The biggest priority for start-ups in 2021 will be to build business models that are efficient, agile and sustainable, says RAHUL GARG
The 2021 marks the beginning of not only a new decade but also a new normal. This new normal will pose new challenges to old processes and old ways that old businesses have thus far followed. The growing strength of start-ups and new ventures will become the foundation of a new self-reliant and digital India. Start-ups with new processes and new technologies are defining the new normal.
The biggest priority for start-ups in 2021 will be to build business models that are efficient, agile, and sustainable. It will be critical for start-ups to start searching for the right combination of processes, technology, and people in 2021 to provide new and better ways around such challenges. To achieve this, they will need to be modular. Start-ups will have to integrate people, processes, and technology into a single model that allows each of these elements to be repeatedly dismantled, designed, and deployed to adapt to disruptions.
Businesses have been using processes that were deemed right until some time ago. These processes have low technology penetration, offline collaboration platforms, and disjoint workflows that necessitate people's onsite presence and increase exposure to health risks. The pandemic has created new benchmarks. Old businesses now need to test and validate their existing processes against first principles. They need to introspect on how an economy of 1.3 billion people can continue to produce goods and services, have access to stable income streams, and get recognised for creating value in the face of adversity. Innovation focused start-ups can enable legacy businesses to explore new processes.
Start-ups will first come about using new processes that provide new ways where none previously existed and better alternatives than the existing ones. They will enter the fray as product and process innovation providers that create balance sheet impact for old businesses. Those that will be agile will be the first to roll out new products and processes in the market will earn the tag of belonging to a select group of businesses that truly innovate. A lot of this innovation will involve digitalisation and technology integration in diverse capacities, as is evidenced by the shift from offline to online processes through the pandemic.
The new decade will bring disruptions characterised by high volume, velocity, and variety of change. Fiscal policy interventions from governments, advisories from consulting companies, and businesses' initiatives will have to be a step ahead of such unseen changes and build deterrence capabilities well in advance. Institutions will have to move towards a new normal of collecting, analysing, and interpreting data for decision making, getting higher predictability about the future, and staying ahead of the curve. Startups born from technology innovations in emerging technologies like big data, artificial intelligence, machine learning, and cloud computing will enable businesses, Governments, and social enterprises to achieve unprecedented levels of proactive institutional behavior.
New techniques that demonstrate tangible value for customers, and protect the lives and livelihoods of people, will sustain, attract talent, and get support from investors and Government to grow into new businesses of tomorrow. 2021 will, in a way, set the preconditions for start-ups to take off towards building a self-reliant and digital India.