There is a thin line separating the dreamers from the Doers. Today, if you are interested in how to launch a startup in India, you have taken the necessary step to become a Doer.
A startup is similar to growing a crop. You must plant the seed, tend to it, provide the proper environment, and take care of it. You will ultimately be rewarded for your efforts.
This prompts the question of how to launch a startup in India.
Not to worry, that’s precisely why we’re here. Following is a comprehensive guide detailing all the required steps. We will discuss ideas, networking, partnerships, legalities, funding, startup development, and expansion.
Each section contains numerous links to helpful resources. Importantly, the entire discussion will centre on the Indian Startup Ecosystem.
India may not be the most obvious choice for launching a startup, but it is certainly rising to the challenge. Keeping this in mind, let’s start our incredible journey together with The Basics.
Chapter 1: The Basics
According to Indian startup governance, a startup is a company that is less than seven years old and generates less than 250 million INR annually. Moreover, the company must be registered in India.
Every startup has an origin story. In this narrative, one or more characters are motivated to effect social change. Startup founders have a profound connection to their idea. This concept is developed, moulded, and shaped into a useful product or service.
As the term implies, a startup is a relatively new business that was created by a group of entrepreneurs. These business owners are actively pursuing several potential funding avenues in order to get their product to market and grow their company.
History of Indian Start-Ups
Since we are discussing how to launch a startup in India, it is essential to know when these young companies first appeared in India.
Startups often result from the efforts of intrepid business owners. Before India’s independence, there wasn’t a lot of initiative to start businesses. Those who were interested in taking this path were limited by a number of restrictions that made it difficult or impossible to do so.
The desire for India’s economy to achieve self-sufficiency after independence did fuel the country’s entrepreneurs. The entrepreneurs’ newfound independence also boosted their self-assurance and opened doors of opportunity.
But in this era, the emphasis was placed on building mega-industries that would help the economy flourish through the Trickle-Down Effect.
Chapter 2 - The Idea
Every successful business hinges on an original idea. Now, how can you gain insight into launching a startup? What motivated Jamsetji Tata to continue establishing one of the world’s leading automakers? What prompted Dhirubhai Ambani to establish a multibillion-dollar company?
When you examine these industries and their founders in greater detail, you will notice that they all had one thing in common: they recognised a problem that a large number of people in their environment were experiencing. They analysed the issue and developed a remedy. That is how they began!
How Do You Find a Startup Idea?
Here is a quick three-step process for identifying great ideas for your startup company in India, similar to what Tata and Ambani most likely did:
Look for problems: The key to generating ideas is to search for every small or large problem that arises throughout the day. You may record these issues on paper or in a notebook for the file. Consider these issues every day in order to discover the one solution that will yield the best outcome. Here are some startup ideas that may sound familiar.
Find a problem that will challenge your mind: Look for the problems on your list that pique your interest the most. For instance, if you enjoy crafting, look for a problem that involves decorative items. In addition to being about making a lot of money, business is also about passion and interest. Do what you are most passionate about, and you will achieve the greatest success.
Find an original solution: If you have a problem that you can solve and that is also of interest, then you are in luck. It is essential that you seek an unconventional solution. For instance, anyone can use a hammer to pound nails into wood, but a nail gun makes the process much simpler and quicker. Similarly, investigate the existing solutions to the problem (if any) and come up with a superior solution.
Chapter 3: People
As a founder of a startup, this question may have crossed your mind. Whom can I ask to be my accomplice? Occasionally, when two individuals join forces, they bring a great deal of value and experience to the team.
How to Find an Outstanding Co-Founder?
While searching for a great co-founder, ensure that he or she possesses a skill set that is distinct from your own. In this manner, you can both contribute equally to the startup. Ultimately, the combined contributions of the co-founders will benefit the startup.
Imagine you are a developer with an innovative product concept. However, you may not be particularly adept at negotiating, comprehending legalities, or hiring individuals.
If your co-founder lacks these characteristics as well, you will be forced to hire new employees with your limited capital. And capital is one of the most crucial factors affecting the survival of a startup.
Chapter 4: Legalities
At the proof-of-concept stage, the legalities of establishing a company in India must be comprehended. Some startups fail to take these considerations seriously and end up making costly legal errors.
Online and offline registration options are available for Indian startups.
This concludes the guide on how to launch a startup in India. We have discussed everything you must follow, comprehend, and implement to run a successful business.
And if you’re considering when to launch your startup, remember that “any time is a good time to start a company,” as Ron Conway so aptly put it.
We have attempted to cover everything pertinent to launching a startup in India. If you have any questions, please get in touch with our team of experts at Egniol, who have assisted numerous start-ups, or send us an email at firstname.lastname@example.org.