We are witnessing the fourth industrial revolution, and big countries should be prepared for it. The digital age is something that people dreamt of in the past. That’s why it could be the most challenging and drastic industrial revolution.
India has a way to lead in the digital era
Technological development is a must. We can’t undo the technologies that can transform the world. To be honest, no one can change or stop it. Unfortunately, most of the jobs can be replaced with technologies. India’s population goes to 1.4 billion. It’s a big country with massive opportunities, but advanced technologies could replace the jobs of ordinary people. Technological development can help the economy, but people without jobs can fail hard. There are studies suggesting that computers/machines can replace around 40% of jobs.
In fast-changing technologies and digital era, we have one hope – Start-Up. There are hundreds of startups in India, and it can literally change the economy of the country.
Innovation is the central pillar of Startup success
India achieved fantastic results in the Startup field. There were more than 1,200 Indian startups only in 2018. Experts believe that the number of a startup can grow with geometric progression. If startups can save the economy of India, what can go wrong?
Forbes published an interesting study showing that up to 90% of Indian startups will fail. If we look at the maximum lifetime of those startups, it leads to five years. The main reason for failure could be innovation.
How can we fight against failure? Innovate more. Term innovation itself is self-explanatory. It stands for believing, creating, and standing for something new. If a startup company follows a few simple rules, it has a chance to succeed in unique ecosystem.
Don’t reinvent the wheel
Most companies fail because they want to reinvent the wheel. Don’t be like those so-called innovators. Innovation is not all about new wheels or products. It could be related to mixing two different things and make it work. For example, new age online casinos accept cryptocurrencies such as Bitcoin, Ethereum, etc. Mixing online casino real money and crypto payments could lead to innovation for the business industry.
Hubs for Startups and innovation
Countries like the USA, France, China, and Israel have centers where people grow as entrepreneurs and innovators. Government of India should create smart hubs for people working in startup ecosystem. The main idea behind StartUp hub is to teach regular people how to innovate and build everything from scratch. Innovation hubs should host meetings, conferences, interviews, and many activities that could lead to the growth of startup ecosystem in India.