Taking doodleblue to be a part of this unnamed ecosystem, we look into what the factors are, for the state showing pusillanimity regarding setting up a fully functional ecosystem.
As per reports form the leading newspapers, we first get to know that there is insufficiency of capital and fewer incubators pose as major challenges to the growth of startups in Tamil Nadu.
As a 5 year old startup, we grew up on bootstrap funds right from the seed stage but not every bright idea has such a good fortune.
We find few to nil investors and Venture Capitalists who are whole heartedly ready to invest in startups. This presents a bleak picture especially when compared to the competitive numbers of investors and startups that strike a balance in Bengaluru and Andhra Pradesh.
Coming to this year’s latest reports from the state government, the panel wants to set up rules and regulations in order to create a fair economic system.
When we ask our entrepreneur peers, their reply to this situation is that the Government is the only capable body to take the risk and provide such an environment for startups. They also state that the necessary ecosystem to support startups is already available.
The prime place for the startup idea to emanate is universities where we find 56% of incubators, indicating the important role played by universities in supporting entrepreneurship.
More than providing an education, universities and the life style prove to be perfect ground to help create novel ventures.
Technology sector has the largest network of ecosystems, both state wide and nationwide. These ecosystems are actively engaged in creating networks where entrepreneurs are in touch with advisors and investors.
The ecosystem does more than networking, providing a level ground for startups to spar with each other, weigh each other’s strengths, find skill gaps and fill them and look to scale up on an even keel.
The concept of an ecosystem has been existent for the past 5 years only but the development in Tier 1 cities has been immense.
Why Tamil Nadu is still behind, is something startups in this city must wake up to.
With bootstrapped and successful startups like Frilp, Zoho, Zarget and Lawbot hailing from this city, the field of expertise is variegated and the city is also leading the race in manufacturing, automobile and engineering.
With the growth being immense, the immediate solution for the absence of a teeming ecosystem is for startups to form one central council of startups in the state, host events, form a solid network.
The political scene in the state is volatile and more than anything else, it is only a startup that can empathize and assist another startup, at the end of the day.
Collaborator: Shruti balakrishnan