National Startup Day 2024: Entrepreneurs reflect on challenges and opportunities for new ventures in India
National Startup Day on January 16, key figures in the startup ecosystem shared insights on the challenges and opportunities for entrepreneurs in India. Startups in India grapple with several challenges, including the critical issues of talent acquisition and retention as they strive to build and scale their teams, said Mahankali Srinivas Rao, CEO of T-Hub, India's leading startup incubator and Startup Odisha, Odisha government's startup vertical.
“Investor caution, spurred by governance lapses, underscores the imperative for transparent governance and robust risk mitigation strategies. Regulatory complexities add another layer of difficulty, demanding ongoing vigilance and impacting operational efficiency," Rao told LiveMint. However, Sourceinfi founder Paras Thakkar believes that every obstacle encountered is a chance to innovate.
“In the vast realm of dropshipping and B2B import, startups face challenges like finding reliable suppliers, limited categories, inventory management, low-profit margin, and delayed fulfillment." Prakhar Singh, cofounder of Relax Company also urged entrepreneurs to embrace these challenges by not viewing them as obstacles but as golden opportunities to revolutionize. Startups tackle challenges with a commitment to addressing accessibility issues and developing sustainable solutions through technology, driven by creativity and positive change, Ravi Reddy, CSO of Simplify3X told us.
He said managing startups involves adapting to tight budgets, limited resources, and intense competition, with success relying on continuous innovation, customer engagement, and cautious approaches to AI investments. Within these challenges, many opportunities lie to revolutionize traditional models, leverage
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