It was a time when we threw a stone in Bengaluru, chances were more that it would fall on an Engineer. Now you can’t throw a stone in Bengaluru, without hitting somebody who has started, or about to start a start-up. This city is now known as the start-up capital of the country and is attracting and inviting every aspiring Entrepreneurs, may be with a slogan ‘Make in Bengaluru’?
Here we are with few interesting facts about Bengaluru, start-ups in Bengaluru and view points of experts on it.
1. Close to 400 e-commerce start-ups in Koramangala area alone
Raj Subramaniam co-founder of Paisool, a software billing company say that he has heard that there are close to 400 e-commerce companies in Koramangala alone.
2. Bengaluru contributes to 28% of the start-up ecosystem in India
According to Nasscom’s recent report. it is predicted that India will have 11,500 start-ups that will potentially employ 2.5 lakh people. Currently India has 3,100 start-ups and 868 of them are Bengaluru-based. (Ashok Pamidi, Nasscom, Karnataka’s regional head)
3. Every month. Bengaluru is giving birth to 10 new start-ups
Pamidi says, “Start-ups in Bengaluru is doing well because of various favorable conditions.” and also he adds, ” The start-up eco-system in Bengaluru has been growing and the momentum has been maintained in the city.” Bengaluru has a population across the country and even a niche start-up can easily find a target audience here. Another factor that adds to it is it’s skill base and engineers here are more creative to come up with unique and experimental ideas for start-ups.
4. Around 62% of start-up founders in Bengaluru have a prior technical background
Jayalakshmi M, founder of Giffie with an engineering degree in Electronics and communication says, “Being from an engineering background, I have a technical know-how when it comes to software.”
5. 13% of the founders are those who have absolutely no prior work experience.
This is as per Nasscom report again and our thought on this would be their passion to do something unique and as we have seen, most people will join as a helping hand and eventually their talent makes them a co-founder (sweat equity)
6. Seven out of Ten start-ups have raised a minimum of 1 crore funding
Bengaluru is attracting investments from many countries including Japan and China.
Young Entrepreneurs like Cherain says, ” It’s not so expensive to set up a company unlike ten years ago.
Now they could be doing away with steps of hiring an administration person, legal adviser, accountant and even a commercial space to work out of. All you need is a bright brilliant idea.”
7. Bengaluru is the most favored city for venture capitals
With 4X rise in the amount of funding, a total of $2.256 Billion (Rs.14,228 crores) of venture investment was made in Bengaluru last year. By this Bengaluru is now the 7th Biggest Investment destination in Asia.
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