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    HomeStartup SpotlightRole Played by Technology in Enabling Startup Growth in India  

    Role Played by Technology in Enabling Startup Growth in India  

    There is wave of entrepreneurship that has overtaken the country. India is the third-largest startup ecosystem, behind only the US and China. Startups are expected to contribute about 4-5% to India’s gross domestic product (GDP) over the next three to five years. The startup ecosystem of India has witnessed over 60,000+ new startups bring established since 2016, across 56+ different sectors in the country, has also managed to create over 6+ lakh job opportunities in the country.

    Every startup that has come into being aims at becoming a Unicorn one day. One thing that all startups have in common are that they are truly passionate about their product. They really want their product to make a difference. However, when it comes to scalability, an enterprise needs more than just a good product and a great team. The transformative power that technology holds needs o be explored.

    Companies That Catapulted to the Next Level With the Aid of Technology

    For instance, Dominoes case study: In 2007, the stock price of Domino’s Pizza was $32.25. This was a good rise compared to $14.70 in 2004. But in 2008, things started to change. Domino’s experienced a steady decline. In October of the same year, their stock price was only $5.95. The team started to look for ways to revamp the business and grow again. Domino’s Pizza had to transform their service delivery and bring more value to customers. Domino’s team understood that making tasteful pizzas is not enough in the competitive environment. Technology and business had to be brought together to produce extra value. 

    This was the point when Domino’s turned into a tech-savvy company. Business technology was one of the tools that helped the business fight crisis. They started to integrate business technology to improve agility. 

    Also read: Future of Startups in India – A Statistical Outlook

    The company’s concept of Domino’s Anyware enables clients to order their favorite pizza via dozen of channels. This makes it very convenient for people to make an order regardless of where they are. The company uses artificial intelligence, machine learning and chatbots to enable a multi-experience client service. This sets a robust connection with the audience. Customers truly enjoy the convenience that Domino’s offers. Dominos stock prices today stand at 300 dollars. 

    Same with Walmart. The retail giant spent more than $11 billion in tech renovation and partnered with Google (voice-enabled commerce) and Microsoft (cloud computing). They also adopted omnichannel retailing to reach out to their millennial audience and also increased their social media presence. As for the back-office innovations, these included the modernization of the supply chain and inventory management. Walmart is now a highly technological company with most of the processes running digitally.

    Issues that Arise With Technology Adoption

    It has been proven beyond doubt that technology has the ability to help organisations catapult their operations to the next level. However, technology adoption isn’t a fairy tale, and there are various challenges associated with it. There are so many problems that organisations in general deal with when it comes to technology adoption such as:

    1. Lack of technical expertise.
    2. Technical debt.
    3. Technology architecture that is not designed for scalability.
    4. Cyber security concerns.

    In essence, as India’s startup ecosystem continues to proliferate, technology will remain an important factor for growth, enabling startups to realize their aspirations of becoming unicorns while contributing substantively to the nation’s economic prosperity. However, navigating the complexities of technological adoption demands vigilance, adaptability, and collaboration to harness its full potential and surmount the accompanying challenges.

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