In comparison to the sturdy framework and incredible support afforded to thriving startup ecosystems outside of India, our country lags far behind.
The Silicon Valley and countries like Israel, Shanghai, and Singapore have created ecosystems where startups thrive with the support of government, private investors & accelerators.
In a city like Bangalore, widely regarded as the startup capital of the country, the support offered to promising entrepreneurs isn’t as wide-reaching and industry-specific as it should be.
We have carefully studied the Indian startup landscape and identified a number of factors that are holding entrepreneurs back from achieving greatness. Urban Tech, Enterprise Tech, and Social Enterprise startups, in particular, face sector-specific setbacks.
An overhaul of the existing startup ecosystem is long overdue and we strongly believe that an emphasis on leadership, technology, and networking will serve as a catalyst for change.
The CoWrks Foundry has identified three focus industries with massive potential that are unable to establish and retain their footing, due to a lack of robust infrastructure and support in the startup ecosystem.
With the rapid expansion of cities, the Urban Tech sector has ample opportunities to create solutions to leverage growth but is constrained by high barriers to entry and inaccessibility to qualified, industry experts. We are India’s first accelerator that is deeply committed to Urban Tech. We deeply understand the insides of this large and critical, but underrated industry and will focus on addressing pressing concerns in IoT, infrastructural needs, sustainability, and so much more.
Enterprise Tech encounters a set of similar hurdles — an uninformed approach to pricing, long sales cycle, low negotiating power, and more. The Enterprise Tech front is confronted with a lack of exposure to global mills and product & design frameworks. As a result, there lies a huge untapped global market and these startups remain confined to local geographies.
Social Enterprise Tech startups are built with the intention to maximize social impact but their business models do not focus on sustainable growth, leaving this sector severely underfunded and without the ability to attract private sector interest. Businesses that are innovating for social good aren’t taken seriously by formidable investors, leaving them with little or no possibility for scalability. Without the ability to recruit qualified, and capable teams, it is challenging for businesses to meet their ambitious goals and targets.
Aside from these sector-specific setbacks, there is a range of other issues that plague these high-potential industries. Lack of global exposure, insufficient expertise, inadequate industry knowledge, and poor curriculum mapping are just some of the pertinent issues that are left unaddressed by existing accelerators and mentorship programs in the market.
Additionally, a host of attitudinal shifts are required to steer founders toward the path to success. Most entrepreneurs are preoccupied with prepping for the next round of funding. Faced with the dual task of selling to and educating investors who are unaware of the intricacies of the industry, entrepreneurs are exerting their time and energy ineffectively.
At The CoWrks Foundry, we understand that access to the best industry resources and expertise provides early-stage companies with the boost they need.
Startups with tremendous potential have been underfunded and overlooked, leaving numerous ideas and breakthrough products stuck in the pipeline. Our one-of-a-kind program will see early-stage startups through the daunting phase of tackling integral issues and building the next generation of solid companies.
The CoWrks Foundry exists to forge resilient and unsinkable companies. We will step in to address all of the bottlenecks in the system, by providing unparalleled supervision and support to early-stage startups.
We believe that in order to truly achieve success, businesses need more than just ideas and talent. They need grit, courage, and tenacity built into their core. With our acumen and expertise, we are challenging the status quo in India’s startup ecosystem and creating an environment where innovators and companies thrive.