START-UPS & Its OPPORTUNITIES
By: Purnima Tyagi
Tags: Startup, Opportunity, Fyndhere

Start-ups are catalysts for radical innovation and have emerged as key factors in economic processes and development. Start-ups have always played a supporting role within the recovery of states from the instant of crisis. For instance, start-ups like Dropbox, Uber, Airbnb, and WhatsApp have all started during or immediately after the world financial crisis. Taobao, one of the biggest e-commerce websites globally, started during the SARS epidemic in 2003.

India has an ambitious attempt to create a US$ 5 trillion economy by 2025. To attain this goal, the country is focussing on knowledge economy-led development. Knowledge-driven activities add significant value to the economy and accelerate GDP growth. Key knowledge drivers include innovation, R&D, human capital, material possession, and intensive formation of the latest specializations.

Even during the present COVID-19 crisis, start-ups have continued to play a critical role in India. An example may be a Mumbai-based start-up offering emergency rides to frontline helpers, medical patients, and essential service providers. These innovative start-ups have responded fast to the pandemic and are helping India shift towards maintaining economic activities. In the way of digitizing work, education, and health services, and also are providing innovations in medical goods and services.

Opportunities for start-ups:

Today, start-ups have opportunities to innovate and make a brand new business model. It may be used for brief and long terms. Innovations that will help within the short run include telemedicine, remote care, medical equipment, home delivery, food processing, teleworking, online education, and speak to tracing. However, these innovations are to deal with specific activities that there is an immediate need for.

The second level of opportunities in the future, the results of the pandemic induced persistent changes in societies, consumer needs. These changes are going to uncover valuable business opportunities for start-ups like the demand for remote working, education, e-commerce, etc.

Now let us look at some opportunities for start-up

1)FinTech

Disruptions because of the pandemic are the reasons to herald a record economic low within the upcoming days. Cash reserves of people are going to decrease or exhaust because of aggravating issues like unemployment and health. In This situation, the prevailing regulated financial service providers and the NBFCs have a pivotal role in a play. However, the demand would be more of unsecured lending and folks would wish funds against the smallest amount of collaterals. This may create challenges for conventional banking systems thanks to regulatory policies.

This will open a door of opportunity for fintech companies, firms that will offer a P2P lending facility, or the service where funds may be granted on short notices and with less collateral.

2)Shared Office Space

The prevailing wave of remote working culture and cost-cutting measures are pushing companies to line up a cost-efficient physical office. It also increasing shared office space service. Currently, people are unlikely to travel for work. Most employees are likely to figure from remote locations after the pandemic. In this situation, these managed office spaces would offer an appropriate alternative to startups, SMEs, and huge corporations. These shared spaces are safer than conventional offices and value a little proportion of the sooner operational costs.

3)Online Education

Online education and tutoring have been within the market for quite some time; however, the present pandemic has showcased the importance and unique capabilities of this medium. These online education providers are critical within the present times when schools and academic institutions aren’t ready to function normally. At present, the net education sector is observing a swift surge. The folks are looking up to online education providers as an alternative to standard teaching and learning.

The demand is due to consumer behavior changes because of the COVID-19 pandemic. Because of the highly infectious nature of the disease, people are refraining from sending children outside.

4)SAAS & REMOTE-WORKING TOOLS

Disruption in transportation services and fear of infection have prompted organizations to supply remote working facilities to their employees. This has created a requirement for Saas & Remote Working Tools. These tools facilitate ongoing projects and support business continuity. Also, businesses are now realizing the advantages of remote working. A few organizations like TCS have highlighted their decision to continue the remote working arrangement even after the COVID pandemic.

These tools are to assist numerous companies across the world. They support during the hour of need and addressing this work culture to boost productivity.

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