These unprecedented times demonstrated how collaborating with the ecosystem can help companies evolve from positions of scarcity to positions of strength, driving both effective and quick business outcomes. As a result, 2020 saw a 12-15% increase in open innovation programs run by Corporates.
On the other hand, key developments from 2020 made the Indian Start-up ecosystem look even more promising. For example –
- 12 unicorns being added in 2020; more than China, and behind only USA.
- 28-30% of Indian start-ups building products for global markets.
- 14% of investments being into deep-tech start-ups; 3% greater share than in 2019.
In this environment, it is imperative for every corporate leader to understand the dynamics of the Indian start-up ecosystem and factor a collaborative approach into their FY21-22 strategy and budget planning.