COVID-19 crisis has brought millions of industries on their knees. No doubt that the economy has been affected badly due to the pandemic 2020 globally. About India, currently, COVID-19’s impact is on its peak, thus affecting hundreds of manufacturing and service industries.
Hundreds of start-ups have been shut down, and thousands of start-ups have got withdrawn in their incubation phases itself. Less productivity and low revenues have negatively affected the start-ups the most. Despite the difficult times and fewer opportunities, the Indian start-ups are still being pushed and powered with different start-up clubs, wings, ministries and government support for flourishing their businesses again. Well, “New Normalcy” has to be adopted by the entrepreneurs and founders to survive and fight back with post-COVID-19 after-effects.
New Normalcy is reshaping the start-ups’ ecosystem in India: Opportunities and Challenges
The pleasing factor about the Indian start-up ecosystem is that the new entrepreneurs are adapting with the changes and working with the new methodologies for staying in the markets and surviving competition. The start-ups have also provided the easy and creative solutions for the general people during COVID-19 crisis.
Edtech, Fintech, MedTech and other e-commerce solutions for services have gained popularity amongst the general mass at large. These start-ups have helped the traditional business at different stages of its operation. Getting a hold in the industry in a completely changed environment or a new world would not be easy. Still, it has brought the segments where the entrepreneurs can look up to for building up a new market place where customer behaviour and their needs have changed.
Here are some of the leading sectors or likely to be leading in the upcoming market. The entrepreneurs and the investors are also on their edge to invest their time and money into these emerging fields.
- Healthcare Sector
Regular health check-ups, new technologies and healthcare aids for overall protection are some of the factors which have come into the serious consideration of the general public in India, probably for the first time. The innovative solutions for health care tests, drug usage, health monitoring devices and related technologies would definitely lead the market trends into medicines in the coming time.
The entrepreneurs having skills and expertise into innovation and med-tech production can go ahead with their R&D team into the output of med-tech products. The health-based apps, testing devices and other related tech products are being launched by different start-ups almost every day. These products and services are accepted readily because of their excellent solutions to address various issues in the medical sectors.
- Edtech Sector
All the schools, colleges, universities, coaching institutes and other institutions are going digital with their applications and tech methodologies to making leaning uninterrupted. Students and parents are also supporting these technologies for active learning during the pandemic situation.
The learning resources and advanced solutions will be in trend always if not as the primary source but as the alternative learning support solutions for the kids, students and scholars. Edtech has grown tremendously during the Corona pandemic in India; however getting better never stops and the same applies to the AI-based Edtech solutions. The better applications and other tech sources enhancing the self-learning would bring the business to the start-ups working on Edtech sector.
- Travel and Food Industry
The world has changed entirely since the Coronavirus outburst. Travel and food-related industries have been hit the worst. The tour and travel industries are looking for innovative solutions for providing safe tour plans. Transportation, mobility, lodging, and food are some of the most significant concerns for the travel industries for restructuring their businesses. In such times, the offering of smart solutions to the travel and food industries can bring flying colours the production-based start-ups. Sanitisation devices, infection measuring tech solutions and devices could be some of the innovative solutions on which the start-ups can work through.
The e-commerce services are going to be the ultimate market place soon. The entrepreneurs and to-be entrepreneurs shall shift their focus towards the “go-digital” attitude. The start-ups are now focusing on delivering their products or services through digital mode to acquire more & more customer base in the current market. During the time of lockdown, the digital divide has also shrunk vastly and enabled a large group to the digital world, which also would provide a positive impact on the digital market growth. “Businesses would need to be handled online and move forward with this method only” mantra would be leading the current markets.
- Hyperlocal Services
Hyperlocal service sectors are being paid attention by the entrepreneurs and founders to navigate the COVID-19 impact on markets and business flow. Due to the demand of the current times, the hyperlocal service sector would blossom on its peak. Hominess, safety, quick and easy access is the most attracting part of this market which would make this business flourishing in the post-COVID markets. Hyperlocal services include food and grocery ordering business, delivery chain system, Home-utility services; Logistics services providing solutions which have a great time to mushroom.
Founders and entrepreneurs shall now understand and go with the flow of the time. Changing the business strategies is required because the past “normal” is not the reality anymore; adapting to the “New Normal” is pivot during this time for sustaining in the market.
Providing great solutions to the markets and your buyers and synchronizing its value with markets needs within the given circumstances is the only way out for the start-ups in India currently. The start-ups need to work on their mode of delivery, product or services design and boundary spanning before launching their ideas into the operational phase. Apart from these sectors, insurance, telecom, transportation are also likely to gain heights in the new normal start-ups’ environment.