Gujarat as a state, is home to some of the most industrious and business savvy populace. In fact, Gujarat has 29 of the top 500 Indian corporates. Why is it that despite this, the stats has had few successful startups? Did tech-based entrepreneurship take a backseat when compared to large manufacturing and trading hubs in Gujarat?
Gujarat Startups – What was missing before?
Before, the one factor that was holding back growth for Gujarat-based startups was the founders’ unwillingness to part away with equity to raise money. Usually, Gujarati entrepreneurs were wary about diluting their equity, which was never the case in other startup hubs. Also, mindset of having a Plan-B for the business could have also be a hindrance in the entire process of making a startup work. The level of aggression that a startup hub needs was lacking in some of Gujarat-based startups because of the presence of this Plan-B.