The vibrant culmination of the 16th Edition of TiEcon Mumbai, hosted by TiE Mumbai at the Jio Convention Centre, BKC, left an indelible mark with a resounding appeal to forge an Anti-Fragile and Sustainable India. The event commenced with influential speakers emphasizing strategies to expedite progress, foster smarter interactions, and adopt deliberate approaches to empower the creation of sustainable businesses.
Speaking at the summit, Ranu Vohra, President- of TiE Mumbai said, “It was great to see the energy of the startup ecosystem at work at TiECon 2023. There were lively debates on Mumbai’s roadmap to becoming the startup hub; Gen AI and its role in India, and the possibilities, thus created. The session on funding availability held out the assurance that as the startups become “anti-fragile” and focus on unit economics and profitability; we should see a renewed increase in funding possibilities. The highly anticipated BCG report on the ecosystem was very well received and spoke about the inherent changes. It includes cultural changes required to bring about sustainability in the startup ecosystem. We are overwhelmed by the positive feedback from entrepreneurs (there were 3000+ attendees) and on behalf of the Board and Past TiE Mumbai Presidents want to thank the community which participated wholeheartedly.”
Apoorva Sharma, President-Elect, of TiE Mumbai, said, “India is a land of opportunity, a place where dreams can come true. But as the country rapidly urbanizes, it is also becoming a place of transition. Successful Entrepreneurship is a marathon and not a sprint. Startups need to have a customer-centric approach, must learn to think differently, and leverage Tech – Data & AI for a competitive edge. VCs are looking to invest in founders who are passionate and have a differentiated product/ service with expertise.”
India is at a focal point of innovation. The country is all set to reach a $ 5 Trillion economy by 2027. India is rising as the knowledge and talent capital of the world. It has the 3rd largest ecosystem of climate Tech Organizations. Start-Ups are a key driver of this Digital Transformation of India. Generation AI is slated to deliver breakthrough productivity gains and is a paradigm shift in computing creating massive disruption in Digital businesses.
A comprehensive report “Era of Resilient Growth?” was also launched by BCG at the summit.
Some highlights of the report are stated below –
- Global and Indian Macroeconomic and funding environment.
- Despite a general decline in funding over the past few years, it is important to consider the influence of recency bias, as funding levels remain relatively on par with those observed in 2019/20.
- Significantly, funding in the seed/early stages continues to maintain a rapid pace, and when combined with the unprecedented levels of available capital, it suggests a substantial pool of funds for new startups.
- Specifically, India comparatively doing well, with a higher share of APAC investments.
- Importantly, a very clear trend toward investors favoring either profitable companies or with a clearer path to profitability.
- Regarding the opportunities in India: Anticipating a $7 trillion economy by 2030, numerous sectors are poised to unlock substantial Total Addressable Markets (TAM) for startups. Over 20 segments have been identified across B2B and B2C domains, presenting ample room for a fresh wave of startups to flourish. Particularly in the B2B realm, as enterprises intensify their emphasis on digitizing supply chains and distribution, diverse potential avenues are expected to emerge, spanning marketplaces, Software as a Service (SaaS), product-based ventures, and Internet of Things (IoT) companies.
How to think about building resilient startups in the current environment- 4 ways to think about resilient companies:
- The Right strategy to win (Right markets and agility, high degree of customer obsession, M&A as a strategic tool)
- Rhythmic engine (Focus on efficiencies, margins, and supply chain)
- Agile Organization and intentional culture
- Managing and raising capital; as also stakeholder management
Some key macro trends important for Indian startups- specific highlights on Gen AI and Climate and Sustainability
- Gen AI: Significant potential for transformative changes across large parts of value chains of many sectors. Many consumer segments like gaming, video, Edtech, etc will fundamentally change beyond what we are seeing today. Also, many opportunities will open up on the B2B side where there will be competition between incumbents and potentially newer players.
- Climate and Sustainability- remain another opportunity for startups.
- India has taken a net zero target by 2070.
- More than 190 Bn+ of VC funding across the globe with more than 85 unicorns
- While multiple challenges, the Indian ecosystem has been developing. India is now the 3rd largest ecosystem of Climate Tech Orgs. Major focus across Electric mobility, clean energy transitions, carbon tech, and Waste to value.
Executives from business, civil societies, and education domains teamed up on this discussion to develop a strong and sustainable India. A wide range of topics was discussed, it includes ways to resist the shocks and stresses in an economy. The discussion leads to the means to create an inclusive community. Where innovation and entrepreneurship are promoted to develop fair chances to succeed in the business world.
The conference highlighted several key insights, emphasizing India’s potential to become an anti-fragile nation. It emphasized the collective responsibility we all have in constructing an anti-fragile India; focusing on resilience, inclusivity, innovation, and environmental protection. The event fostered meaningful discussions on topics such as ESG, net zero, green hydrogen, and technology-driven startups, paving the way for a sustainable future.
The conference also featured a curated expo with over 140 startups showcasing their innovative products. Along with dynamic panel discussions, insightful workshops, and masterclasses on product development and growth. It served as an important platform for collaboration and engagement, featuring a diverse range of experts, speakers, and active participation. The content was enriching and contributed to a deeper understanding of the subject matter.