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Indian startups need to reserve cash, listen to customers to stay afloat
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IANS | 16 Jan, 2023
As Indian startups face turbulence in the global funding winter, experts
on Monday said they need to reserve cash, create a long-term goal and
adopt a culture of customer feedback to survive in 2023.
On
the occasion of the 'National Startup Day', envisioned by Prime
Minister Narendra Modi last year, industry experts said that the
founders must continuously monitor the trends which are happening in the
world.
Indian startups fired more than 18,000 employees in 2022 amid a funding winter and macroeconomic uncertainty.
"Investing
in R&D can be one of the finest ways to actually tackle disruption.
Make sure that as a business, you keep some of your profits or your
balance sheet reserves for investing into R&D to actually learn
more," Dr Ritesh Malik, Director, Alliance for Digital India Foundation,
or ADIF, told IANS.
"If you feel that there is a platform like
Instagram where the go-to-market strategy is more efficient, start
learning Instagram and start promoting your products there," he added.
According
to Tejas Khoday, Co-Founder and CEO of trading platform FYERS, this
year is special as India has emerged to be the third largest startup
ecosystem in the world.
"While the past year was turbulent with
IPOs of several well-known startups not doing too well, the ongoing
funding winter and related layoffs, in the long run, all this will be a
blip on the radar," he said.
That said, this will help the
ecosystem to mature and hopefully we will see startups achieve a better
balance between scale and profitability in 2023, Khoday noted.
While
interacting with over 150 startups, PM Modi last year announced the
commemoration of National Startup Day on January 16 every year. The
Department for Promotion of Industry and Internal Trade and the Ministry
of Commerce and Industry marked an entire week as National Startup
Week, from January 10 to 16.
According to Malik, startups must hear back from their customers.
"The
more you hear from your customers, the more you will be able to
understand their changing needs. And the more your product becomes
dynamic and you constantly change that product to the whims and
fantasies of the customer," he noted.
Ravish Naresh, CEO and
Co-founder of Khatabook, said that there is a stronger acknowledgment of
Indian startups' role in solving core problems of emerging economies to
bridge the socio-economic gaps.
"This year, our primary aim is
to turn profitable and scale up the digital lending offerings to meet
the unmet credit demand of Indian MSME businesses. We are optimistic
about the Indian economy and its opportunities for the startup
ecosystem," he said.
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