India combines the world's third-largest startup ecosystem, a very young and educated workforce, a growing middle class and a stable government that actively supports startups. The article also announces the EU-India Innocenter consortium, which includes uGlobally, and which aims to bring European companies into the Indian market.
Think of a booming economy, low costs, stable government, a huge, young and growing population, with a high level of education, speaking English, open to innovation and easy to get along with.
Currently very few countries present as many positive and attractive characteristics as India. The country has been reacting well to the impact caused by the COVID-19 crisis and presents surprising indices of recovery and growth.
The main numbers of the India Market
Today, India is the world's third-largest startup ecosystem and hosts more than 35 unicorns, offering unique advantages and opportunities for those wishing to internationalize. India is the only country that, according to the International Monetary Fund, will have double-digit growth in 2021. The IMF's forecast is 11.5% growth that year.
With the size of its domestic market, a middle class with more than 350 million people, the second largest number of internet users in the world (740 million subscribers) and the third largest higher education system in the world, India should become the third largest consumer economy by 2025.
Its educated, growing and young workforce (half the population is under 25 and more than 65% are under 35) will continue to guarantee and sustain its economic growth.
Furthermore, India's market offers a low cost of living and a large pool of talent and knowledge in the IT field, with the world's third-largest group of scientists and technicians. That is, many highly educated technology workers, the advantage of English being one of its official languages and the differential of salaries.
Training of professionals prepared for the job market
There are more than 7 million university graduates per year and, according to research with the country's youth, most prefer to work in startups rather than corporations. It is no accident that India is one of the main global markets and the 3rd largest startup ecosystem in the world. There are more than 50,000 startups in different sectors and 35 unicorns.
Its government, which in addition to being long-established and stable, recognizes the role of startups in driving the economy and creates various programs to help cultivate the ecosystem, makes the country a safe haven for investments. According to the 2020 Global Innovation Index, India ranks 48th. A jump of 33 positions in 5 years.
Bangalore is among the top 20 global startup ecosystems and is also ranked as one of the five fastest-growing startup cities in the world. Delhi is among the top 40 global startup ecosystems.
The ecosystem is sustained by a growing number of angels, funds, support organizations and academic programs. In 2020 a growing presence of investors injected approximately $9.3 billion into Indian startups, despite the Covid-19 pandemic.
It is undeniable that India will continue to stand out as a safe destination for entrepreneurs and investors, offering unique advantages and opportunities for those aiming to expand their businesses internationally. Areas such as cleantech, health, mobility and renewable energy present urgent needs and the country is ready to receive and benefit from external solutions.
Company led by Brazilians is one of the select organizations that form the Europe-India Innovation Center
The Dutch uGlobally, led by Brazilians Rodrigo Olmedo and Fernanda Neumann, complements the Indo-European consortium that begins activities to bring European Union companies to India. Through the EU-India Innocenter, the consortium aims to train approximately 500 companies that, throughout the process, will have the opportunity to deeply immerse themselves in the Indian market to validate and scale to India.
The EU-India Innocenter is composed of 6 companies with vast experience and high credibility in Europe and abroad, combining their expertise to provide personalized support for mature startups in their international expansion strategies, as well as a solid network to help them enter India.
According to Rodrigo Olmedo, CEO of uGlobally, "the first phase of the project aims to establish partnerships with the 70 main innovation players in Europe and India to identify and develop the startups with the greatest potential for the Indian market."
Rodrigo added: "The main mission of uGlobally is to remove internationalization barriers, helping our clients in their international expansion with the most modern tools and the most appropriate partners. Since our founding we have helped both Brazilian and European startups expand to new countries around the world. India offers many advantages for innovation companies and, like Brazil, can also benefit from technologies that have already been tested and approved by developed countries. It is a relationship where everyone wins."
Brazilian startups can learn about the programs offered by uGlobally at uglobally.com.
Fernanda Neumann, Director of New Business, adds: "Being part of this project is a privilege and is also a recognition of the professionalism of our team. India is the world's third-largest market for startups and currently has more than 30 Unicorn companies. This is a winning program with the most well-known names in the innovation market and the support of the European Union. The exchange of knowledge and experiences is valuable for everyone involved."
