Exclusive | Saurabh Srivastava: Another Era is Beginning as Start-up Culture Matures
There was a time when India was known to the outside world for its ability to provide enormous labour at relatively low prices, prompting global companies to outsource their work to India. Indian companies very quickly transformed the value proposition from cost to quality with more IT companies in India having global quality certification than any country in the world. This made India the outsourcing capital of the world.
The country is now witnessing the beginning of another era where it is now aspiring to achieve in the sphere of product development what it did in services. This charge is being driven by the growing number of start-up companies in the country.
India possesses some distinctive traits that could propel its ability to present the world with pioneering technology in form and function. A largely meritocratic education system and an optimally timed demographic dividend, in combination with people’s knack for creative improvisation, form some of these embryonic drivers of innovation.
There are other factors that work in favour of the country’s blooming culture of start-ups. Indian government and state organizations have been steadfast about mushrooming millions of professional universities and educational institutes across the country, creating a huge pool of competent talent. With a flourishing democracy and a tech savvy talent pool, India is becoming the latest global hot-spot for start-ups.