“While India has a huge pool of talented tech-enthusiasts, they are not necessarily knowledgeable about setting up and expanding an enterprise. Industry partnerships can help boost the success rate of early-stage startups in India,” says Amitabha Bandyopadhyay, faculty head of IITK Incubator.
While EF will support the budding entrepreneurs in the process of finding a co-founder in the early stages. It will also offer mentorship, strengthen the business model, pre-seed investment to the startups. The startup will have an opportunity to access IITK business incubator as the next step to build a network of expert advisors, access to prototyping facilities and grants.
“Most often, successful enterprises are formed during the times of crisis. With the coronavirus pandemic, we will have new problems in the future and it is an exciting time for entrepreneurs to create innovative products as solutions to such challenges,” says Esha Tiwary, general manager, Entrepreneur First (India).
Implementing technology for consumption, says Bandyopadhyay, is impossible without strong industry-academia ties as technology can only be converted into products if one has market insights. “Technology is penetrating all sectors amid coronavirus outbreak. The post-COVID-19 world will have a different way of life and technology will become an extension of every process, transaction or interaction,” he adds.
Studies have shown that around 90% of Indian startups fail within the first five years because of various reasons including lack of innovation and guidance. “The concept of investing in individuals before they have a registered company is in its nascent stage in India as well as across the world. To improve India’s startup ecosystem, it is crucial to invest in individuals with unique ideas and early-stage startups,” says Tiwary.