4 Lessons to Learn From Top Startups in India8 months ago Ramya Sayaboni
Paying attention to the success of local startups can be incredibly educational. Consider each of these India startups and how they identified a need in the market and then turned it into a profitable product or service.
Technology has come a long way since it was first introduced to the public. We quickly went from one-computer households to most people having their own personal internet connection right at their fingertips. While some businesses attempt to profit off of current technologies, others are working to improve the industry even more.
Take Velmenni Research and Development Pvt Ltd. While many companies are marketing free Wi-Fi to attract consumers, Velmenni is working to improve how the internet is emitted. This LiFi technology uses lights from bulbs to transmit energy. The result would be an internet connection that is 100 times faster than anything we have today.
Be Aware of Entertainment Needs
Just as internet usage and technology has evolved over the years, so has entertainment. Casino games have been a popular trend in India for years. However, with busy streets and higher crime rates surrounding physical casinos, many residents stopped frequenting them.
Seven Jackpots took advantage of this entertainment need by creating a startup site India virtual casino that allows people to play right in the comfort of their own homes. Players can still enjoy their favorite casino games including live blackjack, roulette, baccarat, and even virtual slots. Additionally, while some of the virtual casinos are being questioned for their authenticity and security, Seven Jackpots continues to prioritize convenience, safety, and fun.
Solve an Everyday Problem
Another thing that you will find consistent across most successful businesses is that their product or service solves an everyday problem. Instead of encouraging consumers why they must have an item, these successful businesses provide them with evidence of what the product can do for them. Consumers are looking for solutions to their everyday problems, giving them more time and making their day-to-day more convenient.
Airpay is a startup that offers payment services with the goal of simplifying internet transactions. Not only has Airpay created a service that allows businesses to accept all major credit cards, but the processes are PCI DSS compliant. Business owners can also use Airpay to customize their payment processing and offer consumers multiple methods of payment.
Re-Work an Existing Service
Transportation is an important part of India’s infrastructure. It is normal to see small yellow vehicles waiting on passengers at most busy intersections. While Uber was the first ride service to enter the market, they have not been as successful at meeting the specific needs of India.
Ola is the most popular ride service in India. They have quickly met the demands of India’s residents including awareness of cash payments. India continues to use cash for payments at a rate higher than the rest of the country. While Uber took years to allow consumers to pay with cash, Ola allowed it from the start. Additionally, Ola has a text message booking option for those with limited internet access, which is common in India.
Take a look at each of these startups and evaluate the things that have led to their success. Apply these same lessons to your own business mindset and you may be surprised at the success you are able to achieve.