The ramifications of COVID-19 left the Indian start-up market staggering, but with cost efficiency and pivotal decisions, the start-up sector has emerged unscathed with successful unicorns. Several Indian startups in the Ed-tech sector such as Unacademy have secured the unicorn status. If we extrapolate further, looking at the business trends in the past year, it is clear that ed-tech startups are leading the way.
How Do Start-ups Achieve Unicorn Status?
- Distinct and Unique Products
Start-ups that become unicorns have extremely unique products that cater to consumer problems in a different yet effective way. By providing real value and distinct solutions, they have their way into the market. A prime example is Uber, that turned the world around in the taxi-services industry. Choosing the right product and audience is the first step towards reaching the Unicorn Club.
- Rapid Scaling-up
The key to becoming a Unicorn is to practice rapid-growth so that you can reach your exit-stage soon or become an IPO. Well-designed goals and plans with the right team and funds, you can scale up your start-up to reach the levels of Airbnb or Uber in the Unicorn Club.
- Know When to Pivot
To become a Unicorn, be ready for changes and pivots in your strategies or sometimes even the product you sell. To thrive in the start-up world, success sometimes needs you to pivot entirely from what you began. Being unique and different is a necessity to dominate the market. Thus, brainstorm and know when to switch paths.
With 36 Indian start-ups earning the unicorn status, with a combined valuation of almost $120 Billion, the start-up sector in India seems to have high market potential. Though the market may seem condensed in terms of solutions, we still have the entirety of the ocean to explore