After the last ten years of initial growth spurt, waves of maturity, and corrections, the 2024 National Startup Day represents a turning point for Indian tech.
Even though National Startup Day is only in its second year, there is one obvious hint that the businesses it honors are beginning to recognize its increasing importance. Although there was a lot of enthusiasm for the first National Startup Day in 2022, it became louder the following year, and in 2024 it reached a crescendo.
Additionally, press releases requesting “quotes” surrounding National Startup Day are circulating like crazy this time around; it looks like the startup PR machine has found its calling.
However, there’s also a sense that, at least in our opinion, the 2024 National Startup Day will be a turning point for Indian technology.
This is as much an Inc42 day as it is a startup day, having witnessed this journey firsthand since the very beginning, even before Startup India entered the scene, and being at the center of it as a watchdog and voice of support.
In 2014, when our course started, the term “startup” was unfamiliar and out of the ordinary. Ten years later, it’s difficult to ignore or be unaffected by tech startups. Of Indian origin.
Ten Years Of New Ventures
Coincidentally, the commencement of Startup India’s tenth year coincides with its founding in 2015, which has significantly accelerated the tech and startup environment since then. The young of India’s hopes of becoming entrepreneurs were sparked in numerous ways by Startup India.
In fact, there aren’t many economies that can match India’s in terms of sheer size when it comes to laws and regulations designed specifically with entrepreneurs in mind. For instance, although other European nations have attempted to adopt it in the past, no other nation has a high-profile “National Startup Day” with festivities and award shows scheduled like India.
This year marks a significant turning point for technology in general, in many ways. While AI and automation have become the center of attention for most tech business models globally in recent months, much of this talk is premature and out of context in India. This is due to the fact that India is still firmly in the middle of its development cycle, whereas mature markets have shifted to AI.