With increasing support from Indian Government, flow of external funds, flexibility of people to adopt new concept, Startups are getting more and more acceptability day by day. Prime Minister Narendra Modi himself encouraging people through campaigns like “Startup India, Standup India” is encouraging youngsters to develop startup as their career choice. So, the biggest question that haunts every wannabe entrepreneur is the “Selection of Idea / Concept for their Startup” that could easily be converted and scaled into a large business.
As per our previous compilation of “Simplest Guide for thinking about Startup Ideas”, the new concepts could be generated by considering the problems faced by people in their daily life. More common is the targeted problem; more will be the market volume for startup.
In core of its business model, every startup is trying to handle some problem and provide convenience to the concerned mass. E-commerce portals are making the reach of goods to large mass. Aggregator models are helping small players to grow. Directory portals and search platforms are helping people in finding the right option. Hyper local delivery is avoiding the problem of hectic schedules.
Another way of finding the new concepts is by thinking about sectors that are under development and need urgent solutions for their betterment. Based on the sectors with high demand and market share, FS has compiled a list of some startup Ideas so that entrepreneurs could provide some solution to mass for their major pain areas –
Agriculture along with its associated sectors is definitely the biggest livelihood provider in India and also the biggest contributor in the Gross Domestic Product (GDP). Over 58% of rural population is dependent on agriculture as their principal mean of occupation.
Growth in household income and consumption, expansion of food processing sector and increase in agricultural export are some of the major factors that have worked together to facilitate growth in the sector in India. Escalating private contribution in Indian agriculture, growing organic farming and use of information technology are some of the key developments in the agriculture industry.
As per estimates by the Central Statistics Office (CSO), the share of agriculture and allied sectors (including agriculture, livestock, forestry and fishery) was 15.35 per cent of the Gross Value Added (GVA) during 2015–16 at 2011–12 prices.
Being such a huge market base and a need of time, Agriculture is one of the best sectors for entrepreneurs to focus their venture. Here are few thoughts from FS Labs for agricultural startup business model –
- Money, Techniques and Knowledge based Solution for Farmers
- Equipment and Technology in Agriculture
- Warehouse Infrastructure and Management
- Logistics Management Solutions
- Distribution Channel Betterment
- Yield Improvement Technologies
- Farming Education Support Network
Since the market volume is huge and the scope of improvement exists on large scale, startups in Agriculture startups will have high probability of success depending on the level of execution. Also, the demand of food is never going to vanish, so the further scope and scalability is huge.
Manufacturing in India is growing after its decline in the late nineties. Introduction of new technologies, increase in import and export business, increased interest of overseas players in Indian market, availability of more skilled manpower are some of the factors to contribute in this growth.
Manufacturing sector currently contributes ~15-16% to GDP (2015) and gives employment to ~12% (2014) of the country’s workforce. Studies have estimated that every job created in manufacturing has a multiplier effect, creating 2–3 jobs in the services sector.
As per the report of “India Brand Equity Foundation”, the Government of India has set an ambitious target of increasing the contribution of manufacturing output to 25 per cent of Gross Domestic Product (GDP) by 2025, from 16 per cent currently. With this target, India’s manufacturing sector could touch US$ 1 trillion by 2025. There is potential for the sector to account for 25-30 per cent of the country’s GDP and create up to 90 million domestic jobs by 2025.
Though the manufacturing sector is witnessing a growth, but it is not in-line with the technologies advancement in global manufacturing scenario. Here are few thoughts from FS Labs for manufacturing based startup business model –
- Machinery and Technology Improvement
- Process Automation
- Waste Minimization and Yield Improvement Solutions
- Warehouse Management Services
- Logistics Control and Optimization Strategies
- Import and Export Domain
- After Market Solutions – Spare Parts and Services
- Efficiency and Productivity Enhancement
A lot of OEMs (Original Equipment Manufacturers) and their supporting vendors are burning their funds by relying on old-fashioned techniques. A small concept giving some reduction per unit will generate a huge amount of saving when extrapolated to total annual volume and hence shall be appreciated by all the manufactures of India.
Healthcare has become one of India’s largest sectors – both in terms of revenue and employment. Healthcare comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. The Indian healthcare sector is rising at a brisk pace due to its strengthening coverage, services and increasing expenditure by public as well private players.
As per the report of “India Brand Equity Foundation”, Indian healthcare sector is expected to register a compound annual growth rate (CAGR) of 22.9 per cent during 2015-20 to US$ 280 billion. Rising income level, greater health awareness, increased precedence of lifestyle diseases and improved access to insurance would be the key contributors to growth.
Though a lot of startups are trying to make health care sector better with their business model, but the need of time is making health care services affordable to everyone. A small surgery of heart cost more than 3-4 lakh INR which is not so much affordable for middle and lower class. So, development in this direction is the need of time. Here are few thoughts from FS Labs for health care startup business model –
- Knowledge based Portals
- Efficient Tools and Equipment
- Automation in Medical Industry
- Machinery and Technological Improvement
If startups are able to reduce the overall cost of medical facilities, it will definitely be appreciated by mass. People who are not able to have access to costlier medical facilities, will become the larger market volume for affordable services.
Wish you luck for your startup. Stay tuned with FS to know more.