Tier ll and lll Startup Grows During The Pandemic
Every crisis comes with a scope of expansion as well as transformational opportunities. The world is in a frozen condition now and is facing one of the worst crises ever. The pandemic and further the lockdown has changed the way people work. As usual like other sectors of the economy, the startup sector is also facing the same issue due to the Pandemic. The economy has slowed down worldwide and businesses have shut down.
Startups that are well equipped have better chances of survival in the pandemic. Surprisingly, tier ll and tier lll startups have managed to hold their place. Startups are trying to adopt new technologies. In this way, they are trying to adapt to the new normal. The two keys to success in this situation of the pandemic are digitalization and e-commerce. These are giving opportunities for the startups to grab the market as well as thrive there.
Startups: Inoculum of economy
During this pandemic, situation Startups are very important. They are the power to improve the economy. India has always extended its hands to help young and emerging talents. The Atmanirbhar Bharat is such an initiative to help emerging young entrepreneurs to lead a company. This has also a special emphasis on tier ll and tier lll. Nascom estimates that tech startup is on a gradual recovery after they battered the pandemic. Nearly 50% of them are expecting better revenue. Like everyone, these startup entrepreneurs want to make their income stable like the pre-pandemic period.
The fastest adopters of new-age technology solutions are Startups. Tier ll and tier lll businesses are found in states like Uttar Pradesh, Maharashtra, West Bengal, and Tamil Nadu. There are many bigger companies as well as MNC’s who have offered their help to the startups.
Blessing in Disguise
Every situation is a boon or a curse for someone. Though the present pandemic situation is a curse for everyone, it is also a boon for some. Tier ll and tier lll states have emerged as a hub for business startups. Especially, the non-metro cities are focusing more on the startups to make lives easier. Moreover, these are places where startups can easily grow. While in the metro cities entrepreneurs were subjected to more loss. This is because of the operational costs. In tier ll and tier lll states the operational and maintenance charges are minimal. Further, this becomes affordable for emerging entrepreneurs to earn. Further, the pandemic has helped entrepreneurs to start their dream startup from their own home town. Generally, entrepreneurs travel to metro cities in the wake of starting a new company. But now people sticking indoor, people everywhere want services at their doorstep.
The government is taking all possible steps to bring up entrepreneurs. Initiatives are taken to accelerate startup programs. Several state governments are also taking tremendous measures. States like Kerala and Chhattisgarh have mission startup to support startups during such crisis. Cities of Jaipur, Patna, and Indore have shown great improvement of nearly 40%.
It is always said that never let go of any opportunity. This is so because opportunities do not always come our way. The crisis has shaken the whole world. People are also in urgent need of a solution to adapt to the new normal. The one who makes the best use of the current situation has the scope of huge success. Meanwhile, it is evident that entrepreneurs from tier ll and tier lll states can emerge with flying colors in the mere future.