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Technology

Indian Businesses Aim To Tap Consumers Directly in 2021 via Digital Platforms, Says Report

Bengaluru, January 7: As the economy limps back to normalcy, India’s focus will now be more on the digital side in terms of growing businesses. According to a new report, as the economy recovers from the lull caused by COVID-19 pandemic, businesses are preparing flexible models that operate in an online-offline mix. Moreover, the focus for digital platforms in India will be on selling directly to the consumers in 2021, the report said. “Small businesses in India are today evolving themselves as per the consumer and industry requirements”, it added.

According to the findings, entrepreneurs today understand the power of online presence and digital operations. “There has been a 3 times growth in unique businesses creating online stores,” the report mentioned. The payment gateway and ecommerce platform has on-boarded more than 2 lakh small businesses from tier II and tier III cities during the lockdown period. Akash Gehani COO & Co-founder, Instamojo, was quoted by IANS saying that small businesses are hungry for growth and much more resilient than we could’ve imagined. “Merchants have come to understand the diverse nature of consumers and that innovation is the key differentiator,” he said.

Instamojo had launched a report on the e-commerce outlook for 2021 which draws the experiences of more than a million small businesses across the country. Explaining how online presence has grown over the years, Gehani explained that small businesses owners are making necessary changes to their brands, to the way they operate, and also the way they deal with their customers online in order to survive in the growing e-commerce space. He said that more than 70 percent of these entrepreneurs had no prior online presence.

The report by IANS said that as a large number of businesses went online in 2020, they also recognised the importance of a wide social media presence. MojoVersity, Instamojo’s e-learning platform for entrepreneurs, saw a 9 times growth in enrolments and 11 times growth in the number of merchants getting digitally certified in 2020. The number of businesses updating their social media handles on their Instamojo online store went up an average of 30 percent (QoQ).

“As more entrepreneurs emerge from smaller towns and cities in India, accelerators and incubators are also expanding their services into markets to help nurture the upcoming businesses. Industry reports indicate that 40 percent of investors will come from Tier II and Tier III cities,” report added.

Categories
Startup

Planning To Start a Business in Beauty Sector? Here Are 4 Tips You Should Know Before You Begin

The beauty sector is among the fastest growing sector. This sector is witnessing constant innovations as new beauty products and services are being launched at regular intervals. Despite the uncertainty that COVID-19 has brought, the beauty and cosmetics businesses have skyrocketed. Over the next few years, the beauty market is expected to continue to rule the retail industry. If you are planning to try your luck in this sector, then this is the best time to get started. This could be a great year for those who want to try their luck in the market. One thing that you should keep in mind is that starting a beauty business can also prove dangerous if managed with poor planning.

Keep Up with Trends

You need to be really well-informed about the latest beauty products in the market to keep your game up the mark. You can’t really run a successful beauty business without following the latest or current trends. This is a very competitive market and you need to always be one step ahead of your competitors. If you are new to this sector, you can subscribe to a variety of well-known beauty/fashion websites to stay updated on their latest products.

Choose a Product

The most important thing that you need to do is ‘Choose a product’. You have to decide on a product that you can create with a unique touch which will make you stand out from the rest in the market. Try and understand what interests you the most and also ensure there is a demand for what you want to produce. Start with only one or two cosmetic products before growing your business. By choosing one or two beauty products, you can perfect the process and know about the wants and needs of your customers.

Use Technology to Spread The Word

In this digital era, consumers use various channels to shop. People are highly dependent on online shopping and have become really techno-savvy. Thus, make sure you make it easier for them to find your brand online. Make your brand visible via online mode and target your consumers by promoting your products through social media platforms like Facebook, Instagram, WhatsApp among others.

Get Funding

If you are planning to start a business, it will requires a healthy amount of investment to get started. Try and meet people who you think can sponsor things to help you grow. For cost-cutting and to get a hang of things, you can opt for second-hand equipment for your business. If you are planning to take your business forward with an investor, determine if you want a partner who is hands on or you want a silent investor. Investors could be family members, friends or business associates.

 

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MSME

SMEs Shifted Towards Online Marketplace to Cope-Up with COVID-19 Pandemic, Says Report

Various businesses suffered huge losses this year owing to the COVID-19 outbreak and the consequent lockdown. All the economic activities, expect for essential items, came to a standstill. However, many businesses did find an alternate route to keep going – the online business platform. Firms increasingly took their businesses online and avoided the traditional physical marketplace. Small and Medium enterprises also entered the digital business spectrum. According to a survey report by CRISIL, smaller enterprises have shown a “big digital shift” to shore up sales in pandemic times. National Startup Awards 2021: DPIIT Invites Entries to Reward Outstanding Startups; Know Eligibility, Prize and How to Register Online at startupindia.gov.in.

The survey was undertaken in November with the aim to find out the level of change in digital activities and access of the small businesses owing to the COVID-19 pandemic. The survey concluded that, the adoption of digital sales channels among micro and small enterprises (MSEs) has increased significantly since the COVID-19 pandemic struck. According to the survey by CRISIL, around 60 per cent of the respondents adopting digital selling said it helped them weather the pandemic-induced stress, while the rest said it boosted sales. 5 Auspicious Dates in January 2021 to Kick-Start a Startup!

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“These respondents were also more positive about their near-term business situation compared with those that didn’t take the digital route,” said Bhushan Parekh, Director, CRISIL. “About 29 per cent of the MSEs surveyed were using digital sales channels such as online aggregators or market places, social media, and mobile marketing before the pandemic struck,” added Parekh.

“That number has shot up to 53 per cent among small enterprises and 47 per cent among micro enterprises as of November. Despite their limitations, micro enterprises are not very far from small enterprises in digital adoption. Also, many more are now saying they will take the digital route soon,” he said. “This underscores the fact that increasing digitalisation enlarges the footprint of MSEs, helping them tap newer markets and improving their access to credit,” said CRISIL’s director.

In the manufacturing industry, SMEs belonging to gems, jewellery and textile sector recorded the maximum improvement, as per the survey. Textile SMEs showed a massive jump of 38 percentage points in adoption of digital channels. Adoption in pharmaceuticals was unchanged at 29 per cent because of relatively higher offline demand during the COVID-19 pandemic.

Categories
Startup

National Startup Awards 2021: DPIIT Invites Entries to Reward Outstanding Startups; Know Eligibility, Prize and How to Register Online at startupindia.gov.in

The Department for Promotion of Industry and Internal Trade (DPIIT) has launched the second edition of the National Startup Awards (NSA) 2021 and have called for entries to reward the outstanding startups. This initiative by the DPIIT aims to acknowledge  the efforts, initiatives and resilience demonstrated by the startups over the period of unprecedent challenges during the pandemic.

This year, additional categories have been introduced to NSA 2021. The NSA aims to recognise innovations focussed towards indigenisation of key products essential for realisation of an Atmanirbhar Bharat.

Here’s How to Apply for National Startup Awards (NSA), Eligibility and More

  1. Startups can register for the National Startup Awards (NSA) 2021 on www.startupindia.gov.in. The applications for the awards are open till January 31, 2021.
  2. The awards for startups will be given in 49 areas classified into 15 broad sectors. The 15 sectors are Agriculture, Animal Husbandry, Drinking Water, Education and Skill Development, Energy, Enterprise Systems, Environment, FinTech, Food Processing, Health and Wellness, Industry 4.0, Security, Space, Transport and Travel.
  3. In addition, there are six special awards for startups from educational institutions, making impact in rural areas, women entrepreneurs, potential for import substitution, innovation for combatting COVID-19 and content delivery in Indic languages. It will also reward exceptional incubator and accelerator as key building blocks of a robust startup ecosystem.
  4. All the other details of the application process may be seen at www.startupindia.gov.in.

Awards for National Startup Awards (NSA) 2021:

  1. A cash prize of Rs 15 lakh each will be awarded to one winning incubator and one winning accelerator as well.
  2. A cash prize of Rs 5 lakh each will be awarded to the winning startup in each area.
  3. The winner and two runners up will also be given opportunities to present their solutions to relevant public authorities and corporates for potential pilot projects and work orders.
  4. They will also be given priority for participation in various national and international startup events. Click Here for more details on awards.

DPIIT had initiated the first ever National Startup Awards in 2019 with a view to recognize and reward outstanding startups and ecosystem enablers that are building innovative products or solutions and scalable enterprises, with high potential of employment generation or wealth creation, demonstrating measurable social impact. Taking forward the overwhelming success of the first edition of NSA, DPIITnow announces the launch of second National Startup Awards 2021.

Categories
Startup

Cold Storage Business in India: Here Are 5 Major Investments Required Before You Plan to Start a Cold Storage Business

New Delhi, November 25: Cold storage is a one-time business investment, where the initial investment required is on the higher side. However, the returns are higher and are on a long-term basis, as compared to other small businesses.

Also, it will become more popular and the demand will increase over the next few months as cold storages will be used to store vaccines.

There are certain big investments that need to be made if you want to start a cold storage business. Some of the food items that require cold storage are fruits and vegetables, poultry and fish products, meat.

  • Buying cooling machinery
  • Acquire the land and construct the storage facility
  • Get required licenses from the Government
  • Managing essential things like water, electricity, and other related materials
  • Hire equipped staff who will be able to handle the machine.

    Prime Minister Narendra Modi on Tuesday held a meeting with chief ministers of all the states and Union Territories to review Covid-19 situation where he asked them to start working on cold storage facilities for coronavirus vaccine.Three billion people may be denied a COVID-19 vaccine when it’s here because a number of countries don’t have sufficient cold storage facilities, the Associated Press reported.

Categories
MSME

Here Are 3 Major Roadblocks on the Path of Indian MSMEs’ Road to Digital Transformation

New Delhi, November 24: Indian MSMEs realised the importance of digitisation amid the coronavirus crisis. Infact, digitisation opened the gates for many local businesses and helped them strengthen their operations and cope better with stressful times.

However, there are some roadblocks on the path of Indian MSMEs which needs to be cleared to achieve success.

Limited growth capital: MSMEs have limited growth capital that makes technology adoption and digital transformation demanding.

Expensive: Digitisation is an expensive affair, from buying the latest smart devices, strong internet services, to getting skilled employees to manage the system.

Unaware of digital impact: Indian MSMEs are still unaware of digitisation and they fail to create customer loyalty and retention.

India’s micro-, small- and medium-sized enterprise sector is a vital contributor to the country’s growth story. According to a 2019 study conducted by YES Bank, it revealed that over 50 percent of digitally-empowered MSMEs improved their profits, operational efficiencies, as well as customer engagement. In addition to this, the Narendra Modi government has pushed out several initiatives to boost the sector.

MSMEs are not alone in their journey to digitisation, e-commerce companies like Amazon and Flipkart to corporates like Mastercard all have been doling out initiatives to help the MSME sector. Also, several startups like Khatabook, FarEye, Udaan, and others are dolling out several initiatives to help MSMEs in the digitisation journey.

 

Categories
Business motivation Startup

4 Things to Remember If You Are Planning to Start Your Own Business Amid COVID-19 Pandemic

Mumbai, November 20: Starting a business is a paramount task, it is not just an idea that needs to click, but several other things should fall in place. You have been longing to start your own company since long, but the COVID-19 outbreak came as a roadblock. No doubt, starting your own business in the middle of the pandemic is extremely difficult, but it is surely not an impossible task.

We have listed a few important things which you should remember if you are planning to take a leap amid the pandemic.

  1. Study the Market: It is very important to study the market in order to find if there is a demand for your product. There are certain things which need to be considered, for e.g, if you are planning to launch a hi-end product, then keep the current market situation in mind, where there have been job losses, businesses being shut among others. So, if you feel there is no demand, then you can delay the plan for some more time.
  2. Have a strong online presence: Given the current scenario and more months to come, people will feel comfortable to shop online, rather than going out to a physical store and purchasing. The coronavirus outbreak has also changed the dynamics of business. So even if you are planning a store, make sure you are marketing well on social media channels and you have a good responsive website.
  3. Check your finances: In the current market situation, people are not splurging as they are hesitant to spend money. So expect longer than usual time for your business to kick start. Spend wisely and keep a tight budget in the initial few months.
  4. Hire a good team: Don’t go overboard and hire too many people. Recruit the strength which you require. There will always be time to expand.

    We spoke about the challenges, but there are certain positives also on your way. For e.g, if you are planning to rent a shop or an office space, it will be a great time because the property rates have slashed. Also, since people are spending more time at home and with their family, it will also be easier to target them.

    Being an entrepreneur is the most satisfying job, as you can take your own decisions. So if all things are in place and you are confident of starting your own business, go ahead, and take the plunge.

Categories
Startup

3 Social Media Strategies Which Small Firms Can Use to Revive Their Business Amid COVID-19 Outbreak

Mumbai, November 10: The coronavirus pandemic has affected everyone across the globe and small businesses are the worst hit. Businesses have been severely affected due to the coronavirus induced lockdown. However, with the opening up of the economy, things are getting better.

Small firms, therefore, need to draw out a proper plan and a strategy which will help them move forward and tide through the difficult times. They will have to keep in mind to use the resources in hand wisely and devise strategies which will reap the maximum results.

We bring to you three cost-effective social media strategies which you can use to revive your business:

The coronavirus pandemic has taught us the importance of technology. At a time when the entire world was shut down, it was technology which kept things running.

  1. Have a website: Start a website giving details to the customers about your business. There should be a contact us and a feedback page, which will help you get in touch with your probable customers. Now use this link on all your social media handles. This will be the face of your brand in the online world.
  2. Have a strong social media presence: If you have been thinking to start a Facebook page or an Instagram page for your business, our advice is DON’T DELAY. These social media platforms are a great way for small firms to promote their business and get in touch with people who are looking out for them.

    In today’s age, you need to start a page on all the social media platforms and can’t think of which one will be more beneficial to you. Remember to populate your page at least three times a week. This will help your customers to remember you.

  3. Be Human: Remember one thing that customers like to interact with humans. So your posts should also have a humanely touch. Don’t ignore any queries from your customers on your social media page. Attention should be given on how to make your customers feel special.

Today social media has become an important part of all our lives, and this is the reason, why you can’t afford to ignore this space. People today spend a good amount of their time on social media and this is where you need to target your probable customers.

Categories
Startup

Startups in India: 6 Women-Led Startups Win COVID-19 Shri Shakti Challenge Organised by MyGov in Collaboration With UN Women

In a major boost to women-led startups in India, six startups by female entrepreneurs have won COVID-19 Shri Shakti Challenge organized by MyGov in collaboration with UN Women. MyGov in collaboration with UN Women, launched the COVID-19 Shri Shakti Challenge in April 2020 to encourage and involve women led startups to come up with innovative solutions that can help in the fight against COVID19 or solve problems that impact a large number of women.

After thorough screening, 25 startups were shortlisted for presentations to the Jury which included Debjani Ghosh, President NASSCOM, Rohini Srivathsa, National Technology Officer (CTO) Microsoft India, Dr R Ramanan, MD Atal Innovation Mission, Nishtha Satyam, Dy Country representative, UN Women India and Abhishek Singh, CEO MyGov. In addition to the earlier announced reward of Rs 5 lakhs for the top 3 winners, UN Women was generous enough to agree to reward Rs 2 lakhs each to the 3 startups chosen for their promising solutions.

Top 3 Female Entrepreneurs Who Won Are:

  1. Dr P Gayatri Hela is the founder of Bengaluru-based Resada Lifesciences Private Limited that designs and develops home and agricultural-based products using plant extracts instead of synthetic chemicals. As per Gayatri, germs and other bacteria/viruses become resistant to chemicals over time, whereas nature always has a way of fighting back against these organisms. For Shri Shakti Challenge, Gayatri submittedherinnovative product which is a non-alcoholic hand sanitizer that is  relevant not only for COVID- 19 but also for other infections. The idea had come to her in 2017, when she was battling the SARS pandemic with her with her one-year old daughter.
  2. Romita Ghosh,a cancer survivor, is the founder of Shimla-based iHeal HealthTech Private Limited which is a healthcare start-up that has been at the forefront of the fight against COVID and has been providing PPE kits to hospitals. Romita has also built a Made in India UV sterilization box for safe reuse of PPEs and masks that can help reduce costs for hospitals and other service providers.
  3. Dr Anjana Ramkumar and Dr Anushka Ashokan are the product manager and co-founder of Kerala based Thanmatra Innovations Private Limited have come up with the innovative solution of an anti-microbial solution that could be sprayed into handkerchiefs or dupattas for making them safe to be used as Face Masks. This also made it easier to protect kids. Their innovation is simple and scalable and can help convert any piece of cloth to anti-viral mask within minutes by a simple process of spraying and drying with their unique formulation.

Top 3 Startups identified as‘Promising Solutions’are:

  1. Vasanthi Palanivel, is the CEO & Co-Founder of Bengaluru-based Seragen BioTherapeutics Private Limited.As a scientist and researcher, she studied the symptoms and impacts of the virus and realized that the lungs were one of the worst infected organs in COVID and she has developed a plasma solution to treat respiratory distress due to COVID-19.
  2. Shivi Kapil is the cofounder of Bengaluru-based Empathy Design Labsthat focuses on healthcare, and took the pandemic as an opportunity to design solutions for pregnant women who could not go to the hospital due to risk of infection. Shehas designed Kriya, a wearable device for daily monitoring of pregnancy. The IoT-embedded product provides alerts and suggestions to expecting parents for timely action.
  3. Jaya Parashar and Ankita Parashar – a mother daughter duo are the founder and co-founder of STREAM Minds, and ed-tech company that works on promoting Science, Technology, Reading/Writing, Arts, and Mathematics education among school children across India. They have designed ‘Dobot’, a fully automated robot which acts as an in-house delivery assistant to make hospitals and healthcare clinics safe from the risks of COVID19.

MyGov congratulated the winners of Shri Shakti Challenge and hope that the solutions developed by them mature into full-blown products, and can scale up into robust solutions that help in our fight against COVID19; and of course also help address challenges facing women. All the winners and the participants of Shri Shakti Challenge are true testimony to the talent pool that exists in India and this challenge will go a long way in promoting women entrepreneurship in India.

All 25 selected startups presented their solutions to the Jury which evaluated the solutions proposed by the startups on the parameters that included innovation, usability, relevance and impact of their idea on the society. After thorough review, 11 finalists were chosen for the next stage. All the 11 selected startups were provided a prize money of Rs 75,000 each to further develop their ideas.

After giving time to the 11 Startups to develop the solutions, the final presentations were again made to the Jury on October 27, 2020. The quality of the solutions presented was excellent and the Jury had a tough time evaluating them. After intense discussions and deliberations, the Jury selected top 3 entries as winners, and in view of the high quality of solutions presented decided to recognize 3 additional entries as ‘Promising Solutions’.

This was a unique challenge hosted on the Innovate platform of MyGov that called for applications from women led startups as well as startups who have solutions that address issues faced by a larger number of women. The Challenge was implemented in two stages: Ideation stage and Proof of Concept (PoC) Stage. The challenge received an overwhelming response with a total of 1265 entries, from across the nation.

Mentorship sessions were organized to enable graduation of the ideas into Proof of Concepts that can be scaled up. These sessions were topics that included Business Modelling, Financial Modelling, Legal Certifications, Digital Marketing, Product Design, Art of making Pitch and were conducted with the support of NASSCOM, Industry Experts, and the Atal Incubation Centre  at the Centre for Cellular and Molecular Biology.

Categories
Strategy

Atmanirbhar Bharat Is About Creating Globally Competitive Enterprises, Says PM Narendra Modi

New Delhi, October 28: In a major boost to the government’s ‘Atmanirbhar Bharat’ initiative, Prime Minister Narendra Modi called upon exporters to create ‘globally competitive’ enterprises in India in the spirit of his flagship mission. In his message to the EEPC India, Modi said that the ‘Atmanirbhar Bharat’ is about creating globally competitive enterprises in India. The four-day virtual expo opened on Tuesday.

The Prime Minister made this announcement during the inauguration of the engineering exporters’ apex body, EEPC India’s first virtual exhibition, ‘India Subcontracting Expo 2020’ for overseas buyers. During his message, the Prime Minister conveyed that science and engineering have a major role in realising the objectives of the ‘Aatmanirbhar Bharat’ programme.

The Prime Minister said that India is creating the right ecosystems for local manufacturing and supply chain. Modi said that technology has become an enabler in the wake of challenges posed by the COVID-19 pandemic.” Digital tools have guided and helped in transforming such challenges into opportunities. The world requires skilled hands and we in India have the talent to cater to these global needs,” he said.

According to EEPC India, as many as 100 engineering exporters would be showcasing their products and technologies to major buyers from Europe, including the UK through a virtual exhibition, seeking to bag manufacturing contracts, giving a boost to the ‘Make In India’ and ‘Aatmanirbhar Bharat’ programmes.

According to a report by IANS, the virtual exposition platform sports several features like 24×7 access for buyers and sellers, virtual B2Bs, chat rooms, among other. Besides, the CXO Forum would be held with a theme-India-EU advanced opportunities for business cooperation in COVID-19 world.