India world’s third biggest tech startup hub: ASSOCHAM Study

According to a report made by ASSOCHAM, India is home to the third largest number of technology-driven start-ups in the world, following the US and the UK occupying the top two positions.

About ASSOCHAM :

• The Associated Chambers of Commerce and Industry of India(ASSOCHAM) is one of the apex trade associations of India.
• The organization represents the interests of trade and commerce in India, and acts as an interface between industry, government and other relevant stakeholders on policy issues and initiatives.
• The goal of this organization is to promote both domestic and international trade, and reduce trade barriers while fostering conducive environment for the growth of trade and industry of India.
• ASSOCHAM was established in 1920 by promoter chambers, representing all regions of India.
• The Association’s head office is located in New Delhi and regional offices are located in the cities of Ahmedabad, Bengaluru, and Kolkata. As of 2012, ASSOCHAM covers a membership of over 4 lakh companies and professionals across the country.

ASSOCHAM members represent the following sectors:

• Trade
• Industry
• Professionals

The Start-up report :-

This report made by Assocham in association with Thought Arbitrage Research Institute revealed that Bengaluru is host to the largest share of technology start-ups in the country, followed by Delhi NCR and Mumbai, while Hyderabad and Chennai are also quite popular among budding tech entrepreneurs.

• In terms of total number of start-ups, comprising both tech and non-tech areas, India again figured among the five largest hosts in the world, along with China (10,000 each).
• The US occupies the top slot with 83,000 start-ups. IT hub Bengaluru is host to 26% of domestic tech start-ups, followed by Delhi NCR (23%) and Mumbai (17%).
• The awareness that a start-up is a vehicle of rapid growth through technological disruption and innovation has to spread across the economy.
• The study recommended that synergizing ‘Startup India’ with ‘Make in India’ and ‘Digital India’ initiatives has the potential to expand the domestic ecosystem for new entrepreneurs
• Start up India with Make in India and Digital India has the potential to expand Indian eco system for the new entrepreneurs. The paper suggested tax exemption for research and experimentation to encourage fresh ideas without fear of failure.
• This report also suggested a Stanford University model in various Indian universities, the ASSOCHAM-Thought Arbitrage paper said courses on creation of small businesses should be encouraged in the learning campuses.