Here's Why 2019 is Going to be the Year of Digital Entrepreneurs
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
The digital revolution is well and truly upon us. It is in its prime and continues to grow each day. We are in the phase where all businesses, whether big or small, are changing the way they carry out business and going digital. Add to this the country and its citizens are currently basking in the success of the ‘Digital India’ initiative taken by the government, which has made it possible for the internet to reach different parts of the country.
Owing to the availability of the internet and related services in the country, the scope for existing and budding entrepreneurs has grown fourfold. As per a 2018 report on Digital India by the Government of India, the country is amongst the top 2 countries globally on multiple dimensions of digital adoption, China being the other leader. India has the world’s largest digital identity program with over 1.2 billion Aadhar cards issues to the country’s adults (99per cent of the population).
With 1.18 billion mobile phone subscriptions, 429.2 million internet subscriptions, 250 million social media users, India’s digital integration is one of the highest in the world. The digitisation drive has fuelled the integration of different businesses, industries and communities to create a digital ecosystem. The abundantly available digital tools and services have been instrumental in the rise of digital entrepreneurship and the signs indeed look extremely promising for the growth of this respective sector in the near future.
The Start-Up phenomenon
The ‘Startup India’ movement by the Indian government has made a huge impact on the country’s industrial sector, leading to a large number of digital start-ups blossoming in the country, making it the hub for new IT ventures. Each day, newer web services based companies come to life and begin operations in the industry. Some of these start-ups have done exceptionally well in the Information Technology market right since their inception. The main reason for this is the scope for businesses in the market and the acceptance of fresh faces by the customers. Start-ups, in particular, require a lot of investment, time and constant efforts to hold the ground.
Due to digital evolution, this has become comparatively easier as you can start your work right from your home or a shared workspace. This ease of access has helped a large number of budding entrepreneurs begin their businesses and join the ever-growing markets. The entrepreneurs are extremely talented, well versed with the markets and the evolving digital space, and are very efficient in terms of the work and functioning of their businesses.
The Digital Wave
With the easy availability of high-speed internet and various tools in the market, digital literacy is on a constant rise, allowing a huge number of people to become digitally savvy and equipping themselves with the required skills. India's Digital Index rose by 56 per cent during 2014-2017, from 18 to 29 on a scale of 1-100. The number of internet users today stands at over a staggering 650 million at present. The Bharat Interface for Money (BHIM) (UPI payments portal) is one of the most successful initiatives by the government. This has, in turn, created a good number of experts in the field of technology, increasing the resources in the market.
On the other hand, there is an exponentially high number of digital companies and job opportunities in the country. Many big and small businesses are going digital with respect to their functioning, management and financial aspects, which has added to the growth of digitisation in the country. The future of this digital wave looks promising and will continue to grow in the current year.
Young Entrepreneurs Taking on the Big Guns
A big number of college graduates or youngsters with a few years of experience and innovative minds are entering the digital space and trying to make a place for themselves in the market. These young minds are extremely smart, well-read and witty, and know the industry well. Owing to their deep knowledge and skills, they are changing the dynamics of the industry in various ways.
These smaller yet promising tech ventures are giving the sharks of the industry a run for their money in various ways. The digital technology is also rapidly evolving, and it is easier for youngsters to keep up with the changes as compared to the senior lot. The future for the youngsters looks bright and promising in the wake of the technological advancements.
The Scope for Digitisation
2019 has just begun, and the digital space is already abuzz with the constant growth and developments in the space. With a large number of start-ups and new ventures coming up in every corner of the industry, this year will see a steep rise in the addition of new ventures to the market.
The digital revolution is at its apex right now, and will only flourish from here on. The year 2019 is going to be the year of Digital Entrepreneurs in India, and what it has in store will be interesting to see.