The following article is based on my own interpretation of the said events. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.
Chirag Patil, MBA 2015-17, Vinod Gupta School of Management, IIT Kharagpur
There was a time when only the old, big and rich companies having huge R&D capabilities brought about change in the world. Today is that changing?
Yesterday the Prime minister of India, Narendra Modi announced three year Tax holiday and Rs 10,000 crore funds for Startups in India. Everyday we keep hearing more and more about startups in India. The perception of startups is changing drastically over the years.
Recently Siemens released a statement that they would look towards startups for innovation. Most recently a Bangalore based startup is driving the change in health sector wherein the cost of surgery was reduced to 10% with the help of 3D printing. Although such innovative startups are rare in our country, they don’t get as much media attention as the billion dollar e-commerce websites. I wonder if this trend is going to continue in the future? Would heavily funded companies which can fund huge research and development projects now look towards startups which are dependent on venture capitalist for driving the change?
Is this model sustainable in a country like India where most of the startups are e-commerce websites and not technological innovators.