The startup infrastructure in Indore has seen exponential growth in the last few years. Currently, there are over 700 startups in the city and more are popping up by the minute. Every year, more than 10 startups are established in the city.
This has been made possible by the fresh perspectives of those in the startup community, the numerous efforts of the administration, and the commercial capital’s potential to accommodate these new ventures. Now, with Madhya Pradesh’s Startup Policy in place, more avenues of growth have opened up for startups. Let’s find out how startups have changed the face of employment for the better.
Growth opportunities for all
Unlike most established companies, startups are more welcoming to freshers and those who have just started out in their careers. They cater to each other’s needs so perfectly that the employee-employer equation has become more symbiotic than ever.
It is quite obvious that more startups are creating more job opportunities for a varying range of skillsets. The very reason behind hiring freshers is that their working style is still malleable which benefits both the parties involved. Freshers are more open to learning since they’ve not been practising the same patterns for years.
This idea is further supported by the new startup policy under which 5 incubators have been operational in the city. These incubators aim at providing guidance and mentorship to the startups. Apart from that, the policy also highlights the provision of reimbursement of any expense that the startup makes for skill development and training of an employee. However, it only applies to a maximum of 25 employees in the first three years of the startup.
International investments & a place in the international market
Out of all the startup companies currently operating in the city, about 100 are valued at ₹10 crores in investments while a handful of them have funding of ₹1000 crores. Two of the companies in Indore also have ₹6000 crores in investments.
These investments are made by both national and international investors. Recently, the administration has made sure that Indore startups have an international stage to showcase themselves. More than 30 startups from the city presented themselves at the Dubai Expo this year. Apart from that, another meet was organised in Dubai more recently for Indore startups to get an audience with foreign investors. The administration sent out invites to the startup owners and actively encouraged them to participate in this meet.
These events have also helped in building a promising clientele both nationally and internationally. It is predicted that by the year 2025, the state will have over 5000 startups, 2000 of which will be in Indore alone.
