When companies think about India, a lot of prejudices pop up. We all have heard stories about problems with Intellectual Property Rights and differences in cultural understanding. But if companies look beyond the initial challenges, India has to offer a vast market with endless opportunities.
The Indian startup ecosystem has been growing at a staggering rate of 12-15% year by year. In 2019, 1,300 new startups were incepted, out of which 43% operate in the B2B space. There are currently around 20,000 active startups, with 4,750 of them being technology-driven startups.
One of the important pillars of GINSEP is the voluntary ambassador network that supports startups in Germany and India seeking to expand to the respective other country. Ambassadors constitute of incubators, investors, entrepreneurs, investment agencies, service providers and corporates, among others.
In autumn 2017, Alpha-Telemed, which enables home-monitoring of Parkinson’s patients, using a proprietary software, for the purpose of medication-adjustment, embarked unwittingly on an exciting & unpredictable journey with GINSEP – a journey that has lasted for well over 2 years and traversed 6 cities: Munich, Bangalore, New Delhi, Kolkata, Hannover & Berlin.
The start-up landscape of India has undergone major changes over the last decade. India’s under-penetrated market offers immense growth opportunities to new and budding start-ups.
However, before starting a business in India, it is important to select the right entity type. Each entity type has its pros and cons. Key consideration is to understand the limitation of each structure and balance the advantages and disadvantages while making an entry in India.
Delivering high quality healthcare is a continuous challenge for all countries. As the digital transition accelerates across all scales, there is a massive opportunity for developing a vibrant healthcare innovation ecosystem between Germany and India. In fact, there are some clear pathways that can significantly augment approvals and commercialisation of new technologies and therapies, thereby supporting the healthcare systems to deliver better service to all.