India has become a land of several new entrepreneurial setups in the last few years. With a different government leading India, more emphasis is on self-sustenance, and simultaneously providing employment opportunities to others.
The Social Startups
Startups are no longer a struggler’s venture. With the social media taking the forefront of as well as pleasure, professional setups too have moved to the more popular platforms. The new age entrepreneurs take to Facebook and Instagram to spread their message and make money out of it successfully. Bangalore, being the cosmopolitan city with most major IT companies of the country, is a storehouse of educated, young people with a keenness to do something different.
The Bangalore specific startups, in particular, are very diverse in their ideas and operations. Ranging from subjects work as a solution to a dire basic need like organic fruits and vegetables, and the access to clean food, to technological interventions and medical facilities, the city is witness to a huge possibility of business for ‘Good as well as for Growth.’
There are many new ventures that focus on the Social Good and work toward the better living facilities, education in rural areas, bringing good seeds and water to farmers, providing jobs to the underprivileged, and the list is endless.
Funding New Ventures
There may be several obstacles to quickly starting a company with a focus on the work at hand. One primary reason is funding. Startups in Bangalore usually start with their own seed money, or that borrowed from family and their friends. Private and government banks and NBFCs offer lucrative ROI for startup companies to borrow money from. Some companies have also succeeded in borrowing money from venture capitalists, angel investors, through crowdfunding, and even from Small Business Development Centre (SBDC) for startup money.
Happy Work Cultures
The city of Bangalore in India has been a trendsetter in offering a unique work culture. Companies like Google, IBM, Infosys, etc. have been instrumental in giving a global perspective to work. Many of the startups have been the brainchild of young executives who have had the chance to work with such big companies, they too have unique work cultures. For instance, a small café in Bangalore is famous for housing cats that customers can pet alongside having their discussions over a cup of coffee. Similarly there are many companies that encourage their employees to bring their pets to work. Some companies provide a day care facility to new mothers and a room to rest and play with their children for a short while at work.