The US has had a better track record in setting up tech companies than India, but the country has been behind many other countries when it comes to building a startup ecosystem, according to a new report.
The report, by research group TechRadars, suggests that India has already set an impressive pace for the creation of a Silicon Valley-like ecosystem in the past few years.
It has set a record for number of Indian start-ups with more than 2,400, a number that is expected to continue rising.
While the US continues to lead in terms of new start-up incubation, India has the fastest growing number of companies with more then 1,000 new start ups, it said.
“It is clear that the US is far ahead of India in terms the number of new Indian start up companies, as it has already achieved a record of more than 1,200 start ups per month,” said the report’s author, Nisha Kumar.
India is also the world’s biggest market for start-UPs, accounting for nearly two-thirds of the total number of start-Ups in the country.
But despite its strong start-Up ecosystem, India lags behind other countries in terms terms of the number and quality of start ups being established and launched, the report said.
India has just 12 start-Us, compared to the US’ 60, it noted.
The report also noted that while India is the most active market for new start up incubation with almost 1,400 start-uses per month, the US and Australia are ahead of them with more such start-us than India.
In terms of how these numbers are being used, India is more focused on the growth of new startups.
“The country is focused on bringing startups that offer innovative, affordable and scalable solutions to its customers, while it is focusing on nurturing existing start ups.
India is not focused on creating more and better companies and instead is focused more on providing support to start-uppers and supporting existing ones,” the report found.
For instance, the country’s government has been more aggressive than most countries in helping start-ups to grow, and has provided a variety of subsidies for their development, it added.
The top 10 start-sources in India, based on the report, were listed below:1.
Aditya Goyal, co-founder and co-CEO, Googlers 2.
Jyotiraditya Bajaj, co‑founder, Kalki 3.
Vinod Khosla, founder, Google 4.
Manish Srivastava, cofounder, Google 5.
Ashish Jha, co founder, Goeblox 6.
Rajdeep Sardesai, co–founder, Flipkart 7.
Naveen Kher, co founder, Dropbox 8.
Mukesh Ambani, co‐founder, Reliance Jio 9.
Manoj Sinha, founder and CEO, Reliant 9.
Kunal Bahl, cofounder, Adityaprakash Parikh 10.
Prashant Sinha , co–CEO, Infosys