The Economic Times, during its recently concluded Power of Ideas programme, received a staggering 12,000 entries from aspiring entrepreneurs across India. Of these more than a third came from smaller cities such as Aizawl, Allahabad, Jallandhar, Jamshedpur, Patiala, Nashik, Rajkot and Tiruvananthapuram.
Awareness about entrepreneurship is improving in these cities and so the startup ecosystem is evolving rapidly.
Deepak Ravindran of Innoz, a mobile VAS (value added services) startup in Trivandrum, says that if one has a great idea and manages to put a good team together, location doesn’t really matter.
It could, however, take some time before an effective startup ecosystem develops in these cities. Till then, there will many more startups like Kochi-based CashNxt which will end up shifting base to larger cities.
After spending over a year in Kochi, Anish Achutan and his team decided to move their mobile payment service business to Bangalore for better prospects. “We decided on this because of the lack of access to investors and talent in the financial services space in Kochi, and also because most of our key clients were in the larger cities,” says Achutan.
ET