With a boom of startup culture in India, new entrepreneurs with their innovative solutions are coming on horizon day by day. Every problem that you can think of in daily life has been addressed by at least one startup. If your grocery is getting finished, just click on Grofers, PepperTap etc and grocery will be at your doorstep. If you need to visit a doctor, check the nearby doctors on Practo. If you are planning to buy a home, browse Housing, QuikrHomes, Magic Bricks etc. and get the details of all the properties available.
So the biggest question in front of entrepreneurs is which idea should be selected for their ventures. It’s not a good idea to stand against well-funded strong competitor with same concept. It is completely wastage of efforts, if the concept has no demand or market volume.
As explained in our previous analysis “Simplest Guide for Thinking about Startup Ideas”, the concept with wide targeted market can be generated by analyzing the problem faced by mass. Other way of thinking about startup idea is by selecting the sectors that need some improvement. As explained in our analysis “Startup India – Ideas for Entrepreneurs”, Agriculture, Manufacturing and Health care are some of the areas that have huge potential for entrepreneurs. Here are few more specific sectors for Indian startups –
India’s rapid growth in all the sectors has resulted sudden increase in domestic as well as industrial waste. Rapid Urbanization, industrial growth, deficiency of financial resources, institutional weaknesses, improper choice of technology and public apathy towards waste has made the widespread system of waste management far from satisfactory.
As per estimates, more than 160,000 Metric Tons of municipal solid waste is generated on daily basis in the country. Per capita waste generation varies in cities from 0.2 kg to 0.6 kg with estimated annual increase of 1.33%. Industrial sector is estimated to generate 100 million tons of waste every year.
With such a huge scope of Improvement and Prime Minister Narendra Modi also taking initiatives like Swachh Bharat Abhiyaan, waste management provides large scope to entrepreneurs to develop their business model as well as clean the country. Here are some thoughts from FS Labs for entrepreneurs in waste management domain –
- House hold Waste Management
- Industrial Waste Management
- Agricultural Waste Management
- Recycling and Reuse of Waste
- Thermal Power Plant Waste Management
- Waste Reduction and Efficiency Improvement Techniques
Waste reduction techniques will definitely be supported by mass as well as government and hence has high chances of success.
India’s power sector is quite diversified. Sources of power generation range from conventional sources such as coal, lignite, natural gas, oil, hydro and nuclear power to viable non-conventional sources such as wind, solar, and agricultural and domestic waste. Rapid growths of industries, economic upturn, technology advancement etc are the factors contributing in the high requirement of power sector and in expected to increase in upcoming year at high rates.
As per the report of “India Brand Equity Foundation”, Planning Commission’s 12th Five-Year Plan estimates total domestic energy production to reach 669.6 million tonnes of oil equivalent (MTOE) by 2016–17 and 844 MTOE by 2021–22. By 2030–35, energy demand in India is projected to be the highest among all countries.
As of November 2015, total thermal installed capacity stood at 196.2 gigawatt (GW), while hydro and renewable energy installed capacity totaled 42.6 GW and 37.4 GW, respectively. At 5.8 GW, nuclear energy capacity remained broadly constant compared with the previous year. India’s rooftop solar capacity addition grew 66 per cent from last year to reach 525 Mega Watts (MW), and has the potential to grow up to 6.5 giga watts (GW). India’s wind power capacity, installed in FY2016, is estimated to increase 20 per cent over last year to 2,800 Mega Watt (MW), led by favorable policy support that has encouraged both independent power producers (IPP) and non-IPPs.
Here are some of the thoughts from FS Labs to align the power sector in India –
- Existing Power Plants Effectiveness Enhancement
- Power Distribution Network and Efficiency Improvement Solutions
- Coal and Petroleum Products Utilization
- Energy Saving Solutions
- Renewable Energy Sources Utilization
Since the demand is high and supply is limited, any solution fulfilling the need will definitely be appreciated by mass.
Human Resource Management
“If China has emerged as the manufacturing capital of the world, India can become the human resources capital of the world. In the coming decades, the world will gain the maximum workforce from India.” -Prime Minister Narendra Modi “Skill India Mission”
Availability of skilled manpower at low/moderate rate has already attracted a lot of overseas players to outsource their manpower and is increasing day by day. A lot of manufactures are getting attracted to make India as their production hub for their global demand. IT firms are offloading their projects work to skilled people in India.
Due to high demand of human resources in domestic as well as global market, Human Resource Management provides a good scope of improvement for entrepreneurs. Here are few thoughts from FS Labs –
- Affordable Education Resources
- Manpower Management Solutions
- Global Sourcing and Optimization
- Training and Development Solutions
Though selection of idea/ concept plays an important role in predicting the success level of startup, execution plays the most important role. A good concept with bad execution is of no use. So entrepreneurs must analyze all the factors like problem being solved, existing vs new solution, direct and indirect market competition, scalability of concept etc prior to execution.
Wish you luck for your startup. Stay tuned with FS Labs to know more.