Indian startup ecosystem is transforming and disrupting almost every sector. From government to high-profile individuals and corporate institutions, the contribution in terms of capital, mentorship, research and infrastructural facilities has tremendously risen. Hence, this comes as no surprise that India has surpassed Israel, the country with a thriving ecosystem, in terms of the number of incubators and accelerators (I/As).
A report published by Nasscom and consulting firm Zinnov points out India has 140 such institutions, whereas Israel has 130. This does not mean India is at its best when it comes to innovation, we certainly have a long way to go. However, it is safe to say that we are getting there and it is becoming home to some of the most innovative startups.
China topped the list with 2400 accelerators and incubators, followed by USA, that preceded India, with a count of about 1500. The report states government of India played a major role in driving the incubators ecosystem by announcing the plans to start 30+ incubators in 2016.
Among the I/As present in India, 8% are government supported, 9% are established by corporates, 32% are independent, and maximum (51%) are in academic institutions. Also, India is balancing the growth of accelerators in the country between Tier I, Tier II and Tier III cities, with 50% of them situated in non-metro cities. This scenario contrasts with that of UK where over 60% of I/As are located in London. The UK followed Israel in the report with a number of some 50 facilities. The report also mentions,
India is following global best practices, yet innovating in its own way.
Following global trends on vertical focus, such as UK is FinTech and e-commerce focussed, India has begun directing its focus on vertical specific programs. Also, the institutions are keen on providing necessary resources and support to find solutions to India-centric problems. The major such segments are agriculture, healthcare, financial inclusion, and education.
