Why Chennai is the Next Hub for Startupreneurs?
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Bengaluru has been rewarded with the title of India’s startup hub due to a huge network of technology entrepreneurs coming from the region. Even Delhi and Mumbai have been among the cities to have given the nation renowned names. However, Chennai has remained an underrated city despite having a plethora of active angel investors operating in the region.
While there is no dearth of promising entrepreneurs in the city, their demure nature has kept them hidden in the shadows. Nonetheless, the city’s highly literate population and skilled technical talent have turned it into an attractive market for budding entrepreneurs. The region’s economy was earlier more dependent on the automobile industry but has shifted towards the information technology sector.
The recent years have witnessed a humongous rise of entrepreneurship in the region with startups like Freshdesk, OrangeSpace, Bharatmatrimony, Zoho and CaratLane doing exceptionally well in their respect fields. The city has an interesting DNA about being a conservative but the fact that it has been a leading business city with many well-established and diversified family-owned groups can’t be neglected.
Chennai is home to many angel investors with deep pockets willing to invest in startups with innovative ideas, which has become a plus for the ambitious entrepreneurs looking for growth opportunities. The factors of good governance and integrity further make Chennai the preferred city for business leaders.
The digital disruption has opened a variety of opportunities for young startupentrepreneurs. The evolution of technology has ignited a desire of owning a business among millennials and Bengaluru, which most new entrepreneurs prefer over other cities to run their business in can’t accommodate them all. Hence, Chennai is the place they turn to.
The issue of Tamil Nadu-based companies preferring to invest in Bengaluru over Chennai had become a matter of concern recently but with the state government’s recent announcement confirming that investments worth Rs 45,000 crore are in the pipeline. The State industries minister M C Sampath believes that the availability of good roads, ports, railways and airports would work as a positive factor.
Chennai is among the top Indian cities with best human resources due to a maximum number of engineering and medical colleges in the region. The promised investments are expected to be for a long period due to proper government policy with a good infrastructure.