The first question that comes to anybody’s mind is, does Surat even have a startup ecosystem? Well, if you ask this question then, you don’t know much about Surat. It is known for its food, textiles, and diamonds. However, It is also rising as a startup and business hub with skilled entrepreneurs. In this blog, we have talked about the startup ecosystem of Surat to help entrepreneurs thrive.
The Global Startup Ecosystem
First, let’s talk about the global startup ecosystem. The global startup ecosystem comprises startups around the world and their impact. The global startup ecosystem was growing tremendously, and the pandemic hit us. It did pick up the pace after the pandemic. The startup world boomed with emerging startups and their supporting organizations.
But Asia was growing at a slow pace. However, now it’s climbing up in the market thanks to advanced technology, government policies, and access to global markets. Reportedly, Asia is projected to excel in public urban infrastructure and IoT and contribute 45% to global revenue (source).
India has grown with the Make In India, Vocal For Local, and Startup India initiatives. Many cities, including Mumbai, Bengaluru, and Karnataka, have started excelling with entrepreneurs. One such city is Surat in Gujarat.
Surat: Growing Entrepreneurial Spirits
Surat has been a diamond and textile hub for ages. However, with the growing youth, the wave of entrepreneurship has encouraged talented individuals. Diverse exhibitions and expos have inspired people to start their startups and contribute to society. From college students to job holders, they are thinking of a way to better the world with the startup.
Having a stunning product or service doesn’t guarantee success. It is understanding how the market and business work is crucial. It helps you raise funds, establish a flow of operations, grow your network, and more. Thus, a startup
ecosystem becomes critical for the startup to thrive. Surat has developed many startup ecosystem initiatives to encourage startups and entrepreneurs to thrive.
Startup Ecosystem of Surat
The following are the parts of Surat’s startup ecosystem that encourage entrepreneurial spirits and support them.
Institutions for entrepreneurial education
Education is the key to raising a better community, especially for entrepreneurs. How do people embrace the challenge of entrepreneurship if they don’t know anything about it? So, educational institutions have started providing entrepreneurial courses to educate students. The courses provide a brief introduction to the world of entrepreneurship, starting with its meaning, impact, government support, and more.
Surat has public organizations like The Centre of Entrepreneurship Development and VNSGU University. There are private organizations giving entrepreneurship courses like P. P. Savani University, Amity University, and more. Innovation cells provide a stage for students to hone their entrepreneurial skills.
Incubators for new startups and entrepreneurs
Incubators are organizations that want to support the initial stage of startups and entrepreneurs. They provide you with an environment and space to grow your skills and the potential of your startup idea. They provide you with investment and networking opportunities. Primarily, they guide how to operate a startup. The industry experts share their knowledge and guide you per your needs. It is best for beginners and initial-stage startups. You have to be committed to going there and stick to your training.
A few incubators in Surat are Startup Gujarat by the government, AIC Surat iLAB foundation, and AShine, a research park in SVNIT.
Accelerators to boost startup growth
Accelerators fund your business and also provide you guidance to grow your startup. The guidance is less rigid, and the incubators are. They help you live independently but will nudge you in the right direction when needed.
A few startup accelerators in Surat are Syncoro Ventrues, TiECon Surat, and the Student Startup and Innovation Policy by the Indian Institute of Information Technology Surat.
Co-working spaces to grow with fellow entrepreneurs
Often, talking with someone from outside your startup can help you improve. That’s what co-working spaces do. It provides entrepreneurs and startup founders a place to work. Here, you can talk and work in peace. You can discuss or collaborate to help one another. It enables you to form valuable connections with like-minded individuals.
A few well-known co-working spaces in Surat are iKo Verk Studios, Wibes Co-working spaces, and Spaceplexx.
Initial funding and investments from varying investors
Without funding, a startup might remain just an idea. It is one of the most essential parts of making your startup successful. For funding, after seed funding, you can rely on angel investors and venture capital firms. They are interested in the return on their investment. Thus, you share some percentage equity of your startup to raise these funds. You can raise funds with a series of funds before going for public funds.
Surat startup investment has grown with diverse venture capitals, angel investors, and banks offering low-interest loans.
Networking opportunities to grow your startup
Networking is the key to growth for an individual, as well as a startup. Potentially, networking can lead to investment, contracts, business ventures, or valuable friendships. You need to connect with people from the industry and like-minded entrepreneurs. For networking, you can visit startup summits, local business meetups, co-working spaces, and more.
An upcoming startup event to look out for would be the Global Startup Summit 2024 by 21by72. At this event, there are stalls for entrepreneurs to exhibit their startups, raise funds from investors, and learn from industry leaders through live speeches, panel discussions, and more. Get your ticket to this startup event.
Conclusion
The startup ecosystem is essential for the startups to thrive. There has been a boost in successful startups after supportive initiatives from the government. Surat has risen as a business hub as the startup ecosystem in Surat develops. It starts with entrepreneurial courses to instill skills and knowledge among interested students. There is a range of incubators and accelerators to guide the startup in the initial stage. There are angel investors as well as venture capitalists who are involved in fundraising. The co-working spaces and networking events in Surat, like the upcoming Global Startup Summit 2024, help the investors and entrepreneurs connect well. With the evolving startup ecosystem, startups can grow and thrive.
FAQs
Do we have the infrastructure to support startup founders in Surat?
Yes. With the city’s development, technology, and entrepreneurial support organizations, we have a place for startups to thrive. Startup founders in Surat can seek support from government organizations and private organizations to help them learn and grow in their journey.
Which startup idea is likely to succeed in Surat?
Traditionally, Surat is known for its markets for diamonds and textiles. Now, the city is rising in various sectors, including construction, technology, and digital marketing.
How can I find Surat business opportunities?
The core of a startup is solving a problem for society, people, or businesses. Look around yourself for something that you can resolve. Attend startup events to identify trends and industries and get inspiration for Surat business ideas.
How do I find investment for my startup in Surat?
Investment can be a stressful matter. However, you can increase your investment chances by pitching the idea to the right investors. You can attend local business meetups or startup events to meet potential investors. You can network with people in your industry or fellow entrepreneurs who can give you a hint of possible investment.
