ENTREPRENEURSHIP STARTUP - TRENDS THAT WILL DOMINATE IN 2017
With many aspiring youngsters testing their fortune in
entrepreneurship and startups, 2016 has been a major milestone year in this
regard. Further, buoyed by various funding platforms like venture capitalists,
angel investors and also the technological advancements, several
first-generation entrepreneurs and new startups are taking the plunge. While
going digitally will remain the mantra, technology-driven initiatives are likely
to take the lead in 2017 as well as. Here’s the lowdown on few of the trends
that would prove significant in the entrepreneurship and startup domain in the
coming year.
Internet
penetration as the game-changer
The startup scenario has been propelled by the rise in internet
penetration due to major improvements in the telecom infrastructure. With 3G
and 4G services making way into India along with declining data tariffs, spend
on internet data is growing significantly. The government schemes such as National
Optical Fibre Network (NOFN) can significantly increase internet penetration in
the rural communities as well as provide means to entrepreneurs to tap the huge
market potential there.
Smartphone
users to up the ante
With more than 65 per cent of the population in the age group of
35 and a recordbreaking growth in smartphone adoption and data services across
the country, there has been a rising demand for next-generation services with
simplified solutions. Smartphones are outpacing feature phones and are expected
to exhibit massive growth in the coming years. The widespread adoption of
smartphones is being propelled by several factors such as high com petition
leading to low prices, prevalence of internetenabled services and ease of
accessibility to content.
Evolution
of new payment solutions
Cash-on-Delivery (CoD) remains a popular mode of payment for .
Cash transactions result in high administration costs even for entrepreneurs
and startups which reduces their margins. Hence, new digital payment solutions
are evolving to address these challenges.
Making
a difference: Artificial Intelligence-based interfaces and chatbots
Today, direct interactivi ty over the web or consumer engagement
holds the key for any business domain to survive in the market. In this regard,
Artificial Intelligence-based interfaces and chatbots would prove to be a
gamechanger and help in getting a better grip on the understanding of a
particular consumer's nature and preferences when it comes to buying or going
for a service. A direct feedback from the consumer would be crucial for the
survival of any business that would also help in netting higher sales revenue
on the web domain.
Dec 23 2016 : The Economic Times (Mumbai)
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