The term startup is talk of the town nowadays, and it is the most popular topic! Many people define the startup as the tech business and with less than 100 employees. Many people want to become entrepreneurs and open their own businesses. Much needed thing is to explain all about startups to clarify the concept of startups for young and enthusiastic entrepreneurs in the making.
Start ups play a key role in supporting the growth and development of a countrys economy as well as in improving the quality of life for citizens.Economic development preserves and raises the communitys standard of living through a process of human and physical infrastructure developmentFoster cooperative international tie up and technological support through Start up programmes of bilateral and multilateralinterest.Make cities and human settlements inclusive, safe, resilient, and sustainable.
In accordance with the Countries Global Ranking of Startup Ecosystem 2020 by global innovation mapping and research company StartupBlink, India ranked at 23rd position, a drop of 6 places from 17th position in 2019. The ranking has been topped by the United States (US), followed by the United Kingdom (UK), and Israel at 2nd & 3rd position. It should be noted that India is home to the third largest startup ecosystem.
Among the top 100 startup cities, only four India cities were named in 2020 Cities Global Ranking of Startup Ecosystem while total of 38 cities made it to the worlds top 1000 cities with startup ecosystem.
7.1% of the startups in the world operate in the Fintech industry. Followed by Life sciences and healthcare with 6.8%, Artificial intelligence with 5.0%, Gaming 4.7%, Adtech 3.3%, and Edtech with 2.8%. Even though there isnt completely accurate data about industry distribution, its clear that modern startups gravitate towards the internet and digital technologies. With this information we can also see which industry is best for startups now.
The United States is the leading country by the number of startups (63,703) by a long shot. The second on the list is India, with just 8,301 startups, and the third spot is occupied by the UK, with 5,377 startups.
To put things into perspective, the US has almost three times more startups than the rest of the following 9 countries in the world combined.There are currently more than 600 Unicorn companies around the world. However, most of them are in China or the United States.Unicorn companies are startups that are valued at $1 billion or more. Most unicorn companies today are involved in the global sharing economy, where they can make quick gains.
Second place is held firmly by China, with 25% of all unicorn companies in the world. Third and fourth places are constantly being traded by India and the United Kingdom, with about 5% of unicorns or around 20 companies each.
The value of e-commerce sales globally is around $3.5 trillion, with rapid growth expected in the future.That is why e-commerce is one of the most popular industries for new startups. The next industry in line is Fintech Financial technology.
Online financial services have been booming since the introduction of PSD2.Another big focus of new startups is cybersecurity. These companies understand how important online security will be in the future. FoodTech combines food and technology, specifically the internet, to deliver products to customers another popular industry for startups.With over US$16 billion of investments in 2018, EdTech is becoming another popular startup industry that provides educational technology solutions to people worldwide.
95% of entrepreneurs that create startups have at least a bachelors degree.Many people say that education is not important. They point to Mark Zuckerberg and Elon Musk as examples. However, most of the people involved in some of the worlds most successful startups have a higher education.
Look at the honest statistics below about how many startup businesses fail, this information will give you an idea of what percentage of startups are successful:
The primary reason for these numbers is a lack of ability to offer a product for a target market. Many companies arent able to generate interest in their products or services. Some companies also struggle with marketing. They donot have the finances to do it right and present what they have to offer to the right segment of the public.
Another reason for startup failure is poor team organization. Companies are unable to develop a group of people that will work together effectively towards the same goals.
19% of startup leaders agree that competition is the greatest challenge when starting a business.
The second biggest challenge is cash flow (12%), taxes (11%), economy (11%), and growth is last with 10%. Other startups face a variety of other challenges.
The startup industry will continue to be the driving factor for global innovation and business growth for many years. However, companies need to learn how to adjust to trends while being sustainable and efficient so that more startups can survive long term.
Entrepreneurs are rightly known as national assets and individuals who are motivated to a great degree. These are the people responsible for changing the way of life of the people in a country. They arent only adding to their own account with a successful venture, rather they create wealth in the society with these ventures. For the jobless, these entrepreneurial ventures are boon due to the immense job opportunities that come in the market. More jobs are always reflective of a well-balanced society and one that is geared for progress. If the production function model is to be taken into account then entrepreneurial capital is truly of great importance to the entire nation. In India, innovation has taken leaps and bounds of growth in the fields of IT, Education, Health care, etc. due to the numerous start-ups in these domains. If you take a closer look, innovativeness has achieved more growth due to the reign of entrepreneurship. There are numerous competitors in the same domain and hence the need for something new and added quality is always rife to gain more market space and popularity. Here are some of the major impacts that entrepreneurs have on the Indian economy.
It is rightly said that people are of utmost importance in everything you do. If you have got the right people, business models and product will surely find a way into the market. There are numerous youth and fearless entrepreneurs in India that have taken huge strides to bring about a positive change in the economy of the country. On a deeper insight, entrepreneurship is the driving force in the market. However, there are people who have the idea that entrepreneurship is all about the struggle of a man to start a project or business on his/her own, it isnot true. The struggle is far behind and the focus should be on the growth it offers to the country.
Right from gathering workforce, funding, resources and creating an organisational structure, these are the things that encompass the idea of entrepreneurship. What remains a question is how the practice benefits the Indian Economy.
Promoting capital formation: The idle savings of the people are mobilised by the entrepreneurs by providing them with new opportunities. Resources are employed so that people can set up their own enterprises. With these kinds of entrepreneurial activities, value addition the wealth of the nation is assured. Such creation of wealth adds to the industrial and economic growth of the nation. More capital formation means that a noticeable increase in the overall production of the nation.
Job creation: If success is to be achieved in entrepreneurial ventures, then it is to be understood that the work will need more than two hands. Varying skills sets are needed for a project to become successful, and this is where a new scope for jobs opens to the people. Thriving business setups makes sure that the job queues are cut to half in a particular geographical area. Given the fact that unemployment at a large scale in an unending problem prevailing in the country, skilled and technically qualified people are sure to land a job with these opportunities.
Regional development: India vs. Bharat is a debate that has been prevalent for a long period of time and truly the difference in the growth of rural and urban areas is immense in the nation. However, 73% of households are in the rural area and therefore there is a need for balanced regional development. Entrepreneurial ventures remove the disparities between rural and urban areas with the help of industrialisation. The benefits from these ventures lead to community development such as road, education, health, and entertainment. Dwelling habits in slums and congestions are reduced as they have job opportunity and can sustain a better living.
Decentralises economic power: Monopoly takes growth when the industrial set up is more prevalent in the nation and hence the economic power is only within the hands of selected few. Through entrepreneurship, economic power is distributed to subsequent contributors and hence the wealth is no longer decentralised. It makes society a lot more balanced and paves overall development.
Increases GDP and per capita income: Every entrepreneurial venture adds to the economy of the nation. Every innovation in the market is improving the quality of service and hence helping the market to be further advanced. Resource and skill mobilisation in an effective manner helps in developing prospects in the market as well as adding substantially to the economy of the nation. These help to let the gross national product along with per capita income in the place.
As new ideas and innovations keep coming in the market on a daily basis, variety in the market gets a major boost along with prices that are competitive in order to gather better space in the market. It enables people to avail them for leading a better life and without compromising on their budget. It helps boost the standard of living of the people and suddenly the nation becomes a better place to live for even with minimal finances.
Export trade boost: The export trade gets a huge boost since entrepreneurs produce goods in large quantities and there is enough to be exported to foreign countries. Foreign exchange amount is enhanced with this and thus greater economic independence is achieved. All these only points towards a single point agenda of national development and financial growth.
Backward and forward linkages: The essential target of every entrepreneur is to maximise capital flow with the help of rapid innovations which they come up with. Backward and forward linkages are influenced by these practices and hence better economic growth is achieved. Such linkage theory reflects the fact that meaningful investments are being done in the country and there is a plan behind every step taken financially.
It is a fact that competition in the market is sure to come when there are entrepreneurs vying for the attention of the same consumer base in a market. Several producers in the same domain will make sure that each of them will be in search of better facilities which they can provide to their customers. Also, there will be a price war in the market and the one with the best quality will sustain for the longest period of time. It benefits the customer as they can now afford the services without burning a hole in their pockets.
Social change beyond imagination: Entrepreneurs are all about breaking the traditional idea of freedom and further expanding it because the sky is the limit now. The dependency on the lower level of technology and outdated systems are a thing of past as they can be easily replaced with local producers or through imports. The underdeveloped countries are getting access to high end technology to get the work done and as a result they are coming up with new goods and ideas. It is economically viable to them because the cost of living is low for people based in underdeveloped countries. The economic freedom they get along with the wide array of choice make it the best-suited system of production in any given economic set up.
On the other hand, there are always grimmest to any positive aspect. As flawless the system may look on the outset, it is difficult to master unless you are a crafter agent in the domain. Proper education and sense of the market must be imbibed in a person before they are ready to wave off their entrepreneurial venture. If they fail, then it is a massive financial loss for the person and the employed people will find it hard to get their salaries. Additionally, the resource base of the country is stressed with such initiatives. Over exploitation of natural resources are always a threat and it can lead to serious consequences later.
IT infrastructure refers to the composite hardware, software, network resources and services required for the existence, operation and management of an enterprise IT environment.
IT infrastructure allows an organization to deliver IT solutions and services to its employees, partners and/or customers and is usually internal to an organization and deployed within owned facilities.
Developers rely on platforms throughout the IT software development process to connect data, process it, increase their go-to-market velocity, and stay ahead of the competition with new and existing products. They have enormous amounts of end-user data on hand, and productivity infrastructure can remove barriers to access, integrate and leverage this data to automate the workflow.
Access to rich interaction data combined with pre-trained ML models, automated workflows and configurable front-end components enables developers to drastically shorten development cycles. Through enhanced data protection and compliance, productivity infrastructure safeguards critical data and mitigates risk while reducing time to ROI.
IT infrastructure consists of all components that somehow play a role in overall IT and IT-enabled operations. It can be used for internal business operations or developing customer IT or business solutions.
Typically, a standard IT infrastructure consists of the following components:
Hardware: This is the physical part of an IT infrastructure and comprises all the elements necessary to support the basic functioning of the machines and devices constituting the infrastructure itself.Servers, computers, storage and data centers, switches, hubs and routers, as well as all other equipment such as the power, cooling, cabling and dedicated rooms.
Software: It refers to all the applications used by the enterprise both for internal purposes and to provide its services to customers. Software includes web servers, Enterprise resource planning (ERP), customer relationship management (CRM), productivity applications and the operating system (OS).
The OS is the most important software component and is responsible for managing the hardware itself and connect the physical resources to the network infrastructure.
Network: Although is not strictly necessary for an IT infrastructure to function, the network is essential to establish internal and external communication of all elements and devices.
The network part includes all the hardware and software elements necessary to ensure network enablement, internet connectivity, firewall and security. It ensures that personnel get access to stored and transferred data only from strictly controlled access points to reduce the risk of data theft or damage.
Meatware: Since they contribute to constituting the enterprise environment and guarantee its functions, associated personnel and processes such as ITOps or DevOps are also part of an IT infrastructure.
Human users, such as network administrators (NA), developers, designers and end users with access to any IT appliance or service are also part of an IT infrastructure, specifically with the advent of user-centric IT service development.
Traditional Vs. Cloud Infrastructures: All the components mentioned above that constitute a traditional infrastructure are usually owned by the enterprise itself and managed within their own facilities.
The larger the IT infrastructure, the more space, power, personnel, and money will be needed to run it. Today, part of this infrastructure can be virtualized and rented from third-party services to cut the costs.
Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS) are all relatively new options that allow businesses to rent software, infrastructure, services and human resources from external vendors who will deliver them using the internet. All the components rented are hosted and managed in cloud servers that employ their own IT infrastructures.
Since all these resources are built on virtualization technology, they can easily be scaled up or down as the needs of the business employing them changes.Set of physical devices and software required to operate enterpriseIT infrastructure Components:
Technology has impacted and improved the way companies conduct their business, including communication, productivity, and speed in making business decisions. Which is why the importance of managed IT infrastructure cannot be underplayed.
IT infrastructure consists of all elements that support the management and usability of data and information. These include physical hardware and facilities, data storage and retrieval, network systems, legacy interfaces and software to support the business goals of the organization. The structure also includes hiring, training, policy, testing, process, upgrades and repairs.
Infrastructure management is the process of managing the components of a companys information technology. Having appropriate methods in place for the management of the IT infrastructure allows for improved performance, improved availability and quick solutions for various issues that could arise.
A managed IT infrastructure is important because it provides structure and control for diverse technical operations which involve hardware, software and networking in both the physical and virtual environment. IT infrastructure management is also responsible for
The benefits of IT structure management all stem from the ease of operation, clarity of information and reporting and cost saving. Behavior that supports this outcome includes
While new technologies present powerful opportunities for organizations, they also introduce challenges. The pace of change in IT is unprecedented. The mobile devices and cloud-based technologies that have brought in so many possibilities have also introduced several devices, platforms and apps for IT departments to manage and secure. These challenges add up to significant expenses such as cost of hiring and training qualified workers, purchasing the infrastructure to support and so on. Rather than struggle to keep pace with technology themselves, organizations hire service providers for help. The third-party service providers help with cloud deployments, data center solutions, mobile initiatives, collaboration tools and security. They offer a holistic approach resulting in higher standards as compared to organizations that handle it in-house. Turning to a trusted partner offers several advantages including:
If a company does not have a team dedicated to managing its IT infrastructure, it will be impossible to predict or manage disasters as they come along. This reactive approach can lead to lengthy downtimes and major data loss. Therefore, being proactive will save a lot of money for the company during disasters and in their aftermath and provide for budget for such emergencies.
Outsourcing functions such as cybersecurity and app development to a partner with technically skilled and specialized engineers in new and emerging technologies alleviates the pressure from the company.
If data is deleted, lost, corrupted, or compromised, it can be restored with the help of backups that have incorporated as part of the IT infrastructure. A careful and efficiently managed backup process reduces downtime, maintains productivity andcontinues to provide outstanding customer satisfaction.
IT organizations spend months deploying large systems. Outsourcing the management of the IT infrastructure helps an organization to scale up or scale down depending on the demand.
There are no more standard/fixed work hours any longer and it only makes sense to have a support system that is working constantly to support users. This can be supported by the service provider in an organized manner.
In addition to regular audits, organizations are also obligated to meet standards and requirements in accordance with the laws of the state. Laws could pertain to safety, reporting and security. All this can be handled by the service provider without adding the burden on the in-house staff.
Improving the infrastructure helps to improve agility, reduce time, effort and cost to manage the IT infrastructure internally. Simplifying equipment and processes will help to better identify weaknesses and necessary improvements in the infrastructure. There are a few important practices that simplify the management of IT infrastructure of an organization and improve its efficiency.
The concept of IT HUB is derived in tune from Secured Governance through a revolution that requires upturning all the procedures evolved through years of efforts and experience. It realizes the tools for bringing about effective and sustainable changes in the system. The methodology has been evolved through hands on experience in dealing with the industry and governmental system. When identifying and determining development potential within an economy a set of criteria is required against which to evaluate whether the effort being undertaken possesses development potential or not. The set of criteria serves as an evaluation tool to identify areas with potential for development and opportunities within each of the local economic sectors.
The IT HUB will provide innumerable benefits in the following way:
Today we find the valuation due to infrastructure growth is not optimally channelized towards infrastructure development and results in inequalities in society. Secured Governance compliments the present PPP (Public Private Participation) developmental model, by ensuring balanced participation of the private and public sector taking advantage of value and valuation of IT HUB thereby yielding higher returns. This valuation of infrastructure, which grows many folds, needs to be shared by society and by the Government to support infrastructure development, ensuring balanced growth.
Secured Governance for Information Technology will provide for high quality commercial development along IT HUB, which serve as Techno Economic HUB. These HUBs will be part of existing or new development project. These HUBs will not only facilitate telecom users but also promotes commercial units generating employment and revenue from the defined region. The HUBs aid to boost employment generation and sustainable investment opportunity in a big way. It is expected to attract billion crore rupees over the next five years and generating millions of direct and indirect employment opportunities in region. With the robust outlook of the IT sector, it is expected that India will see private and foreign participation in the development and financing of IT HUB infrastructure, engineering services, equipment supply and technology partnership in digital communication.
By,Dr P. Sekhar,Chairman,Unleashing India,Global Smart City Panel,MTGF
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Enhanced Role for Startup, Entrepreneurs with IT Infrastructure for Secured National Reincarnations
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In accordance with the Countries Global Ranking of Startup Ecosystem 2020 by global innovation mapping and research company StartupBlink, India ranked at 23rd position, a drop of 6 places from 17th position in 2019.
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TPT News Bureau
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THE POLICY TIMES
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