In India the metropolitan cities are hubs of employment namely Bangalore, Delhi, Hyderabad, Pune, Chennai to name some. Bangalore has the maximum number of information technology companies and multinationals thereby attracts the best educated lot from premier institutes. Earlier the industry comprised of only public sectors,with advancement multinationals opened up their offices and generated more employment opportunities. Some of the engineers and other sector personnel went and settled abroad. After working in developed countries for few years they came back to India by accumulating funds and experience. Start-ups also give employment to the youth thereby enabling growth to the economy.
How do start-ups contribute?
India is a developing nation and a number of products specially pertaining to defence are imported. The cost is very high and they become obsolete soon as maintenance becomes difficult and the imported country does not offer any future support. The government therefore has shifted its focus on indigenization. As a result, start-ups with innovative ideas are being encouraged to develop products and increasing start-ups in Bangalore. Bangalore has the third highest number of start-up companies other two being Silicon Valley of united states and London. In the year 2018 alone twelve hundred technical start-ups came up in India, thereby to telling number of start-ups to seven thousand plus.
The start-ups in Bangalore are focusing on technologies namely artificial intelligence, internet of things, block chain and virtual reality.
Why is innovation important?
Innovation is the core strength of any company. Innovative ideas, products and processes are all desirable as they aid in revenue generation. The market is highly dynamic and customer needs keep changing thereby fostering innovation is highly important for any company. Some of the newer fields mentioned above need lot of experimentation and testing of products which is happening by means of start-ups.Majority of the start-ups in Bangalore are based on information technology as it requires lesser infrastructure and is near to the software industry.They are receiving lot of encouragement from the government as a step to bring back the talent drained out of the country and are highly successful.