In the first two months of 2018, more than US $574 million (Rs. 3,722 crore) has been invested in the Indian startup ecosystem. With the Department of Industrial Policy and Promotion aiming to increase the total investment to Rs. 2,200 crore in March alone, local entrepreneurs can think positive.
In the latest episode of The Unicorn Network, Dr. Som Dutta Singh, the Vice Chairperson of NASSCOM’s Product Council, talked about what Indian startups need to do to succeed in 2018. Starting off, she pointed out that everyone needs to focus more on making their UI/UX simpler. This is vital to make startups more approachable to their audience and to venture capitalists.
Additionally, she also pointed out that Indian startups are not as robust as their counterparts in Israel, China and Silicon Valley in terms of innovation. “We still have a long way to go for the same, and we need more application of innovation from founders in India.”
However, she also stated that Indian venture capitalists need to focus more long-term growth rather than short-term returns. After all, it’s hard to create a disruptive startup if investors are unwilling to take risks. “VCs in India need to give longer time for certain type of startups, as innovation can’t be sustained otherwise and it will look like a copy-cut model.”