The once upon a time Nawabs are bringing an all new fragrance of startup in the cities typical culture of Kebabs and Tehzeeb.Lucknow has always glared for a number of reasons. A major reason is that it’s the capital of Uttar Pradesh and the remarkable history of Awadh. A known tourist spot and a well known cultural hub, Lucknow is complete in itself. But in recent past years, the city has seen many big changes. As the people of the city are changing, so are their requirements. And to cater their requirements at the right time is the opportunity which many entrepreneurs seek.
One of such opportunity was to create a space that can be used by both, the sellers as well as the buyers which is called coworking space. This new concept of letting startup comes together under one roof and perform in a unison is an all-new way of working. Firms, who have limited resources to start with can rent spaces and use it as them for their work. The foremost benefit of a rented office space is that one has to spend less on the infrastructure and gain more from their business. Lucknow is a home to approximately 400 start-ups in almost all sectors of logistics, health, food, e-commerce, education, etc. But these budding entrepreneurs are not just limited to the said area; they are innovating new ideas every day. And hence, coworking space in Lucknow is getting a new hype in the startup ecoculture.
As Lucknow is a favorite spot for startups, the city’s government institutions are also providing best of policies for these new entrepreneurs. With a number of parameters required to thrive any small and big firm, major are its incubation, technology, ideal workspace, and the required management support. Other than these relevant points, comes another hurdle; creating a network. A startup is built from scrap and so, letting people understand your idea may be difficult. To succeed, one has to have a strong network for their business. A number of startups in Lucknow interact with like-minded people through a global platform to get a hold on the way things work in a national and international firm. Though these global platforms get marketing through the start-ups, they attract a small number of talent.
A startup faces more struggle than a new venture of an already established firm. Trust of people is less in startup and so, they have to strive to find the resources which are crucial for their growth. Lucknow has both government and privately owned incubators who provide mentoring, support, funding, workspace, as well as training. Time-to-time government intervention in creating a healthy, working environment for the start-ups led up to the set-up of IT Upvan and the Lucknow Chapter of Startups Accelerator of India. It is a plan which is spread in an area of 40 acres near the airport to set up a new incubator for start-ups. Furthermore, SIDBI has collaborated with certain colleges and universities to create more incubation points for the budding entrepreneurs. Other than these, Government has also announced a 1000 Crore fund for start-ups in Lucknow.
2nd Happiest City of India : Lucknow
Lucknow’s startup ecoculture is not just limited to measures provided by government; there are a number of Venture Catalysts which are known for the development of startups through angel investing, management consulting and advisory, and other support services. In addition to funding, the Indian Angel Network, VCats UP, non-profit organization TiE, and the Lucknow Angel Network (LAN) lend mentoring, and networking support as well. LAN was founded by a group of early-stage investors (HNI’s) working together to boost the startup ecosystem primarily in Lucknow, while also offering incubation space for the start-ups. The state government’s policy of ‘One district, one product’ is a government plan to identify one product from each district which will be used for export that will further give a major boost to employability.
Lucknow, as a city has outgrown its own culture and it is an easy place to undergo litmus test time and again before one can plan and launch with improvisation. The city has never denied feedbacks and has the potential market to sell out anything to everything. As the local startups have a deep connection with the city, they tend to understand the city’s problems and offer all probable solutions bringing a wind of change for the love of this city. The city is being approached by a number of MNC’s which is why the government is embracing innovation and entrepreneurship to encourage the new and hidden talents of the city.
New Emerging Startup City : Lucknow
Most of the entrepreneurs want to start their companies from their hometown. This talent is getting noticed by events on global stages and the focus is majorly on promoting the startup eco-culture.The UP Investor’s Summit was an example of such an event that was organized by the state government that was attended by the best of industry leaders and stakeholders; they all together tend to create a strong start-up environment in Lucknow. The event saw a crowd of more than 150 investors from across the country, who were interested in bringing out new talents and creating an opportunity for the entrepreneurs in the process. This extremely successful event was a witnessed a five Crore investment in and around the area of Lucknow.
The right mix of certain ingredients can create a wonderful dish. And this is what applied in business. An incubation center if comes along with an affordable coworking space, most of the startup will be able to make more out their business. Bigger firms who have more exposure and knowledge into the working of an enterprise should lend training to those who want to learn the ethics of a business. More investor awareness programs should be done in order to educate startups about funding and alternates of it. When events related to investments are done, they should be led by colleges and universities to increase participation and knowledge of investing. The knowledge of Merger and Acquisition can also be provided in such events.