An insight into why the startup industry is booming and the startups in Mumbai are in demand.
We can all agree that today’s generation want more from life than what the previous generation aimed for. Money is not the only thing they’re chasing. They look out for experiences, for memories and they want to establish a connection with everything they do. This is one of the major reasons why you will find most of the millennials start their own company instead of working under someone!
We did some research and tried to answer ‘Why Startups’;
1. It’ s all in the numbers
A survey conducted by Bentley University says that by 2025, 75% of the total workforce will consist of Millennials. However, the same survey states, if given a choice, two thirds of Millennials would prefer starting their own business, especially in the field of Internet Marketing. They are starting twice as many companies as their previous generation did.
2. Liberty Matters
Most of the millennials prefer independence and value freedom at their workplace. They have seen people being fired, losing jobs and facing dead ends. To avoid that, to enjoy freedom, they are opting for their own business. For them, 2 years of running a business gives you the same experience as 20 years of service in the corporate world. This is why there are more startups in Mumbai than empty rickshaws.
3. It’s easy?
The main reason for the rise in startups has to be easily available funding. Nowadays, hedge fund corporations and VCs are investing huge amounts into ideas that they think will become successful. The flow of funds is mind-blowing and this motivates a lot of young entrepreneurs to believe in their dream.
These are the main reasons why startups in Mumbai are on a rise and it’s stopping anytime soon. This also gives rise to a number of job opportunities and helps in developing the nation.