Startups have been the buzzword for the entire decade. The last decade has been the year for startups in India and globally. India ranks 3rd in the global list of countries with the most prominent startup ecosystems. There is no stop to the ever-increasing growth. Our country recorded additions of 1300 new startups in 2019, with the figure for the number of Tech startups reaching around 38000 today.
The Indians have business minds running through their veins. Be it in the 1980s when Rajiv Gandhi introduced the “Liberalization of the Computer Industry” or the “Great Recession” in 2008, many lost their jobs. Many famous startups in India, like Zomato, Ola, Policy Bazaar, WhatsApp, Instagram, etc., were founded during this period. And since then, there has been no pause. The Demonetization in 2016 in India also led to the era of Digitization and an online presence of every organization.
Today, the Covid-19 pandemic is another recession that affected us badly. It has been exactly one year post Covid-19 and the world has changed drastically. The pandemic has brought the world to a complete stand-still, re-imagining “normal” living patterns and pushing the global economy into one of the worst recessions of recent times. The global economy is adversely affected by uncertainty about future conditions, worsening the situation. Indian businesses have also faced huge losses and have been “stagnant” all this while. Over 37% of the companies in India have been closed across India in a single year.
Biggest Challenges Faced by Our Startups
- The major challenge is not merely generating enough seed capital but also supporting expansion, sustenance, and maintenance. External capital can only give the necessary push to your business, but what solutions we provide for the problems faced by the people is what makes startups succeed.
- Not all startups are known by the people. Many individuals and most startups have limited money to spend to promote their business. Very few decided to digitize their company and have an online presence. Even if they have, Indians tend to lean towards more popular and branded products than good products.
- Finding the right talent is time-consuming. The good ones have their ideas about the startup and don’t want to work in a startup environment. This results in a very small talent pool. And even if you manage to hire, employees will quit for just 1–2k more. There is a lack of employee loyalty or professionalism.
- Not many banks, insurance companies, or law firms are interested in doing business with a startup. Banks, for instance, will not allow you to open a salary account for all your employees until you are at least 20-25.
- Yet another issue that bars startups from flourishing speedily is the absence of an effective branding strategy. Then comes the process of making it popular, which is what advertising is all about.
How is Invincix helping startups?
Accounting for the challenges, Invincix came up with a solution to support new firms in transforming and promoting digitization. We at INVINCIX for startup campaign are on a mission to digitize 500+ startups during the next two financial years. With us, you can have an online business presence with one of the coolest websites to stand out from your competitors in four working weeks. We are here to replace and improve existing costs and technology, provide better, unique products, and help you GROW. Our products are priced minimally to cater to startup requirements.
In this digital age, an online presence of your business is essential to gaining the customer’s trust. 97% of customers use the web to search for local companies and the services they offer.
- An online presence is an extension of your brand that never sleeps.
- Social media gives your brand a voice – it makes your company more “human” and relatable. Potential customers can interact with your brand on a more personal level.
- Websites and social media platforms are excellent marketing tools. They are also some of the most cost-effective methods of sending out information to thousands of people.
Who are We?
INVINCIX is a software engineering and product development firm focused on quality and usable engineering developments that meet customers’ expectations. We specialize in end-to-end enterprise product and application development, mobile application development, data analytics, and cloud-independent deployment. We are pledged to change the regular myth of software services delivery and product invention.