03 December 2022, Mumbai
IPOs and unicorns have created a flywheel effect in the Indian tech startup ecosystem. Some of the small fashion start-ups are looking for innovative ways with a keen eye for design and sustainability is making their mark on the fashion industry in India and abroad and creating a name for Indian design using local artisans and fabrics.
Startup India Innovation platform in the 75th year of India’s independence ‘Azadi Ka Amrit Mahotsav’ is designed to showcase the spread and depth of entrepreneurship across India and there are several illustrations where Startups could provide solutions to resolve problems.
Innovation is the key
Every crisis can be converted into an opportunity like that of Covid-19 in the larger scheme of things as the true spirit here is a homegrown self-help model.
"Covid-19 is a big crisis and the ‘biggest of the century’ India's entrepreneurs responded to the pandemic by reimagining their businesses, and bouncing back in the face of adversity, embodying the true spirit of a self-reliant India, wherein many of our boys and girls came up with innovative solutions to the problems and, that government was listening to their needs, and its doors are open 24×7", alluded Piyush Goyal, Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, at the ET Startup awards in earlier this year in Bengaluru.
Startup Indian culture today is all about streamlining benefits and flexibility based on caregiver function rather than gender in its pursuit of innovatively attaining gender equality.
A bird's eye view
Since the launch of the Startup India introduction on 16 January 2015 the Indian startup ecosystem has grown to the 3rd largest in the world with over 60,000 startups across 633 districts from all 28 Slates and & 8 Union Territories with their own dedicated Startup Policies.
The fashion and textile sector has the potential to contribute significantly to the Hon’ble Prime Minister’s vision of making India a global hub for innovation with a startup ecosystem and as one industry report these are some of the unicorns in the fashion space such as
Fashion Unicorns Companies
1) SHEIN
2) Vinted
3) SSENSE and counting
Facilitating the startup ecosystem
The Indian start-up ecosystem has the ability to transform the country into a center for creativity and invention and considering that India today is one of the best facilitators of harnessing & firing the entrepreneurial visionary spirit which is exemplary.
Just to drive a point home the Indian growth story is a proxy for itself not for the global economy which is the best part of the Indian economy presently and the same can be safely assumed for the Indian Textile Industry.
The article makes a case for it being a lucrative market to enter, and pretty assuringly as many people have already invested given the caveat of the aforementioned thesis arguably building as a prognosis for a sound business case.
Compendious
In this article, we have made a business case for the "Innovation Pivot Framework" a smart tool in the toolkit of budding entrepreneurs looking to carve out a place for themselves committed to solving some real-life problem and identifying some definitive problem statement in their journey of entrepreneurship backed by an approach of innovation, differentiability to justify applications and target markets they have set out for.
The caveat here is that anyone's niche and strength is to adapt the suitable process that ushers to a formulation of the source of competitive advantage resting on the innovation envisioned pathway.
