Start up Scenario in India

The term startup refers to a company in the first stages of operations. The successful characteristics of Start ups are : They have product Market fit Start with Small Test Markets. They take feedback Seriously. They have Focus. Build Engaged Communities. Success story of Ola Cabs: 2. Ola Cabs – Book A Taxi With One Touch On The App Store Even some years back, who would have thought that booking a taxi would be so much easier? Thanks to ''Ola Cabs'', traveling in a cab now cheaper than traveling in an auto. You can now easily avail an Ola Cab easily and their trusted drivers will get you to your exact destination hassle free. According to Indidiary.com, today Ola cabs are the famous form of transport serving the metropolitan cities. Mr. Bhavesh Aggarwal and Mr. Ankit Bhatti are the two IIT-B graduates, who are Co-founders of India’s most popular cab hub Ola Cabs. This entrepreneurship idea was formed after a weekend trip on a rented cab had gone terribly for Bhavesh. Then he thought to bring transparency and convenience to consumers in this area. Known as a taxi service, Ola Cabs was started in Mumbai in the year 2010 in order to solve the city's transport misery. Now, this company provides taxi services in over 100 cities across the country. An article published in Asianentrepreneur.org states that last year in October, Ola Cabs has raised around $210 million at a valuation of nearly $1 billion, with this, it has joined the league of the most valued start-ups in the country. Why Start up has gained Recognition ? : The Indian startup ecosystem has gained global recognition and respect, exhorting the startups and entrepreneurs to come out with inclusive new-age solutions to transform the lives of poor and marginalized sections. Terming startups as "accelerators", the minister said the combination of their multiplier force along with the strength of a trusted post office network can yield phenomenal results for financial inclusion goals. "Understand the gravity of the convergence of humanity and technology...keep the bottom of the pyramid in mind for all programmed The goal is to reach the last person in the society," the minister said speaking at the launch of the 'Fincluvation' initiative. India Post Payments Bank (IPPB), an entity under the Department of Posts (DoP), has launched Fincluvation - a joint initiative to collaborate with the fintech startup community to co-create and innovate solutions for financial inclusion. Under this, startups are being invited to participate, ideate, develop and market intuitive and tailored products and services that can be taken to the customers. Startups will be encouraged to develop solutions aligned to tracks such as creditisation, digitization, and any market-led solution that can help solve a problem relevant to IPPB or DoP in serving the target customers. "Today Indian startup ecosystem is respected all over the world. We are today among the top three startup ecosystems in the world," the minister observed. Collaboration with startups across multiple sectors has led to amazing results, he said. "In each sector, where the government has partnered with the startups, the results have been phenomenal and amazing," . Fincluvation, he noted, is aimed at creating a powerful platform to mobilize the startup community towards building meaningful financial products aimed at financial inclusion. A combination of IPPB's banking stack, DoP's trustworthy doorstep service network and the techno-functional acumen of startups can deliver unmatched value to the citizens of the country . Challenges faced by start up Fierce Competition. Unrealistic Expectations. Hiring Suitable Candidates. Partnership Decision making. Winning Trust of Customers.