PitchBook (private organisation) recently released its 2024 global rankings for the best startup cities.
- It ranked Mumbai at 32nd place, Bengaluru at 34th and Gurugram at 48thamong the top 50 startup cities globally.
About Startups & its status
- It is an entity working towards innovation, development or improvement of products or processes or services, or with a scalable business model etc.
- It should have age less than 10 years and annual turnover not exceeding Rs 100 crore.
- Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry recognize business as a startup.
- India has 3rd largest startup ecosystem in the world and record of 114 unicorns as of March 2024.
- Unicorn is a startup business worth more than $1 billion.
Promoting factors
- Big corporations connecting.
- Rich talent pool of skilled engineers, developers, etc.
- Digital revolution helped startups to reach a vast and diverse consumer base.
- Large demography provides a vast market.
Significance:
- Creation of more than 12 lakh jobs.
- Rise in number of patents by Startups.
- Attracting foreign funding, Democratising consumption, etc.
Challenges
Availability of finance, Poor revenue generation, lack of mentorship, tight regulations related to intellectual property rights, etc.
Initiatives for Startups
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