customers. Simultaneously, we need to also work addressing challenges on creating supportive government policies in terms of ease of doing business, tax incentives, participation in government contracts, availability of risk capital etc. NASSCOM will continue to actively engage with stakeholders across to address these challenges.”
Speaking on the sidelines of the conclave, Mr. Ravi Gururaj, Chairman, NASSCOM Product Council, said “Scaling up, Design and Growth Hacking are the key priority for startups today. On the innovation front, it is imperative to increase collaboration and partnerships for product companies with platform players, IT Services, Global MNCs and CIOs. The conclave this year will showcase interesting technologies that are evangelizing the product space and that are poised to become ubiquitous across both the consumer and industrial fabric of our society.”