India 2016 | Emerging Indian Brands | Young entrepreneurs identify market insights
As India experiences rapid economic growth and the possibilities of modern life meet the pull of tradition, young entrepreneurs create new Indian brands by identifying a central insight about consumer attitudes and needs. They execute their plans nimbly in multiple categories, reaching mass and niche audiences across the nation.
In the past, talented people educated abroad often remained overseas after university because opportunity was greater in the UK, the US, or other centers of the Indian diaspora. A reverse migration is taking place now, because the opportunity to create wealth is greater at home, in India’s rapidly developing economy.
People return with new ideas based on what they have witnessed in more mature markets. They reinterpret these ideas, catalyzing the mix of global sophistication and local insight with youthful energy and ambition. Their competitive advantage is not that they understand an international concept, but rather that they can make it work in India.
Overseas education and experience does not describe the career path of all Indian entrepreneurs, however. Many come from modest backgrounds. Having grown up in small towns and attended college in India, they recognize opportunities in the rapidly changing Indian market.
All these entrepreneurs share a greater willingness to take risks than their parent’s generation, for whom a job meant a fixed and secure place in the economy. With the Indian economy expanding faster than other industrialized markets, entrepreneurs are less fearful of failure because the economy is more forgiving; they believe they can always get another job.
Funding possibilities are also greater for this generation. Seed money continues to come from family and friends, but now more options are available for obtaining additional funds from venture capitalists, who typically provide money in increments, first for start-up expenses and later, when merited, additional funds for building scale.