Assessment of Competitiveness of Food-tech Start-ups in India

Abstract

Two years ago, the central government launched the ‘Start-up India’ initiative to nurture innovation and entrepreneurship in the country, capturing the entrepreneurial spirit of the youth. The initiative promised to build an ecosystem conducive to scaling up start-up companies. The Start-up India action plan of the government is a very important step in strengthening the entrepreneurial ecosystem in the country. This article is an endeavour to portray the start-up ecosystem in India, which has also focused on the global best practices. The ecosystem for successful start-ups typically starts with proper mentorship with a mix of technological and directorial support. India has made a strong name for itself in the global start-up community and ranks among the top five countries in the world in terms of number of start-ups founded. It is estimated that the job creation from these entrepreneurs is likely to reach 250,000– 300,000 by 2020. The Indian food start-ups are now playing a pivotal role in accomplishing transformation, and trying and testing innovative technologies and business models. The innovations in this segment have been the result of improving technology in three segments: ordering food, food preparation and finally delivery. To seize the opportunity for the food industry, it is important to understand the dynamics around the start-up ecosystem. The challenges in the space are many, but it is heartening to see the passion and ability of the young start-ups who are working towards accomplishing their goals. The consolidation is the new mantra for food delivery companies, while quality will be the decisive factor, playing a catalytic role in the near future for health-conscious consumers.