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Busts Will Come And Busts Will Go, But Startups Matter In A Thriving Economy

T.A year ago they all seemed to be doing the right thing. It raised little capital, hired people, grew at a dizzying pace, and earned accolades for its ambition and risk-taking. Today, they make headlines for slightly different reasons. Unable to raise capital, losses mount and employees hired during the boom have to be laid off.

Such an inevitable cycle brings many lessons, including Newton’s conclusion that heavier objects hit the earth with more force than lighter ones, but it does not depart from one reality. The problem of a prosperous economy.

why? According to Inc42 Indian startup layoff tracker, 44 startups will be his in 2022. By early November he had laid off just over 15,700 employees. Net net, but startups create jobs. India’s 73,205 officially recognized start-ups have created more than 7.5 million jobs in the country, according to the Department of Industry and Domestic Trade Promotion (through June). According to a recent report by HR tech company BetterPlace, more than 8 million jobs will be created for him in frontline industries (workers providing essential services) in fiscal year 2022. E-commerce contributed the most to this demand, followed by logistics and mobility.

Another reason to maintain trust in startups is that they are more likely to produce breakthrough innovations than traditional companies. Such innovations tend to emerge at the start-up stage when venture companies and their founders are young. As they get bigger and older, innovation becomes less and less and incremental at best.

Most startups fail and their innovation fails to break through, but the few that do it solve critical problems and make life easier for mankind. Forbes Indiaand we track technology-driven ventures with an eagle eye in good times and bad.

This week’s special package takes a broader look at tech-enabled small businesses in Asia Pacific. Forbes AsiaFrom Hong Kong to Indonesia, from South Korea to Singapore, Forbes Asia We have identified 100 companies from 15 countries and regions that are at the forefront of innovation. These businesses belong to 11 sectors including biotech, e-commerce, finance, construction, agriculture and food.

On the list, for example, is Shanghai-based Grit Technology, a new cell therapy venture that seeks to treat cancer and tumors by boosting a patient’s disease-fighting lymphocytes. Then his I2Cool in Hong Kong invented an exterior paint that cools hot buildings by reflecting sunlight and dissipating thermal radiation. It also has Karachi-headquartered telemedicine platform Sehat Kahani, which connects patients and doctors in a country where more than half of the population of 220 million lacks access to quality healthcare.

The ‘100 to Watch’ list includes 11 Indian ventures, led by Singapore (19), Hong Kong (16), South Korea (15) and China (13) . Forbes India Dig deep into five of these startups to discover their competitive edge. Manu Balachandran examines his Park+ potential. This is a super app for car owners, offering everything from car cleaning and servicing to parking at home, shopping malls and offices. Also, Nasrin Sultana met the founder of Pocket FM, which aims to become her Netflix of audio OTT platform, offering “a ton of long-running series that keep listeners hooked.” His CEO and co-founder, Rohan Nayak, told Sultana: The only relief on those long drives were the FM stations and music apps. ’ Is this model profitable?

number one,
Brian Carvalho
Editor, Forbes India
Email: Brian.Carvalho@nw18.com
Twitter ID: @Brianc_Ed

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(This article appeared in the December 2, 2022 issue of Forbes India. To access the archive, please visit click here.)



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