Is your startup ready for the giant market India? Of course not. But now things has changed dramatically to your advantage. It´s so crazy it might actually work. Be amazed about the strange match between vast opportunities in India and innovative solutions by Nordic startups.
I will tell you exactly why startups has a huge advantage compared to traditional businesses. First, let me give you the impressing basics about this Asian giant, to get your interest up…
India is one enormous market
The resent reform of implementing goods and service tax (GST) across all 29 Indian states, transformed India into one single giant 1.3 billion people market. The worlds second largest English speaking by the way. Consumption in India is estimated to triple during the next 5 years, to US$ 4 trillion.
The digital revolution is totally changing the face of business
One example is Indias new digital framework that enables entrepreneurs like you to build on top of Aadhaar, the biometric ID system – theoretically connecting your services to a billion+ people. I am convinced half a billion internet users represent opportunities in itself. The growing influence of social media is of huge importance.
The fastest growing major economy
India has a steady GDP growth rate of around 7%. India Inc. is now actually bigger than Germany. India is expected to be in the top-3 economic powers in the world through the next decade.
A very young population and hence a huge workforce and talent pool
The average Indian is just 28 years old. India will have the worlds largest workforce the coming decades, estimated to 170 millions by 2020.
The Indian e-commerce market is the worlds fastes growing
(I am sure you are not surprised).
The smart phone will be a shopping centre in the pocket of 800 million Indian consumers by 2022.
Booming startup ecosystem
India has the worlds third largest startup ecosystem. The Indian government offer quite good policy support and initiatives to fuel innovation, entrepreneurship and hence continued economic growth.
There is no other way than sustainable
Nothing else can fuel such a growth. The challenges are global and so are the opportunities. Meaning, India represents a huge potential for everything green and clean.
Urban or rural? Yes, thank you.
The 10 fastest growing cities in the world. You guessed it, they are all in India. Major challenges and major opportunities. Opportunities in the 500000 villages too? I believe so!
So, why do I think the stars are right for Nordic-India startup business -right now?
Everything has changed and everything will continue to change – fast. That’s where the nature of the startup comes in.
Ulike established businesses that base there future plans on data from the past, startups are lucky enough not to have such limitations.
Startups are on a constant journey of experimentation -to create a sustainable business model. Forced to be innovative, lean and make rapid course corrections (and even pivot the concept) – all based on the only source of data that matters to them: feedback from the first actual clients/users. The data is received today. The adjustments are made today. The new and slightly better solution is enjoyed by satisfied users tomorrow.
Add the business angels to the mix.
Combine this startup mindset of daring to introduce imperfect solutions for constant input from the first clients -with the backing of business angels. People that not only invest their own money, but also contribute with enthusiastic advise, knowledge and their so important network.
Combine the above with a fast changing marketplace, a new type of consumer and totally new tools, as social media-and you hopefully see the outlines of some amazing opportunities.
Why nordic startups?
Innovation and entrepreneurship has had good conditions in the Nordics the last decade. The result of that is simply great teams with great solutions.
The tiny Nordics also represent several good qualities that reflect on both the solutions and teams behind. One example is the new wave of consideration not only for tech-innovation, but also for making impact through 3 bottom lines; climate, society and of course the economic one.
Doing business while also making the world a better place – is truly a good model for Nordic startups entering India.
So startups, if you want to go big, fast and sustainable -welcome to have a try with the giant India!
Now that your excitement hopefully is built up, lets identify the most important things you need to understand more of -before entering India:
- The incredible differences in business culture
- The frugal mindset of the Indian consumers
- The principals of the high volume-low margin game of emerging India
- Why your business model needs an India-adjustment.
- That without the right people, you won’t get anywhere (and that process of getting nowhere could take forever)
I look forward to discuss all this subjects with you on various arenas in 2019.