India has officially become a hotbed for technology startups. The Indian startup ecosystem has expanded to a total of 80,152 startups, a number officially recognized by the Department for Promotion of Industry and Internal Trade (DPIIT). Among these, as of February 2023, the total number of technology start-ups was between 25,000-27,000, with 1300 being founded in 2022 itself. That is equivalent to more than 3 new tech startups coming into existence each day!
This growth may signal a new chapter to entrepreneurs and investors, especially after the funding crunch, layoffs and shutdowns driven by the pandemic between 2019 and 2021. So, has the Indian tech start-up ecosystem sailed over the roughest seas?
Not entirely. According to the Economic Survey Report 2022-23, startups in India will face several challenges in the coming years. Strong recessionary economies, coupled with a lack of steady funding and supportive infrastructure, will lead to “flipping” – a process where startup owners and entrepreneurs transfer the ownership of an (Indian) business to an overseas entity for better prospects.
Given that Tier 2 and Tier 3 cities are home to 48% of Indian startups, there is a high chance of them “flipping” to survive, if the economic situation worsens. This will take away a lot of talent, capital and IP away from Indian shores.
To counter the trend of flipping, the report outlined the need for “active collaboration with government-related regulatory bodies and other stakeholders” in the Indian tech community. The need of the hour is an increased emphasis on developing better harmony and collaboration between the startup ecosystem and the Indian tech community to foster innovation, association and growth. A stronger engagement between global startups and the Indian tech community will be key in tiding over the challenges that startups and smaller organizations will face in the near future.
India, being the third largest technology start-up ecosystem in the world, has a key role to play on a global scale through its technology base. Hence, leaders of global tech startups need to know how to effectively network and collaborate with the Indian tech community.
In this blog, we will share a few of the most effective strategies to better engage, connect and collaborate with the tech community in India.
Networking Strategies for Global Startups in India
Networking is vital for any startup. It gives the stakeholders and decision-makers opportunities to develop relationships with prospective partners, consumers, mentors, and investors who can provide crucial support for their operations. Here are three ways you can improve your networking with the Indian tech community:
1. Attending Industry Events and Conferences in India
There are several industry events and technology conferences in India that can present startup owners and entrepreneurs with the perfect occasion to connect with investors and business leaders. One example is the IndiaFirst Tech-Startup Conclave cum Expo & Awards hosted by AICRA (All India Council For Robotics & Automation). This event primarily allows startups to showcase robotics, automation and Artificial Intelligence products/services to investors, entrepreneurs and venture capitalists. Moreover, tech conferences often organize investor-meets aimed at fulfilling the funding requirements of early-stage startups. Hence, industry-specific conferences and events can be the ideal hotspot for startup-focused interaction and networking.
2. Professional Associations for Tech Startups in India
Another avenue to network with the Indian tech community is to leverage outreach strategies for professional associations. Organizations such as The Startups Council of India, for instance, provide a networking platform to identify strategic alliances with freelance professionals from India. These platforms can enable startups to identify and network with collaborators who can contribute to the startup, including developers, content creators and corporate mentors.
3. Online Communities and Forums for Tech Startups
Yet another approach for global startups to improve networking within the tech community is through online forums and communities. This could include business networking sites such as LinkedIn, Indeed or other platforms that have social messaging features. Moreover, the Startup India government platform boasts a forum that brings together tech leaders, investors, freelancers and other stakeholders in the Indian startup ecosystem. With a strong presence on such platforms, entrepreneurs can easily network with professionals from various domains and industries who are looking for work.
Collaboration Strategies for Global Startups in India
Collaboration allows startups to actively connect with other tech entities to pool their resources and knowledge, reach new markets, address common problems, etc. Startups can increase their chances of success in a competitive niche by working with other organizations to develop better business models, products and solutions.
1. Mentorship Programs for Global Startups
Many established enterprises want to invest in the disruptive potential of startups in India. Hence, they are collaborating with tech startups through mentorship programs. For instance, Facebook has partnered with the Startup India platform to disburse grants of $50,000, while Goldman Sachs has founded the 10000 Women program to provide women entrepreneurs with business management training, mentorship, networking opportunities and funding. Collaborating with established enterprises in the same industry can boost innovation, research grants and capital for startups.
2. Shared or Co-working Spaces
Another approach to collaborating with Indian tech entities is through a shared workspace. Rather than interacting with enterprise mentors on a fixed schedule or occasionally participating in tech conferences, co-working spaces allow startups to engage in day-to-day collaboration. Being surrounded by creative professionals with industry experience enables a quicker exchange of ideas, and access to shared knowledge and resources.
3. Startup Incubators in India
One of the simplest approaches to improve collaboration with the Indian tech community is to hand over the reins to the experts. Startup incubators such as TeemGenie can help you identify and partner up with the top talent based on the startup’s growth and needs. As entrepreneurs and startup stakeholders, you can focus on the operations of the startup while TeemGenie finds you the perfect match to collaborate and work with!
Summing It Up
The startup community in India is still evolving. With 3 new tech startups being founded daily, there is massive scope for collaboration and networking within this dynamic landscape. Using the above-mentioned strategies, your startup can open doors to new opportunities.
Both online forums/platforms and offline startup-centric events can be great places to start networking. Using your newly established relationships to collaborate with industry leaders can help your global startups make the best use of the expertise and knowledge of the Indian tech community.
Senior stakeholders and entrepreneurs should participate in industry events, identify strategic professional associations and create a presence on online forums to boost networking. By applying for mentorship programs offered by industry leaders, opting for a shared workspace or partnering with startup incubators (such as TeemGenie), startups can collaborate with the top talent in the Indian tech community.
