Startup in Indore is a great idea as the tier-II city has tremendous potential for growth. Indore better known to be the commercial capital of Madhya Pradesh has proved on every commercial aspect of being called as mini Mumbai. Since 2007, Four Global Investors Summits were organized in Indore by Government of Madhya Pradesh in every two years, which has exposed to the world the prospects and opportunities in Indore. The Commercial capital of MP has attracted lots of leading domestic and foreign investment for development of the state. The Multinational companies like Infosys and TCS, has explored the business opportunities and are already initiating their projects.
Here is what the eminent personalities of Business world have to say about Indore,
Mr. N. R. Narayana Murthy, Founder and Executive Chairman of the Board, Infosys said:
“The city is an exciting investment destination for the IT-ITES industry. The State Government has indeed done a commendable job in accelerating development and elevating the social and economic status of this city. Indore is a city of great opportunities and we are extremely happy to be here.”
N Chandrasekaran, Chief Executive Officer and Managing Director, TCS, said,
“Indore is among the fastest growing cities in India by virtue of its business ecosystem and infrastructure development. The city has a good potential to transform into a knowledge hub. TCS’ investment will further boost the economy of the state by nurturing the development of talent and re-instilling inclusive growth.”
If you are an aspiring entrepreneur, the aspects you seek are an Idea, Finance and Place where to put the foundation stone. The place is one of the major aspects of your planning as if it is not appropriate you will face lots of hindrance at the later stage, and somebody has rightly said, “Well begun is half done”.
Indore is still the fledgling place for Pilot Ventures, it is emerging as a vibrant hub for start-ups. It has a very strong pool of talent, amazing climate, and lots of opportunities to unleash. This City has its own culture and style, which is so lively and generally suits everyone.
We are profiling different areas with exclusive insight to tell you, Why StartUp in Indore is a great idea?
Infrastructure in Indore
Indore is known for fascinating with the charm of its historical architectural grandeur. Indore city is budding as enthralling for other investors. Life here isn’t too fast like Mumbai and nor slow like any other B-town. The infrastructure here is growing at a very good pace which is an ideal situation for start-ups & pilot ventures.
Source : BestTechGroup
Stage of Development
Indore is at its developing stage, and it is the best time to invest here. It’s always been the best thing to being the part of growth, Indore is a city which is developing with nominal spends not too fast not too slow. Investing at this stage is the best as the city is accepting the changes whole heartedly.If you are planning a startup in Indore this is the best time for it.
Source : Blogspot
Capital
When we have a good idea to start-up we have to struggle to get it off the ground, raising capital is the barrier for many. In Indore, it isn’t the problem, as a large number of angel investors and they are willing to fund the exciting Ideas and venture capital funds also present.Being the Commercial capital of Madhya Pradesh, Indore has always been on the top choice of venture capitalists and angel investors.
Source : IMC indore
Easy Laws (legal structure)
The rules, regulations and legal structure here in Indore are flexible. Levy of Sales tax and vat are comparatively low from other states.
Source : Advocatindore
Affordable Living in Indore
The cost of living here in Indore is very affordable, which has spiraled exponentially in the metros. What makes Indore more favorable for you is the daily eases, you don’t have to rush for passenger busting local trains neither your precious time spend on traffic- choked roads. The another support you need while living in a city is the support system- the domestic help, which is a big problem in metros but here don’t get yourself in a lather over this, domestic help is easily available.
Source : Blogspot
Very favorable Business Climate
The atmosphere here is amazing not too hot nor too cold. If we talk about summers here, it is less hot, but not like of Rajasthan, winters are moderate; one can bear and Indore gets adequate rainfall.
Connectivity With Other Parts of India
Indore has excellent connectivity with the rest of the country, very well connected by road, rail and air. As it is located at very apt positions, metros like Mumbai is 593 km away and Delhi is 807 km far from the city. The Devi Ahilyabai Holkar National Airport is one of the prominent airports of central India. It offers good connectivity from major cities of India. The Railway network is well connected throughout the country. The national highway NH3(Bombay-Agra Road) and NH59 (Indore-Ahmedabad Road) passes through Indore.
Source : Panoramio
Potential Customers
The thing which comes to our mind when we think of B-towns is the potential market, Indore city is little different from other B-towns as here you will get easy availability of goods and services. The market is very dynamic here, almost all inexpensive to international brands already have ventured here, which is a plus point.
Source ; Flickr
Human Resources in Indore
The workforce here is creditable, the youth of the city are enthusiastic, talented and highly aspiring. The city has all that you need, the skilled and unskilled labors are also easily available in the city. The creative energy here is outstanding.
Source : Hrvetting
Real Estate
Real Estate is the foremost issues a startup has to face, as it beg a huge amount of your investment. You don’t need to worry about the same in Indore as the real estate market here is very modest, offers commercial space at very lucrative rates. What counts in favor of Indore is, here you find worthy accommodation and affordable office space. The city also has enormous potential to expand. Close proximity to the industrial hub of MP Pithampur, one of the largest SEZ (Special Economic Zone) in India.
Source: Parshvnath Developers
Population
Indore is not yet reached to the saturated level like Bangalore, Mumbai and Delhi. It is expected that soon the city will experience the huge burst in population.
Resource
When we chose the place for business, we chose it on the basis of two categories “for work” and “for living”. If we talk about “for work”, you get easy availability of raw materials and other resources as, the Industrial hub of Madhya Pradesh Pithampura is in the closed periphery. This is not it, we need the place which is also good for living, and in Indore, you get a safe civic environment, especially for women, good hospitals, best schools and lots of options for enjoyment.
When we think of resources the first thought came in our mind is the regular power supply, here you seldom find shortage issues.
Source : Flickr
Summarizing the Potential of Indore
Indore has made his foray into being Industrial hub decades ago. When Ruchi Soya the leading soya bean company has established its headquarters here.
As Indore is an Educational hub and verging on being the next industrial hub, it is attracting the talents not only from the state but from neighboring states as well.
Indore being the only city having finest technological and management institutions IIT and IIM, they contributed a lot in the growth of the city.
In terms of infrastructure, human capital, city culture and basic quality of living, in comparison to other cities, we find it is beating the other B-towns.
These aspects predict, whether the place is suitable for business or not, and pulling the right string at the right time always make the process easier.The city has a much larger potential to grow and is an ideal setting for an entrepreneur and makes it a great idea to establish a startup in Indore. Everyone here is passionate and friendly it adds a special point to do a business. Indore city has an ability to overcome odds which are’nt predictable. The city has developed a habit of welcoming the innovations from decades, which is a great support network for entrepreneurs. Indore is on the verge of being the fourth largest centre of cotton textile industry in India & Still the city has so much to unleash.
To Know more about Businesses in Indore you can also read 5 businesses which are Hot and Trending in Indore
