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Here is a list of world's top-10 most valuable startups

China now has more privately-held start-ups valued by investors at over $1 billion than the US, a report said Monday.

There were 206 Chinese firms out of a global total of 494 ultra-valuable start-ups, known as "unicorns", in June 2019, according to the research&nbsp;firm Hurun Report.

This makes China the country with the largest number of unicorns in the world, with the US coming in second with 203 such companies.

"China and the USA dominate with over 80 per cent of the world's known unicorns, despite representing only half of the world's GDP and a quarter of the world's population," Hurun Report chairman Rupert Hoogewerf said.

"The rest of the world needs to wake up to creating an environment that allows unicorns to flourish in."

According to Hurun, China is home to the world's three most valuable unicorns, Alibaba affiliate Ant Financial,&nbsp;app maker ByteDance and ride-hailing giant Didi Chuxing, which have a combined value of $280 billion.

Major US names like Airbnb and coworking space operator WeWork also made the list, which included&nbsp;lesser-known startups like California-based automated pizza delivery company Zume and Indian fantasy sports platform Dream11.

Hurun, which released its inaugural Global Unicorn List Monday, told AFP this was the first time China's number of unicorns was confirmed by researchers to have surpassed the US.

A report released in June by another research firm, Visual Capitalist, found only 94 unicorns from China compared to 156 from the US, based on data from May 2019.

The companies identified by Hurun were founded only seven years ago on average,&nbsp;and more than half come from five industries "disrupting the world economy," Hoogewerf said.

E-commerce and fintech accounted for the most unicorns globally, followed by cloud computing, artificial intelligence and logistics, according to Hurun.

Additionally, a number of companies on the list were formerly units of larger companies that had been split off.

"Chinese companies are far and away the most successful at spinning off unicorns, with 18 of the world's 20 'spun-off' unicorns," Hoogewerf said.

"Alibaba, for example, started Alipay, before spinning its fintech business into Ant Financial in 2014."

China now has more privately-held start-ups valued by investors at over $1 billion than the US, a report said Monday. There were 206 Chinese firms out of a global total of 494 ultra-valuable start-ups, known as "unicorns", in June 2019, according to the research firm Hurun Report.

China now has more privately-held start-ups valued by investors at over $1 billion than the US, a report said Monday. There were 206 Chinese firms out of a global total of 494 ultra-valuable start-ups, known as "unicorns", in June 2019, according to the research firm Hurun Report. This makes China the country with the largest number of unicorns in the world, with the US coming in second with 203 such companies. "China and the USA dominate with over 80 per cent of the world's known unicorns, despite representing only half of the world's GDP and a quarter of the world's population," Hurun Report chairman Rupert Hoogewerf said. "The rest of the world needs to wake up to creating an environment that allows unicorns to flourish in." According to Hurun, China is home to the world's three most valuable unicorns, Alibaba affiliate Ant Financial, app maker ByteDance and ride-hailing giant Didi Chuxing, which have a combined value of $280 billion. Major US names like Airbnb and coworking space operator WeWork also made the list, which included lesser-known startups like California-based automated pizza delivery company Zume and Indian fantasy sports platform Dream11. Hurun, which released its inaugural Global Unicorn List Monday, told AFP this was the first time China's number of unicorns was confirmed by researchers to have surpassed the US. A report released in June by another research firm, Visual Capitalist, found only 94 unicorns from China compared to 156 from the US, based on data from May 2019. The companies identified by Hurun were founded only seven years ago on average, and more than half come from five industries "disrupting the world economy," Hoogewerf said. E-commerce and fintech accounted for the most unicorns globally, followed by cloud computing, artificial intelligence and logistics, according to Hurun. Additionally, a number of companies on the list were formerly units of larger companies that had been split off. "Chinese companies are far and away the most successful at spinning off unicorns, with 18 of the world's 20 'spun-off' unicorns," Hoogewerf said. "Alibaba, for example, started Alipay, before spinning its fintech business into Ant Financial in 2014."

China's 'unicorn' startups exceed United States number for first time

The US&nbsp;government widened its&nbsp;<a href="https://www.wionews.com/videos/us-blacklisted-28-chinese-organisations-involved-in-abuses-against-uighurs-254358">trade&nbsp;blacklist</a>&nbsp;to&nbsp;include&nbsp;some of&nbsp;China's&nbsp;top&nbsp;artificial intelligence&nbsp;startups, punishing Beijing for its <a href="https://www.wionews.com/world/chinas-crackdown-in-xinjiang-for-uighur-refugees-freedom-means-losing-family-251676">treatment of Muslim minorities</a> and ratcheting up tensions&nbsp;ahead&nbsp;of high-level&nbsp;trade&nbsp;talks&nbsp;in Washington this week.

The decision, which drew a sharp rebuke from Beijing, targets 20 Chinese public security bureaus&nbsp;and eight companies including video surveillance firm Hikvision, as well as leaders in facial recognition technology SenseTime Group Ltd and Megvii Technology Ltd.

The action bars the firms from buying components from US&nbsp;companies without US government approval - a potentially crippling move for some of them. It follows the same blueprint&nbsp;used by Washington in its attempt to limit the influence of Huawei Technologies Co Ltd&nbsp;for what it says are national security reasons.

US&nbsp;officials said the action was not tied to this week's resumption of&nbsp;trade&nbsp;talks&nbsp;with China, but it signals no let-up in US&nbsp;President Donald Trump's hard-line stance as the world's two biggest economies seek to end their 15-month<a href="https://www.wionews.com/videos/us-china-trade-war-certain-us-goods-exempted-by-china-250942">&nbsp;trade&nbsp;war.</a>

The Commerce Department said in a filing the "entities have been implicated in human rights violations and abuses in the implementation of&nbsp;China's&nbsp;campaign of repression, mass arbitrary detention, and high-technology surveillance against Uighurs, Kazakhs, and other members of Muslim minority groups."

"The US&nbsp;Government and Department of Commerce cannot and will not tolerate the brutal suppression of ethnic minorities within China," said Secretary of Commerce Wilbur Ross.

China said the United States should stop&nbsp;interfering in its affairs. It will continue to take firm and resolute measures to protect its sovereign security, foreign ministry spokesman Geng Shuang told a regular media briefing without elaborating.

Hikvision, with a market value of about $42 billion, calls itself the world's largest maker of video surveillance gear.

SenseTime, which says it is valued at more than $7.5 billion, is one of the world's most valuable&nbsp;AI&nbsp;unicorns while Megvii, backed by e-commerce giant Alibaba, is valued at around $4 billion and is preparing an IPO to raise at least $500 million in Hong Kong.

The other companies on the list are speech recognition firm iFlytek Co, surveillance equipment maker Zhejiang Dahua Technology, data recovery firm Xiamen Meiya Pico Information Co, facial recognition firm Yitu Technology and Yixin Science and Technology Co.

A US&nbsp;Hikvision spokesman said the company "strongly opposes" the decision and noted that in January it retained a human rights expert and former US&nbsp;ambassador to advise the company on human rights compliance.

"Punishing Hikvision, despite these engagements, will deter global companies from communicating with the US&nbsp;government, hurt Hikvision's US businesses partners and negatively impact the US economy," the company added.

Hikvision also said that it was assessing the potential impact of the&nbsp;blacklisting and was working on contingency plans.

John Honovich, founder of surveillance video research company IPVM, said Hikvision and Dahua both&nbsp;use Intel Corp, Nvidia Corp, Ambarella Inc, Western Digital and Seagate Technology&nbsp;as suppliers and that the impact on the Chinese companies would be "devastating".

The&nbsp;blacklisting of Huawei has hurt many of its US&nbsp;suppliers that depended on the world's largest telecommunications company for revenue and made it difficult for Huawei to sell new products.

Reuters reported in August Hikvision receives nearly 30 per cent&nbsp;of its 50 billion yuan ($7 billion) in revenue from overseas.

SenseTime said in a statement it was deeply disappointed by the US&nbsp;move, that it abides by all relevant laws of the jurisdictions in which its operates and that it has been actively developing an&nbsp;AI&nbsp;code of ethics to ensure its technologies are&nbsp;used responsibly.

Megvii said it strongly objected to being placed on the&nbsp;blacklist&nbsp;and that it required its clients not to weaponize its technology or&nbsp;use it for illegal purposes.

IFlytek said its placement on the&nbsp;blacklist&nbsp;would not affect its daily operations, while Xiamen Meiya said its overseas revenue was less than 1 per cent of total revenue and that most of its suppliers were domestic companies. Dahua said on a conference call it was confident it could easily replace some components and would also seek other solutions to keep servicing clients.

IFlytek fell 2.7 per cent&nbsp;and Xiamen Meiya lost 1.8 per cent&nbsp;on Tuesday as investors factored in their limited exposure to overseas markets and the potential for the US&nbsp;action to speed up restructuring, analysts said.

"China's&nbsp;stock market has become increasingly immune to bad news from the&nbsp;trade&nbsp;war. No more panic selling," said Stephen Huang, vice president of Shanghai&nbsp;See Truth Investment Management.

Hikvision and Dahua were suspended from&nbsp;trade&nbsp;at the companies' behest. US&nbsp;supplier Ambarella fell 12 per cent&nbsp;in after-hours trading on Monday.

In August, the Trump administration also released an interim rule banning federal purchases of telecommunications equipment from five Chinese companies, including Huawei and Hikvision.

<a href="https://www.wionews.com/world/huawei-denies-us-allegations-of-technology-theft-247310">Huawei has repeatedly denied</a> it is controlled by the Chinese government, military or intelligence services and has filed a lawsuit against the US&nbsp;government's restrictions.

The US government widened its trade blacklist to include some of China's top artificial intelligence startups, punishing Beijing for its treatment of Muslim minorities and ratcheting up tensions ahead of high-level trade talks in Washington this week.

The US government widened its trade blacklist to include some of China's top artificial intelligence startups, punishing Beijing for its treatment of Muslim minorities and ratcheting up tensions ahead of high-level trade talks in Washington this week. The decision, which drew a sharp rebuke from Beijing, targets 20 Chinese public security bureaus and eight companies including video surveillance firm Hikvision, as well as leaders in facial recognition technology SenseTime Group Ltd and Megvii Technology Ltd. The action bars the firms from buying components from US companies without US government approval - a potentially crippling move for some of them. It follows the same blueprint used by Washington in its attempt to limit the influence of Huawei Technologies Co Ltd for what it says are national security reasons. US officials said the action was not tied to this week's resumption of trade talks with China, but it signals no let-up in US President Donald Trump's hard-line stance as the world's two biggest economies seek to end their 15-month trade war. The Commerce Department said in a filing the "entities have been implicated in human rights violations and abuses in the implementation of China's campaign of repression, mass arbitrary detention, and high-technology surveillance against Uighurs, Kazakhs, and other members of Muslim minority groups." "The US Government and Department of Commerce cannot and will not tolerate the brutal suppression of ethnic minorities within China," said Secretary of Commerce Wilbur Ross. China said the United States should stop interfering in its affairs. It will continue to take firm and resolute measures to protect its sovereign security, foreign ministry spokesman Geng Shuang told a regular media briefing without elaborating. Hikvision, with a market value of about $42 billion, calls itself the world's largest maker of video surveillance gear. SenseTime, which says it is valued at more than $7.5 billion, is one of the world's most valuable AI unicorns while Megvii, backed by e-commerce giant Alibaba, is valued at around $4 billion and is preparing an IPO to raise at least $500 million in Hong Kong. The other companies on the list are speech recognition firm iFlytek Co, surveillance equipment maker Zhejiang Dahua Technology, data recovery firm Xiamen Meiya Pico Information Co, facial recognition firm Yitu Technology and Yixin Science and Technology Co. A US Hikvision spokesman said the company "strongly opposes" the decision and noted that in January it retained a human rights expert and former US ambassador to advise the company on human rights compliance. "Punishing Hikvision, despite these engagements, will deter global companies from communicating with the US government, hurt Hikvision's US businesses partners and negatively impact the US economy," the company added. Hikvision also said that it was assessing the potential impact of the blacklisting and was working on contingency plans. John Honovich, founder of surveillance video research company IPVM, said Hikvision and Dahua both use Intel Corp, Nvidia Corp, Ambarella Inc, Western Digital and Seagate Technology as suppliers and that the impact on the Chinese companies would be "devastating". The blacklisting of Huawei has hurt many of its US suppliers that depended on the world's largest telecommunications company for revenue and made it difficult for Huawei to sell new products. Reuters reported in August Hikvision receives nearly 30 per cent of its 50 billion yuan ($7 billion) in revenue from overseas. SenseTime said in a statement it was deeply disappointed by the US move, that it abides by all relevant laws of the jurisdictions in which its operates and that it has been actively developing an AI code of ethics to ensure its technologies are used responsibly. Megvii said it strongly objected to being placed on the blacklist and that it required its clients not to weaponize its technology or use it for illegal purposes. IFlytek said its placement on the blacklist would not affect its daily operations, while Xiamen Meiya said its overseas revenue was less than 1 per cent of total revenue and that most of its suppliers were domestic companies. Dahua said on a conference call it was confident it could easily replace some components and would also seek other solutions to keep servicing clients. IFlytek fell 2.7 per cent and Xiamen Meiya lost 1.8 per cent on Tuesday as investors factored in their limited exposure to overseas markets and the potential for the US action to speed up restructuring, analysts said. "China's stock market has become increasingly immune to bad news from the trade war. No more panic selling," said Stephen Huang, vice president of Shanghai See Truth Investment Management. Hikvision and Dahua were suspended from trade at the companies' behest. US supplier Ambarella fell 12 per cent in after-hours trading on Monday. In August, the Trump administration also released an interim rule banning federal purchases of telecommunications equipment from five Chinese companies, including Huawei and Hikvision. Huawei has repeatedly denied it is controlled by the Chinese government, military or intelligence services and has filed a lawsuit against the US government's restrictions.

US expands blacklist to include China's top AI startups ahead of trade talks

The BBC defines the gig market as ‘a labour market characterised by the prevalence of short-term contracts or freelance work, as opposed to permanent jobs.’

The term ‘Gig Economy’ has gained popularity in the last few years. Educational gap, changing attitude towards work, flexible schedule and integrated technology are contributing to an evolving gig market.

The share of gig economy workers in the global marketplace rose to 15.8 per cent in 2015, as compared to 10.1 per cent in 2005.

Experts suggest that half of the population will adopt freelancing by 2020 as both employees and employers find this market more flexible, result-oriented and monetarily profitable.

According to one estimate, 66.6 per cent of companies, including start-ups and large corporations, are hiring gig workers to reduce labour costs.

There are obvious reasons why employers are keen to hire gig economy workers. These workers present an extremely flexible option for businesses aspiring to expand in different verticals, but face seasonal ups and downs.

Such employers have short-term requirements for talent who can help them cultivate businesses in different fields while remaining cost-effective.&nbsp;

Companies like Uber and TaskRabbit depend heavily on gig workers who deliver nimble and satisfactory services to their potential customers.

About 44 per cent of gig workers possess a university degree and 28 per cent are skilled with practical jobs like courier service, driving and more. Companies hire them on a contractual basis for a desired period to get their work done professionally. Freelancers are generally skilled workers, who deliver quality output in less time as compared to the regular workforce in a company.

Moreover, employers with budgetary constraints benefit by hiring talented gig workers on a project-to-project basis.

Businesses like Amazon Flex, Handy and other popular names have set up their market based on gig economy workers. Handy is an eminent app for cleaners and handymen who assist its clients with cleaners and helpers. The business pays $22 an hour to the cleaner and $45 per hour to helpers.

Start-up and large businesses can hire experts for every work profile in the gig economy market. Companies no longer need to struggle with long-term hiring drives where the stability of the employee plays an important part, along with the added cost of work station, infrastructure and regular employee-benefit policies.On the flip side, freelancers get their desired work and the liberty to work anytime from anywhere. More than 68% of freelancers have improved their quality of life by earning on their terms and conditions.

Technology has brought employers and gig economy workers together on a single platform through the Internet and smartphones. Online portals like Fiverr, SEOClerk, Gigbucks, Fiverup and many others have offered a common platform to both the entities where workers can draw up their profiles, which showcase their expertise, along with sample works. Businesses can review the samples and hire candidates who are desirable and meet their business and budgetary needs.&nbsp;

These interactive portals help them to discuss, share feedback, submit work and offer updates on payment transfers, in the process, promoting authenticity and transparency while making communication feasible and easier.

Considering the factors, which mutually benefit the market and its players, the gig economy is expected to increase by 43 per cent&nbsp;globally.

Employees are happily saying goodbye to tedious 9-to-6 jobs to find peace and balance in their lives. Moreover, the freelance market lets them choose their productive time without having to compromise on the quality of their personal lives. Cementing the base of the gig economy, Google has announced that its partnering staffing organisations need to pay gig workers at least $15 per hour along with health benefits.

Policies in favour of freelancers are encouraging more prospective gig workers to join the market. Businesses like GreenLight, Icon, Trupo, Steady are introducing retirement, financial and benefit products for such workers. Such policies, recognising equality and validation of freelance work, are sure to empower the gig economy market and businesses as well.

This entire process demands collaborative effort and contribution from advocates, government and employers to co-exist smoothly, while facilitating sustainable evolution. 
&nbsp;

(This article was originally published on The DNA. Read the<a href="https://www.dnaindia.com/analysis/column-the-gig-economy-is-well-and-truly-here-to-stay-2770247"> original article)</a>

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)&nbsp;

 
&nbsp;

&nbsp;

The BBC defines the gig market as ‘a labour market characterised by the prevalence of short-term contracts or freelance work, as opposed to permanent jobs.’ The term ‘Gig Economy’ has gained popularity in the last few years.

The BBC defines the gig market as ‘a labour market characterised by the prevalence of short-term contracts or freelance work, as opposed to permanent jobs.’ The term ‘Gig Economy’ has gained popularity in the last few years. Educational gap, changing attitude towards work, flexible schedule and integrated technology are contributing to an evolving gig market. The share of gig economy workers in the global marketplace rose to 15.8 per cent in 2015, as compared to 10.1 per cent in 2005. Experts suggest that half of the population will adopt freelancing by 2020 as both employees and employers find this market more flexible, result-oriented and monetarily profitable. According to one estimate, 66.6 per cent of companies, including start-ups and large corporations, are hiring gig workers to reduce labour costs. There are obvious reasons why employers are keen to hire gig economy workers. These workers present an extremely flexible option for businesses aspiring to expand in different verticals, but face seasonal ups and downs. Such employers have short-term requirements for talent who can help them cultivate businesses in different fields while remaining cost-effective. Companies like Uber and TaskRabbit depend heavily on gig workers who deliver nimble and satisfactory services to their potential customers. About 44 per cent of gig workers possess a university degree and 28 per cent are skilled with practical jobs like courier service, driving and more. Companies hire them on a contractual basis for a desired period to get their work done professionally. Freelancers are generally skilled workers, who deliver quality output in less time as compared to the regular workforce in a company. Moreover, employers with budgetary constraints benefit by hiring talented gig workers on a project-to-project basis. Businesses like Amazon Flex, Handy and other popular names have set up their market based on gig economy workers. Handy is an eminent app for cleaners and handymen who assist its clients with cleaners and helpers. The business pays $22 an hour to the cleaner and $45 per hour to helpers. Start-up and large businesses can hire experts for every work profile in the gig economy market. Companies no longer need to struggle with long-term hiring drives where the stability of the employee plays an important part, along with the added cost of work station, infrastructure and regular employee-benefit policies.On the flip side, freelancers get their desired work and the liberty to work anytime from anywhere. More than 68% of freelancers have improved their quality of life by earning on their terms and conditions. Technology has brought employers and gig economy workers together on a single platform through the Internet and smartphones. Online portals like Fiverr, SEOClerk, Gigbucks, Fiverup and many others have offered a common platform to both the entities where workers can draw up their profiles, which showcase their expertise, along with sample works. Businesses can review the samples and hire candidates who are desirable and meet their business and budgetary needs. These interactive portals help them to discuss, share feedback, submit work and offer updates on payment transfers, in the process, promoting authenticity and transparency while making communication feasible and easier. Considering the factors, which mutually benefit the market and its players, the gig economy is expected to increase by 43 per cent globally. Employees are happily saying goodbye to tedious 9-to-6 jobs to find peace and balance in their lives. Moreover, the freelance market lets them choose their productive time without having to compromise on the quality of their personal lives. Cementing the base of the gig economy, Google has announced that its partnering staffing organisations need to pay gig workers at least $15 per hour along with health benefits. Policies in favour of freelancers are encouraging more prospective gig workers to join the market. Businesses like GreenLight, Icon, Trupo, Steady are introducing retirement, financial and benefit products for such workers. Such policies, recognising equality and validation of freelance work, are sure to empower the gig economy market and businesses as well. This entire process demands collaborative effort and contribution from advocates, government and employers to co-exist smoothly, while facilitating sustainable evolution. (This article was originally published on The DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

The gig economy is well and truly here to stay

Startups, internet and technology companies have high hopes from the maiden budget of finance minister Nirmala Sitharaman. Three years after the launch of Start Up India scheme, it’s time for Modi government to give a big push to the Startup ecoystem in its first budget in its second term. Startups want more clarity over the issues like Angel Tax and easy access to funds to expand their operations.

India Watch: Budget 2019: What's in store for startups

When Indian Prime Minister Narendra Modi announced the withdrawal of ?500 (US$7.40) and ?1,000 (US$15) banknotes from circulation in November 2016, the government said its demonetisation drive would curb India&rsquo;s shadow economy and suppress the use of illicit and counterfeit cash in the economy.

If there&rsquo;s one sector that&rsquo;s done particularly well as a result of government&rsquo;s move, it&rsquo;s the banking sector.

Banks received deposits worth ?6 trillion (US$88 billion) and overall banking deposits with the Reserve Bank of India reached a record high of ?4.3 trillion (US$63.1 billion) within two weeks of the currency ban.

So the demonetisation was a well-planned move in terms of the health of the Indian banking system. Five months before the drive, the total amount of gross non-performing assets (loans are classified like this after 90 days of non-payment of interest or principal) for public and private sector banks was around ?6lakh crore (US$88 billion).

To understand how big this problem was, one needs to see the figure against the total loans given out by India&rsquo;s banking system. That ratio corresponded to 11.8 per cent of total credit advanced in September 2016, and it&rsquo;s expected to reach 12.5 per cent by March 2017.

The bulk of these non-performing assets are from public sector banks, and were mainly lent to finance the basic metal and metal products sector, the textile industry and the beverages sector.

In its December 2016 Financial Stability Report, the Reserve Bank noted that the asset quality of public sector banks had deteriorated further between March and September 2016. This reflected the failing health of the Indian banking system, which is a major provider of credit to industry and business. If not checked in time, it can have serious repercussions for the economy.

Bringing currency back

So calling the demonetisation drive a complete failure, as many economists and financial analysts have done then, is to fail to respect this well thought-out strategy for saving India&rsquo;s banks. Demonetisation has fulfilled the objective of bringing currency back into the banking system.

Within the first month, practically all demonetised currency notes in the country were back in the bank vaults. The sudden flow of cash to public sector banks gave them an instant lifeline clearly visible across the banking system.

Enriched by these higher deposits, the country&rsquo;s largest lender, the State Bank of India, slashed its benchmark lending rate by 0.9 per cent. In other words, after difficulty dealing with bad loans, after demonetisation banks are now able to provide cheap financing.

Not only did lending rates get slashed, the overnight marginal cost of funds-based lending rate (the minimum interest rate below which a bank cannot lend) fell to 7.75 per cent from 8.65 per cent. Meanwhile, three-year loan rates came down to 8.15 per cent from 9.05 per cent. While these percentages may seem small, it was a huge turnaround, which were reeling under the pressure of the bad loans.

Another winning sector

Amid the frenzy after demonetisation, another sector that got a big boost was that of financial technology start-ups, including digital wallet and other mobile payment companies. Due to the cash crunch, many people turned to digital wallets that can be used in conjunction with mobile payment systems, allowing them to pay for purchases with their smartphones.

Digital wallet companies saw an unprecedented surge in the number of people signing up for their services and adding money to their wallets after demonetisation.

Among mobile wallet companies, Paytm was the biggest beneficiary. We can gauge the impact of the demonetisation drive on its business by looking at the company&rsquo;s user base, which has reached 160 million &ndash; a fourfold increase since May 2016. Paytm&rsquo;s traffic rose by 435 per cent, app downloads grew by 200 per cent, and the company saw a 250 per cent rise in overall transaction value.

In fact, &ldquo;Paytm karo&rdquo; (literally, &ldquo;do Paytm&rdquo;) became one of the most common phrases during the early parts of the demonetisation drive, and sectors that have been traditionally cash-based, for example, small shopkeepers and public transport, such as taxis and auto-rickshaws, started accepting Paytm.

Such was a stardom of Paytm that it featured in a Harvard Business School case study of the company&rsquo;s transformation from online recharge platform to India&rsquo;s largest mobile payments platform.

Ultimate failure

The demonetisation drive, then, could be seen as a blessing for India&rsquo;s move towards a cashless economy and for encouraging consumers to use digital payment platforms. It also supports the government&rsquo;s Digital India initiative, which aims to encourage cashless payment solutions across the country by putting technological infrastructure in place.

But it&rsquo;s difficult to assess whether India is ready for a cashless economy. Traders tend not to reveal their actual income to avoid taxes and people are so used to paying for services in cash that for them to shift to new mode of payments requires a big habitual change.

The government&rsquo;s demonetisation drive, then, can be seen as an effort to curb the corruption and the flow of black money as stated, but also to force the general population to embrace digital payment options.

Unfortunately, it seems to have failed in both aspirations. Even though the main stated aim of demonetisation was to curb the extent of black money in the economy, during the first two months of the drive, almost 90 per cent of the scrapped and demonetised notes were back in the banking system. This stands in contrast to the government&#39;s expectation that roughly ?3 lakh crore (US$44 billion) of the scrapped notes would never return because they would be part of black money hoards.

The second consequence of moving towards a cashless economy may also be a failure. When cash returns to the system, many Indians are likely going back to the cash-based transactions given the over-dependence on cash-based transactions in the country due to limited connectivity and privacy issues related to transactions.

Ultimately, the demonetisation drive has been successful in making the banking sector healthier, but not what it was projected to do in terms of bringing in &ldquo;black money&rdquo; and turning the country into &ldquo;digital India&rdquo;.

This article was originally published on <a href="http://theconversation.com" rel="nofollow" target="blank">The Conversation</a>. Read the <a href="https://theconversation.com/indias-demonetisation-drive-has-boosted-banks-and-start-ups-but-its-still-a-failure-71704" rel="nofollow" target="blank">original article</a>.

The demonetisation drive has made the banking sector healthier but failed to curb 'black money'

When Indian Prime Minister Narendra Modi announced the withdrawal of ?500 (US$7.40) and ?1,000 (US$15) banknotes from circulation in November 2016, the government said its demonetisation drive would curb India’s shadow economy and suppress the use of illicit and counterfeit cash in the economy. If there’s one sector that’s done particularly well as a result of government’s move, it’s the banking sector. Banks received deposits worth ?6 trillion (US$88 billion) and overall banking deposits with the Reserve Bank of India reached a record high of ?4.3 trillion (US$63.1 billion) within two weeks of the currency ban. So the demonetisation was a well-planned move in terms of the health of the Indian banking system. Five months before the drive, the total amount of gross non-performing assets (loans are classified like this after 90 days of non-payment of interest or principal) for public and private sector banks was around ?6lakh crore (US$88 billion). To understand how big this problem was, one needs to see the figure against the total loans given out by India’s banking system. That ratio corresponded to 11.8 per cent of total credit advanced in September 2016, and it’s expected to reach 12.5 per cent by March 2017. The bulk of these non-performing assets are from public sector banks, and were mainly lent to finance the basic metal and metal products sector, the textile industry and the beverages sector. In its December 2016 Financial Stability Report, the Reserve Bank noted that the asset quality of public sector banks had deteriorated further between March and September 2016. This reflected the failing health of the Indian banking system, which is a major provider of credit to industry and business. If not checked in time, it can have serious repercussions for the economy. Bringing currency back So calling the demonetisation drive a complete failure, as many economists and financial analysts have done then, is to fail to respect this well thought-out strategy for saving India’s banks. Demonetisation has fulfilled the objective of bringing currency back into the banking system. Within the first month, practically all demonetised currency notes in the country were back in the bank vaults. The sudden flow of cash to public sector banks gave them an instant lifeline clearly visible across the banking system. Enriched by these higher deposits, the country’s largest lender, the State Bank of India, slashed its benchmark lending rate by 0.9 per cent. In other words, after difficulty dealing with bad loans, after demonetisation banks are now able to provide cheap financing. Not only did lending rates get slashed, the overnight marginal cost of funds-based lending rate (the minimum interest rate below which a bank cannot lend) fell to 7.75 per cent from 8.65 per cent. Meanwhile, three-year loan rates came down to 8.15 per cent from 9.05 per cent. While these percentages may seem small, it was a huge turnaround, which were reeling under the pressure of the bad loans. Another winning sector Amid the frenzy after demonetisation, another sector that got a big boost was that of financial technology start-ups, including digital wallet and other mobile payment companies. Due to the cash crunch, many people turned to digital wallets that can be used in conjunction with mobile payment systems, allowing them to pay for purchases with their smartphones. Digital wallet companies saw an unprecedented surge in the number of people signing up for their services and adding money to their wallets after demonetisation. Among mobile wallet companies, Paytm was the biggest beneficiary. We can gauge the impact of the demonetisation drive on its business by looking at the company’s user base, which has reached 160 million – a fourfold increase since May 2016. Paytm’s traffic rose by 435 per cent, app downloads grew by 200 per cent, and the company saw a 250 per cent rise in overall transaction value. In fact, “Paytm karo” (literally, “do Paytm”) became one of the most common phrases during the early parts of the demonetisation drive, and sectors that have been traditionally cash-based, for example, small shopkeepers and public transport, such as taxis and auto-rickshaws, started accepting Paytm. Such was a stardom of Paytm that it featured in a Harvard Business School case study of the company’s transformation from online recharge platform to India’s largest mobile payments platform. Ultimate failure The demonetisation drive, then, could be seen as a blessing for India’s move towards a cashless economy and for encouraging consumers to use digital payment platforms. It also supports the government’s Digital India initiative, which aims to encourage cashless payment solutions across the country by putting technological infrastructure in place. But it’s difficult to assess whether India is ready for a cashless economy. Traders tend not to reveal their actual income to avoid taxes and people are so used to paying for services in cash that for them to shift to new mode of payments requires a big habitual change. The government’s demonetisation drive, then, can be seen as an effort to curb the corruption and the flow of black money as stated, but also to force the general population to embrace digital payment options. Unfortunately, it seems to have failed in both aspirations. Even though the main stated aim of demonetisation was to curb the extent of black money in the economy, during the first two months of the drive, almost 90 per cent of the scrapped and demonetised notes were back in the banking system. This stands in contrast to the government's expectation that roughly ?3 lakh crore (US$44 billion) of the scrapped notes would never return because they would be part of black money hoards. The second consequence of moving towards a cashless economy may also be a failure. When cash returns to the system, many Indians are likely going back to the cash-based transactions given the over-dependence on cash-based transactions in the country due to limited connectivity and privacy issues related to transactions. Ultimately, the demonetisation drive has been successful in making the banking sector healthier, but not what it was projected to do in terms of bringing in “black money” and turning the country into “digital India”. This article was originally published on The Conversation. Read the original article.

India's demonetisation drive has boosted banks and start-ups, but it's still a failure

So, you have this great idea that has set your mind ablaze and you see it as the next big thing. But&hellip; you have no prior technical experience, negligible capital and no clear sense of how and where to start! Fret not. Here&rsquo;s <a href="https://beta.socialweaver.co/">a non-tech start-up founder </a>telling you how to embark on what will be a long, arduous but extremely fulfilling journey. Recommended for this journey: &ldquo;jugaad&rdquo; attitude, willingness to learn and a deep conviction in your idea.

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<h5>Start-ups are &ldquo;experiments to create value&rdquo; and as anyone who has ever entered a lab knows, many experiments fail</h5>
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<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=Start-ups are ?experiments to create value? and as anyone who has ever entered a lab knows, many experiments fail" target="_blank">&nbsp;</a></div>
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While the principles of starting up and running any successful business (tech/ non-tech) are essentially the same, what really differs is the growth rate (Alibaba, Facebook, Google - none of them existed 20 years back!) and the extreme uncertainty (start-ups are &ldquo;experiments to create value&rdquo; and as anyone who has ever entered a lab knows, many experiments fail). For more on this, do read Eric Ries&rsquo; &quot;The Lean Start Up&quot;- widely regarded as &lsquo;the&rsquo; book for start ups.

Step 1 Whose problem is it anyway? &ndash;ground reality

Whom is this product or service meant for? What problem is your product or service meant to solve? What are people doing currently to solve this problem? While most ideas start from a personal experience or frustration, they should be validated with a wider audience that extends beyond your immediate circle of family and friends. Quantitative research in the form of short surveys and forms&nbsp;are okay for gathering answers around &ldquo;how much&rdquo;, &ldquo;how often&rdquo;, &quot;yes/no&quot; type questions. I&rsquo;d, however, recommend using qualitative research too. For instance, observations for unprompted responses and conversations to gain an in-depth understanding of current habits and usages as well as formulating if and how your solution can be a better alternative. This exercise will also help you build user personas and define the basic features and desired user experience for your product.&nbsp;

Tip: There is a great Youtube series &ldquo;Start up school&rdquo; by <a href="https://www.youtube.com/channel/UCcefcZRL2oaA_uBNeo5UOWg">Y Combinator</a>, featuring different speakers and topics. Spend an hour on it each day and within a month, you are guaranteed to feel smarter and wiser about startups (and life, in general). You may like to read <a href="http://paulgraham.com/articles.html">Paul Graham&rsquo;</a>s essays as well! You may also want to register a domain name, get familiar with the legal landscape and to join start-up groups. Walk in the shoes of your potential users- this could mean following key influencers or joining social media groups.&nbsp;

Recommended Resources: (i) Surveymonkey, Typeform (ii) &quot;Don&rsquo;t Make Me Think&quot; by Steve Krug&nbsp;

Step 2 The big picture- from 80K feet above

You are possibly not the first person to think of this idea and you shall likely not be the last. Before going any further, always a good strategy to understand who you are up against and the current industry and category dynamics- e.g. how big is this industry, what is the growth rate, who are the key players, how long have they been around, what is their USP (unique selling point). Which market (demographic/ geographic) are you planning to launch this product or service in? Try and put numbers to assess if the market is big and lucrative enough for you to enter.

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<h5>If you are really passionate, you could even do an online course on Coursera or LinkedIn to learn the basics of coding, subscribe to all free tech newsletters and set a goal of learning about the different technologies.</h5>
</blockquote>
</div>

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<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=If you are really passionate, you could even do an online course on Coursera or LinkedIn to learn the basics of coding, subscribe to all free tech newsletters and set a goal of learning about the different technologies." target="_blank">&nbsp;</a></div>
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Tip: This is also a good time to get familiar with the industry happenings, terminology, and news. If you are really passionate, you could even do an online course on Coursera or LinkedIn to learn the basics of coding (a friend of mine running an EdTech start up did!), subscribe to all free tech newsletters &nbsp;(Tech in Asia, Your Story etc.) and set a goal of learning about the different technologies, at least enough to know which one suits your objectives and why.

Recommended Resources: (i) Industry reports from Euromonitor, Nielsen; (ii) Data from World Bank, CIA World Factbook (iii) Mary Meeker&rsquo;s 2017 Internet Trends; Digital in 2016 (We are Social)

Step 3 Mirror, Mirror, what do you see- Not perfection, an MVP!

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<h5>For many perfectionists, the very concept of &ldquo;Minimum viable product&rdquo; might be anathema, but it is a smart way to assess what works and what doesn&rsquo;t in a resource-efficient way.</h5>
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</div>

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<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=For many perfectionists, the very concept of ?Minimum viable product? might be anathema, but it is a smart way to assess what works and what doesn?t in a resource-efficient way." target="_blank">&nbsp;</a></div>
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As part of step 1, you may have established the market to be huge but why do you think you can play and win in this market? What can potentially differentiate you from the rest?

Sometimes the most compelling products are not the best or cheapest but with that one cool feature that stands out from the rest and gets you your first set of users. Don&rsquo;t wait for too long. Build a scrappy prototype and test it out. For many perfectionists, the very concept of &ldquo;Minimum viable product&rdquo; might be anathema, but it is a smart way to assess what works and what doesn&rsquo;t in a resource-efficient way. Do you want to sell lemonade online? Try running a physical stall that sells lemonade for one day- it will teach you much more about the critical factors, such as demand variation, inventory management, staff allocation, managing wait time than 10 strategy or whiteboard sessions. Test and learn, Ship and learn, Fail and learn- don&rsquo;t let your ego get in the way!

Tip: Most non-tech founders take the help of a UX designer and/or a coding agency who can build the first version of the product. Create a Product Requirement Document ( <a href="https://docs.google.com/document/d/1NsnfjUYZ75ih8HO688hrwHyOiKcog8wkH0zUvtKPNqI/edit">Example 1 </a>and<a href="https://docs.google.com/document/d/1yrU5F6Gxhkfma91wf_IbZfexw8_fahbGQLW3EvwdfQI/edit"> 2 </a>) and speak to other startup founders to see if they can recommend anyone. Work with a defined limited budget and an extremely clear list of deliverables put in a written agreement, along with a non-disclosure agreement. Delays and bugs are inevitable- build adequate buffers so you don&rsquo;t lose sleep over it.

Resources: (i) Free website builders- Wix, Sitebuilder &nbsp;(ii) Prototyping tools- Invision, UXPin, Origami. Most of these have free trial versions.

In this part of the article, we tried building a macro view on start-ups where in we discussed why it is so crucial developing an understanding of the user and the problem to be solved while launching an MVP without trying to be too perfect.

One of the most important lessons for all start-up aspirants is: Test and learn, ship and learn, fail and learn- but don?t let your ego get in the way.

So, you have this great idea that has set your mind ablaze and you see it as the next big thing. But… you have no prior technical experience, negligible capital and no clear sense of how and where to start! Fret not. Here’s a non-tech start-up founder telling you how to embark on what will be a long, arduous but extremely fulfilling journey. Recommended for this journey: “jugaad” attitude, willingness to learn and a deep conviction in your idea. Start-ups are “experiments to create value” and as anyone who has ever entered a lab knows, many experiments fail × While the principles of starting up and running any successful business (tech/ non-tech) are essentially the same, what really differs is the growth rate (Alibaba, Facebook, Google - none of them existed 20 years back!) and the extreme uncertainty (start-ups are “experiments to create value” and as anyone who has ever entered a lab knows, many experiments fail). For more on this, do read Eric Ries’ "The Lean Start Up"- widely regarded as ‘the’ book for start ups. Step 1 Whose problem is it anyway? –ground reality Whom is this product or service meant for? What problem is your product or service meant to solve? What are people doing currently to solve this problem? While most ideas start from a personal experience or frustration, they should be validated with a wider audience that extends beyond your immediate circle of family and friends. Quantitative research in the form of short surveys and forms are okay for gathering answers around “how much”, “how often”, "yes/no" type questions. I’d, however, recommend using qualitative research too. For instance, observations for unprompted responses and conversations to gain an in-depth understanding of current habits and usages as well as formulating if and how your solution can be a better alternative. This exercise will also help you build user personas and define the basic features and desired user experience for your product. Tip: There is a great Youtube series “Start up school” by Y Combinator, featuring different speakers and topics. Spend an hour on it each day and within a month, you are guaranteed to feel smarter and wiser about startups (and life, in general). You may like to read Paul Graham’s essays as well! You may also want to register a domain name, get familiar with the legal landscape and to join start-up groups. Walk in the shoes of your potential users- this could mean following key influencers or joining social media groups. Recommended Resources: (i) Surveymonkey, Typeform (ii) "Don’t Make Me Think" by Steve Krug Step 2 The big picture- from 80K feet above You are possibly not the first person to think of this idea and you shall likely not be the last. Before going any further, always a good strategy to understand who you are up against and the current industry and category dynamics- e.g. how big is this industry, what is the growth rate, who are the key players, how long have they been around, what is their USP (unique selling point). Which market (demographic/ geographic) are you planning to launch this product or service in? Try and put numbers to assess if the market is big and lucrative enough for you to enter. If you are really passionate, you could even do an online course on Coursera or LinkedIn to learn the basics of coding, subscribe to all free tech newsletters and set a goal of learning about the different technologies. × Tip: This is also a good time to get familiar with the industry happenings, terminology, and news. If you are really passionate, you could even do an online course on Coursera or LinkedIn to learn the basics of coding (a friend of mine running an EdTech start up did!), subscribe to all free tech newsletters (Tech in Asia, Your Story etc.) and set a goal of learning about the different technologies, at least enough to know which one suits your objectives and why. Recommended Resources: (i) Industry reports from Euromonitor, Nielsen; (ii) Data from World Bank, CIA World Factbook (iii) Mary Meeker’s 2017 Internet Trends; Digital in 2016 (We are Social) Step 3 Mirror, Mirror, what do you see- Not perfection, an MVP! For many perfectionists, the very concept of “Minimum viable product” might be anathema, but it is a smart way to assess what works and what doesn’t in a resource-efficient way. × As part of step 1, you may have established the market to be huge but why do you think you can play and win in this market? What can potentially differentiate you from the rest? Sometimes the most compelling products are not the best or cheapest but with that one cool feature that stands out from the rest and gets you your first set of users. Don’t wait for too long. Build a scrappy prototype and test it out. For many perfectionists, the very concept of “Minimum viable product” might be anathema, but it is a smart way to assess what works and what doesn’t in a resource-efficient way. Do you want to sell lemonade online? Try running a physical stall that sells lemonade for one day- it will teach you much more about the critical factors, such as demand variation, inventory management, staff allocation, managing wait time than 10 strategy or whiteboard sessions. Test and learn, Ship and learn, Fail and learn- don’t let your ego get in the way! Tip: Most non-tech founders take the help of a UX designer and/or a coding agency who can build the first version of the product. Create a Product Requirement Document ( Example 1 and 2 ) and speak to other startup founders to see if they can recommend anyone. Work with a defined limited budget and an extremely clear list of deliverables put in a written agreement, along with a non-disclosure agreement. Delays and bugs are inevitable- build adequate buffers so you don’t lose sleep over it. Resources: (i) Free website builders- Wix, Sitebuilder (ii) Prototyping tools- Invision, UXPin, Origami. Most of these have free trial versions. In this part of the article, we tried building a macro view on start-ups where in we discussed why it is so crucial developing an understanding of the user and the problem to be solved while launching an MVP without trying to be too perfect.

Want to start a start-up? Here is how you do it.

India has the fastest growing e-commerce market in the world, valued at more than $12 billion. Unfortunately, the number of consumer complaints against India&rsquo;s leading e-commerce companies has also steadily shot up.

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The Minister of State for Consumer Affairs Mr CR Chaudhary shared the details of complaints received against e-Commerce companies during the last three years with the Lok Sabha. And the numbers shot up by more than 300%.While the National Consumer Helpline registered 418 complaints during 2014-15, the number shot up to 1,386 till December 2016.

Need for a separate law 

At a time when online transactions have steadily shot up, the need for a separate law or agency to tackle consumer grievances has been evaluated by various agencies.

A study conducted by the Indian Institute of Management Ahmedabad, stressed on the need for a separate law for e-commerce. The study was reviewed proposed amendments in the Consumer Protection Act.

The Indian government too considered the need for a regulator for e-commerce in India. An Inter Ministerial Committee was setup in 2014 to evaluate the need for a regulator for any form of direct selling or multi level marketing.

But as per the government of the day, there is no proposal to bring in a separate legislation for e-commerce platforms. The Consumer Affairs minister, in his reply to the Lok Sabha, maintained that under the new Consumer Protection Bill, the Central Consumer Protection Authority should be good enough to look into any consumer complaints against e-commerce companies.

The global scenario

The debate around e-commerce law is not new.

The boost in e-commerce business in 1990s sparked off the first debate around regulation. Taking a cue, the United Nations General Assembly in 1996 approved a model law. The purpose of the Model law of Electronic Commerce was to &lsquo;offer national legislators a set of internationally acceptable rules&rsquo;.

Similarly, the European Union as well issued the Electronic Commerce directive in 2000, with an aim to set up &lsquo;an internal market framework for electronic commerce, which provides legal certainty for business and consumers alike. &rsquo;

Countries at the center of e-commerce activity have developed frameworks overtime to carry out business.

The United States has three key laws, laying out measures for economic activity online- The Anticybersquatting Consumer Protection Act, Children&#39;s Online Privacy Protection Act, and the Electronic Signatures in Global and National Commerce Act.

Post the guidelines from the European Union, the UK government too introduced the Consumer Protection Regulations Act in 2000. This was later repealed in June 2014, and replaced by the Consumer Contracts and Regulations act-which had specific provisions to protect consumers transacting online.

Closer to home, China&rsquo;s lawmakers presently are debating a draft law to regulate the world&rsquo;s largest e-commerce market.

In India, the shutdown of consumer internet search platform AskMe and its sister concerns-AskMe Bazaar and Mebelkart last year, sent shockwaves in the industry.

The Indian Government, with the new consumer protection law, has proposed several amendments to empower regulatory authorities. This includes powers to recall products and initiate class action lawsuits against defaulting companies.

But the law still awaits the nod of our parliamentarians.

Complaints by consumers to the National Consumer Helpline rose by more than 300%

India has the fastest growing e-commerce market in the world, valued at more than $12 billion. Unfortunately, the number of consumer complaints against India’s leading e-commerce companies has also steadily shot up. The Minister of State for Consumer Affairs Mr CR Chaudhary shared the details of complaints received against e-Commerce companies during the last three years with the Lok Sabha. And the numbers shot up by more than 300%.While the National Consumer Helpline registered 418 complaints during 2014-15, the number shot up to 1,386 till December 2016. Need for a separate law At a time when online transactions have steadily shot up, the need for a separate law or agency to tackle consumer grievances has been evaluated by various agencies. A study conducted by the Indian Institute of Management Ahmedabad, stressed on the need for a separate law for e-commerce. The study was reviewed proposed amendments in the Consumer Protection Act. The Indian government too considered the need for a regulator for e-commerce in India. An Inter Ministerial Committee was setup in 2014 to evaluate the need for a regulator for any form of direct selling or multi level marketing. But as per the government of the day, there is no proposal to bring in a separate legislation for e-commerce platforms. The Consumer Affairs minister, in his reply to the Lok Sabha, maintained that under the new Consumer Protection Bill, the Central Consumer Protection Authority should be good enough to look into any consumer complaints against e-commerce companies. The global scenario The debate around e-commerce law is not new. The boost in e-commerce business in 1990s sparked off the first debate around regulation. Taking a cue, the United Nations General Assembly in 1996 approved a model law. The purpose of the Model law of Electronic Commerce was to ‘offer national legislators a set of internationally acceptable rules’. Similarly, the European Union as well issued the Electronic Commerce directive in 2000, with an aim to set up ‘an internal market framework for electronic commerce, which provides legal certainty for business and consumers alike. ’ Countries at the center of e-commerce activity have developed frameworks overtime to carry out business. The United States has three key laws, laying out measures for economic activity online- The Anticybersquatting Consumer Protection Act, Children's Online Privacy Protection Act, and the Electronic Signatures in Global and National Commerce Act. Post the guidelines from the European Union, the UK government too introduced the Consumer Protection Regulations Act in 2000. This was later repealed in June 2014, and replaced by the Consumer Contracts and Regulations act-which had specific provisions to protect consumers transacting online. Closer to home, China’s lawmakers presently are debating a draft law to regulate the world’s largest e-commerce market. In India, the shutdown of consumer internet search platform AskMe and its sister concerns-AskMe Bazaar and Mebelkart last year, sent shockwaves in the industry. The Indian Government, with the new consumer protection law, has proposed several amendments to empower regulatory authorities. This includes powers to recall products and initiate class action lawsuits against defaulting companies. But the law still awaits the nod of our parliamentarians.

Infographics: Consumer complaints in India against e-commerce giants at a record high

In the basement of a Bangalore building, hundreds of young Indians sit in neat rows of desks typing furiously, all dreaming of becoming the new Steve Jobs or Mark Zuckerberg.

A quarter of a century after liberalisation kick-started India&#39;s economic transformation, a new generation of young people are capitalising on their parents&#39; hard-won financial security to try their luck in the risky business of tech start-ups.

&quot;It&#39;s really picking up,&quot; said Aneesh Durg, a young Indian-origin student from Chicago who came to the southern tech hub of Bangalore to help develop a device that helps blind people read written text.

&quot;It&#39;s actually not what I expected it to be. I thought that they would be a little bit behind, but they are actually working just as hard and there&#39;s really cool stuff coming out of India these days.&quot;

More and more young people in the country of 1.25 billion people are opting to go it alone, in stark contrast to previous generations that valued the stability of employment above all else.

India now has some 4,750 tech startups - the highest number in the world after the United States and Britain, which it is fast catching up. Success stories include Flipkart, Amazon&#39;s rival in India, and online supermarket Big Basket.

Global product

From robots and mobile apps to smart kitchens and a cocktail-making machine the cavernous Bangalore office, which houses one of India&#39;s biggest start-up incubators, is a veritable ideas factory.

Every meeting room bears a photo of a successful technology entrepreneur.

Vikram Rastogi is a robotics expert who set up a small incubator named Hacklab after visiting the prestigious Massachusetts Institute of Technology in 2014.

&quot;I saw the kind of hardware work they were doing. We could also do the same kind of hardware work in India, it&#39;s just that people do not pursue it much further,&quot; he explains.

&quot;So I thought let me start with something in India and try to make global product out of it,&quot; Rastogi adds.

The engineering graduate is currently working on ways to enable drones to operate as part of a fleet in order to harness more information, an application that could be used to gather data over large areas such as the vast farms of Australia or Brazil.

But the path to building the next Google or Apple is not always smooth.

&quot;When I started this we had a lot of people who came to us with start-up ideas,&quot; Rastogi says, but he admits that some give up over time often due to family pressure to get a salaried job.

New generation

Sylvia Veeraraghavan, one of the millions who have migrated to Bangalore for work since the 1990s, is watching this new generation of self-starters with interest.

When she moved there, the city was becoming a outsourcing hub for Western technology companies seeking a cheap and well-educated workforce through companies such as Infosys, Tata Consultancy Services and Wipro.

&quot;For me, for the people of my time, getting a job was a very big deal. The kind of values that we used to have are very different from the values that people have today,&quot; said Veeraraghavan, who now works for a charity after a 25-year career in IT.

She believes the rising prosperity of India&#39;s middle class has given young people the freedom to experiment.

&quot;They are not constricted, or restricted, having to take up a job, or finding their next meal,&quot; she said. &quot;They can be innovative, they can be imaginative.&quot;

It is a trend that looks set to continue - according to forecasts, between 200,000 and 250,000 people will be working in tech startups by 2020, nearly double the current number, according to software industry association Nasscom.

Traditionally there has been a well-trodden path from Indian IT institutes to a master&#39;s degree in America and then on to a plum job in Silicon Valley.

But US President Donald Trump&#39;s crackdown on immigration - including a proposed restructure of the H-1B working visas often used by tech firms to recruit foreign skilled workers - may mean even more of India&#39;s tech stars opt to carve a new route to success at home.

It remains too early to say what impact Trump&#39;s planned immigration reform could have on India, but for Aneesh the answer is simple.

He is already confident that when he finishes his studies in Chicago, he will be heading back to India not California.

(AFP)

India now has some 4,750 tech startups - the highest number in the world after the United States and Britain

In the basement of a Bangalore building, hundreds of young Indians sit in neat rows of desks typing furiously, all dreaming of becoming the new Steve Jobs or Mark Zuckerberg. A quarter of a century after liberalisation kick-started India's economic transformation, a new generation of young people are capitalising on their parents' hard-won financial security to try their luck in the risky business of tech start-ups. "It's really picking up," said Aneesh Durg, a young Indian-origin student from Chicago who came to the southern tech hub of Bangalore to help develop a device that helps blind people read written text. "It's actually not what I expected it to be. I thought that they would be a little bit behind, but they are actually working just as hard and there's really cool stuff coming out of India these days." More and more young people in the country of 1.25 billion people are opting to go it alone, in stark contrast to previous generations that valued the stability of employment above all else. India now has some 4,750 tech startups - the highest number in the world after the United States and Britain, which it is fast catching up. Success stories include Flipkart, Amazon's rival in India, and online supermarket Big Basket. Global product From robots and mobile apps to smart kitchens and a cocktail-making machine the cavernous Bangalore office, which houses one of India's biggest start-up incubators, is a veritable ideas factory. Every meeting room bears a photo of a successful technology entrepreneur. Vikram Rastogi is a robotics expert who set up a small incubator named Hacklab after visiting the prestigious Massachusetts Institute of Technology in 2014. "I saw the kind of hardware work they were doing. We could also do the same kind of hardware work in India, it's just that people do not pursue it much further," he explains. "So I thought let me start with something in India and try to make global product out of it," Rastogi adds. The engineering graduate is currently working on ways to enable drones to operate as part of a fleet in order to harness more information, an application that could be used to gather data over large areas such as the vast farms of Australia or Brazil. But the path to building the next Google or Apple is not always smooth. "When I started this we had a lot of people who came to us with start-up ideas," Rastogi says, but he admits that some give up over time often due to family pressure to get a salaried job. New generation Sylvia Veeraraghavan, one of the millions who have migrated to Bangalore for work since the 1990s, is watching this new generation of self-starters with interest. When she moved there, the city was becoming a outsourcing hub for Western technology companies seeking a cheap and well-educated workforce through companies such as Infosys, Tata Consultancy Services and Wipro. "For me, for the people of my time, getting a job was a very big deal. The kind of values that we used to have are very different from the values that people have today," said Veeraraghavan, who now works for a charity after a 25-year career in IT. She believes the rising prosperity of India's middle class has given young people the freedom to experiment. "They are not constricted, or restricted, having to take up a job, or finding their next meal," she said. "They can be innovative, they can be imaginative." It is a trend that looks set to continue - according to forecasts, between 200,000 and 250,000 people will be working in tech startups by 2020, nearly double the current number, according to software industry association Nasscom. Traditionally there has been a well-trodden path from Indian IT institutes to a master's degree in America and then on to a plum job in Silicon Valley. But US President Donald Trump's crackdown on immigration - including a proposed restructure of the H-1B working visas often used by tech firms to recruit foreign skilled workers - may mean even more of India's tech stars opt to carve a new route to success at home. It remains too early to say what impact Trump's planned immigration reform could have on India, but for Aneesh the answer is simple. He is already confident that when he finishes his studies in Chicago, he will be heading back to India not California. (AFP)

Startup fever grips young tech-savvy Indians

Ideas can change the course of history but they don&#39;t count until executed. Entrepreneurs of the cyber generation are turning innovative ideas into reality through crowdfunding. Crowdfunding helps raise funds for revolutionary projects by letting masses contribute small amounts, framing a social link for people to participate in a common goal. 
 
Here&#39;s a list of some of the most powerful concepts and causes that the won support of millions.&nbsp; 
 
1. FlameStower 
 
<iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/zriQo1e3C9Y" width="560"></iframe> 
Source : Stower&nbsp; 
 
The Idea - Charges USB-powered devices with fire 
Funds raised - Flamestower raised $23,000 from crowdfunding after asking for $15,000. 
 
The gizmo utilises heat from a flame to generate electricity and charge USB-powered devices. The initiative came from Stanford University&rsquo;s StartX, a startup accelerator, which launched a Kickstarter crowdfunding campaign to bring the alternate charger to the market.&nbsp; 
 
2. Waka Waka Power

<div class="media-description"><iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/A4FT27xeHsM" width="560"></iframe></div>

 
The Idea - A portable solar power kit for when there is no electricity 
Funds raised - WakaWaka Power hails from Haiti. Producer of world&#39;s most efficient and compact solar chargers, the company raised nearly $420,000 after an initial request for $50,000. 
 
In the past three years, WakaWaka has helped improve the lives of more than 1,000,000 people lacking access to electricity. 
 
3.Gravity Light&nbsp; 
 
<iframe allowfullscreen="" frameborder="0" height="360" mozallowfullscreen="" src="https://player.vimeo.com/video/144797559?title=0&amp;byline=0&amp;portrait=0" webkitallowfullscreen="" width="640"></iframe>

<a href="https://vimeo.com/144797559">GravityLight: Our Mission</a> from <a href="https://vimeo.com/gravitylight">GravityLight</a> on <a href="https://vimeo.com">Vimeo</a>. 
Source : GravityLight

 
The Idea - A device that produces light using gravity, and costs nothing 
Funds raised- Indian project Gravity Light raised $400,000 from crowdfunding after requesting $55,000. 
 
Gravity Light aims to eradicate usage of kerosene lamps. The firm highlights their dangers and extensive health and environmental hazards. 
 
4. Energy for Old Fadama 
 
<iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/BcLCPbPbpl8" width="560"></iframe> 
Source : Efor Fadama&nbsp; 
 
The Idea - Providing safe, sustainable power to Ghana&#39;s largest urban slums 
Funds raised - The Ghanaian effort raised $17,000 on the social crowdfunding platform StartSomeGood 
 
Energy for Old Fadama has played a significant role in distributing solar panels and employing women with the long-term aim of empowering the urban slums in Ghana. The slums have a history of power shortages and electrical fires. 
 
5. Kinyei 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/source%20kinyei%20(2)-20160914124120.jpg" />

<div class="media-description">
Source : Kinyei
</div>

The Idea - Creating a collaborative project space and coffee shop that trains locals for employment 
Funds raised - The social enterprise raised $28,000. 
 
Kinyei Cafe&rsquo;s mission is to provide vocational training and fair employment for Cambodian youth. Its workshop brings together NGOs, laying emphasis&nbsp;on staff development through mentorship and other initiatives. The cafe was also the winner in the Most Inspiring Responsible Tourism Initiative category for the 2015 Wild Asia Awards. 
&nbsp; 
6. Humans of New York 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/source_humansofnewyork%20(2)-20160914123913.jpg" />

<div class="media-description">
Source : Facebook, Humans Of New York
</div>

 
The Idea- To end bonded labour in Pakistan 
Funds raised- Humans of New York on Indiegogo raised $2.3million last month&nbsp; 
 
Syeda Ghulam Fatima aspires to rehabilitate trapped workers through her organisation, Bonded Labour Liberation Front. It establishes Freedom Centers where workers can seek protection and legal counsel. Fatima had exhausted all her financial resources to build the organisation&nbsp;when she took up the issue with Brandon Stanton, the founder of &ldquo;Humans of New York.&rdquo; They have initiated several crowdfunding projects in the past to support different causes. 
 
(WION Edge with contributions from Shashwat Mittal and Devanshi Verma) 
&nbsp;

Entrepreneurs of the cyber generation are turning dreams into reality through crowdfunding

Ideas can change the course of history but they don't count until executed. Entrepreneurs of the cyber generation are turning innovative ideas into reality through crowdfunding. Crowdfunding helps raise funds for revolutionary projects by letting masses contribute small amounts, framing a social link for people to participate in a common goal. Here's a list of some of the most powerful concepts and causes that the won support of millions. 1. FlameStower Source : Stower The Idea - Charges USB-powered devices with fire Funds raised - Flamestower raised $23,000 from crowdfunding after asking for $15,000. The gizmo utilises heat from a flame to generate electricity and charge USB-powered devices. The initiative came from Stanford University’s StartX, a startup accelerator, which launched a Kickstarter crowdfunding campaign to bring the alternate charger to the market. 2. Waka Waka Power The Idea - A portable solar power kit for when there is no electricity Funds raised - WakaWaka Power hails from Haiti. Producer of world's most efficient and compact solar chargers, the company raised nearly $420,000 after an initial request for $50,000. In the past three years, WakaWaka has helped improve the lives of more than 1,000,000 people lacking access to electricity. 3.Gravity Light GravityLight: Our Mission from GravityLight on Vimeo. Source : GravityLight The Idea - A device that produces light using gravity, and costs nothing Funds raised- Indian project Gravity Light raised $400,000 from crowdfunding after requesting $55,000. Gravity Light aims to eradicate usage of kerosene lamps. The firm highlights their dangers and extensive health and environmental hazards. 4. Energy for Old Fadama Source : Efor Fadama The Idea - Providing safe, sustainable power to Ghana's largest urban slums Funds raised - The Ghanaian effort raised $17,000 on the social crowdfunding platform StartSomeGood Energy for Old Fadama has played a significant role in distributing solar panels and employing women with the long-term aim of empowering the urban slums in Ghana. The slums have a history of power shortages and electrical fires. 5. Kinyei Source : Kinyei The Idea - Creating a collaborative project space and coffee shop that trains locals for employment Funds raised - The social enterprise raised $28,000. Kinyei Cafe’s mission is to provide vocational training and fair employment for Cambodian youth. Its workshop brings together NGOs, laying emphasis on staff development through mentorship and other initiatives. The cafe was also the winner in the Most Inspiring Responsible Tourism Initiative category for the 2015 Wild Asia Awards. 6. Humans of New York Source : Facebook, Humans Of New York The Idea- To end bonded labour in Pakistan Funds raised- Humans of New York on Indiegogo raised $2.3million last month Syeda Ghulam Fatima aspires to rehabilitate trapped workers through her organisation, Bonded Labour Liberation Front. It establishes Freedom Centers where workers can seek protection and legal counsel. Fatima had exhausted all her financial resources to build the organisation when she took up the issue with Brandon Stanton, the founder of “Humans of New York.” They have initiated several crowdfunding projects in the past to support different causes. (WION Edge with contributions from Shashwat Mittal and Devanshi Verma)

6 crowdfunding campaigns that changed lives

The startup ecosystem of Bangladesh is growing at a fast pace. The country presents an unexplored market for young startups to innovate and disrupt. 
 
Here is a roundup of Bangladesh&#39;s most promising startups. 
 
Technolive 
Technolive is a news aggregator app which compiles news in real time from various websites and social media. This app uses machine learning algorithms for monitoring the news. 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/screen%20shot%202016-09-05%20at%206.03.28%20pm-20160906054856.png" />
<div class="media-description">
&nbsp;
</div>
The Tech Lab 
The Tech Lab aims to reinvent Bangladesh&rsquo;s education system. It is an engineering institute catered towards Bangladeshi children. The Tech Lab provides courses on programming, electronics, robotics, and mechanical engineering among others. 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/screen%20shot%202016-09-05%20at%206.04.55%20pm-20160906055852.png" />
<div class="media-description">
&nbsp;
</div>
Unigigg 
Unigigg provides a platform that connects students with their potential employers with an aim to popularize unconventional jobs like photography in the Bangladeshi society. This startup is currently in its alpha testing phase and is getting a very positive response. 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/screen%20shot%202016-09-05%20at%206.06.14%20pm-20160906060709.png" />
<div class="media-description">
&nbsp;
</div>
Branoo 
Branoo is an e-commerce startup catering to men, women and kids alike with a wide variety of products from various brands. They have their own warehouse to store products. Branoo offers several payment modes to the customers. 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/aaeaaqaaaaaaaaicaaaajdg2yja0ztvkltvmodgtndm2ns1izmrllwy4nmyynwjknznioa-20160906060846.png" />
<div class="media-description">
&nbsp;
</div>
Track My Vehicle 
Track My Vehicle is a startup which aims to address one of the biggest problems of Bangladesh i.e. vehicle stealing. Using their mobile app or website, the customers can get the reports on their vehicles&rsquo; speed, location, and other important statistics. 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/track-my-vehicle-20160906061004.jpg" />
<div class="media-description">
 
 
&nbsp;
</div>
 
Bongo 
Bangladesh&rsquo;s video-on-demand startup, Bongo, is popularly called the country&rsquo;s very own version of Netflix. It is an entertainment catalog with a library of over 30,000 movies, TV shows, dramas, music, etc. Bongo plans to extend its services to other countries like Sri Lanka, Nepal and the U.S. 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/6cu6zrql-20160906061433.png" />
<div class="media-description">
 
 
&nbsp;
</div>
 
Buckets Engineer 
Buckets Engineer is a subscription-based service for the autistic kids in Bangladesh. The startup has created a hub of applications and tools so as to allow the parents, therapists and educators to undertake a dynamic approach and make the autistic children learn better. 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/z4ws7ocr-20160906061611.jpg" />
<div class="media-description">
 
 
 
 
Kokhon.com 
Kokhon is a website that is dedicated solely to aggregating events happening all over Bangladesh&rsquo;s capital &lsquo;Dhaka&rsquo;. The startup helps people by suggesting them about the relevant events happening in the city. The website can be customized by the users and organisers for a better experience.

 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/screen%20shot%202016-09-05%20at%206.14.00%20pm-20160906061805.png" />
</div>
 
Dam.com.bd 
Dam.com.bd is the first online shopping database of Bangladesh. It gathers and compares the price information of every single product in the market, helping the consumers to grab the best deal. 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/dam.com.bd%20(1)-20160906062151.png" />
<div class="media-description">
 
 
&nbsp;
</div>
Zuumzuum 
Zuumzuum is an e-commerce platform for lifestyle shoppers who are looking for products from reputed brands at competitive prices throughout South Asian markets. It was founded by ex-Groupon member Rafi Mustafa. 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/zuumzuum-20160906062023.png" />
<div class="media-description">
 
(WION Edge)
</div>

Here's a look at Bangladesh's young but fast-growing startup ecosystem.

The startup ecosystem of Bangladesh is growing at a fast pace. The country presents an unexplored market for young startups to innovate and disrupt. Here is a roundup of Bangladesh's most promising startups. Technolive Technolive is a news aggregator app which compiles news in real time from various websites and social media. This app uses machine learning algorithms for monitoring the news. The Tech Lab The Tech Lab aims to reinvent Bangladesh’s education system. It is an engineering institute catered towards Bangladeshi children. The Tech Lab provides courses on programming, electronics, robotics, and mechanical engineering among others. Unigigg Unigigg provides a platform that connects students with their potential employers with an aim to popularize unconventional jobs like photography in the Bangladeshi society. This startup is currently in its alpha testing phase and is getting a very positive response. Branoo Branoo is an e-commerce startup catering to men, women and kids alike with a wide variety of products from various brands. They have their own warehouse to store products. Branoo offers several payment modes to the customers. Track My Vehicle Track My Vehicle is a startup which aims to address one of the biggest problems of Bangladesh i.e. vehicle stealing. Using their mobile app or website, the customers can get the reports on their vehicles’ speed, location, and other important statistics. Bongo Bangladesh’s video-on-demand startup, Bongo, is popularly called the country’s very own version of Netflix. It is an entertainment catalog with a library of over 30,000 movies, TV shows, dramas, music, etc. Bongo plans to extend its services to other countries like Sri Lanka, Nepal and the U.S. Buckets Engineer Buckets Engineer is a subscription-based service for the autistic kids in Bangladesh. The startup has created a hub of applications and tools so as to allow the parents, therapists and educators to undertake a dynamic approach and make the autistic children learn better. Kokhon.com Kokhon is a website that is dedicated solely to aggregating events happening all over Bangladesh’s capital ‘Dhaka’. The startup helps people by suggesting them about the relevant events happening in the city. The website can be customized by the users and organisers for a better experience. Dam.com.bd Dam.com.bd is the first online shopping database of Bangladesh. It gathers and compares the price information of every single product in the market, helping the consumers to grab the best deal. Zuumzuum Zuumzuum is an e-commerce platform for lifestyle shoppers who are looking for products from reputed brands at competitive prices throughout South Asian markets. It was founded by ex-Groupon member Rafi Mustafa. (WION Edge)

10 hottest startups in Bangladesh to watch out for

Bangladesh&#39;s startup ecosystem is maturing at a fast pace, providing the young entrepreneurs a platform where they can innovate and disrupt. 
 
With an enthusiastic and tech-savvy Gen-Y, Bangladesh is emerging as one of the hottest startup hubs in Asia.&nbsp; 
 
Here&#39;s a round-up of 10 startups that are redefining the ecosystem in the South Asian country.&nbsp; 
 
Technolive 
 
Technolive is a news aggregator app which compiles news in real time from various websites and social media. This app uses machine learning algorithms for monitoring the news. 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/screen%20shot%202016-09-05%20at%206.03.28%20pm-20160906054856.png" />
<div class="media-description">
&nbsp;
</div>
 
 
The Tech Lab 
 
The Tech Lab aims to reinvent Bangladesh&rsquo;s education system. It is an engineering institute catered towards Bangladeshi children. The Tech Lab provides courses on programming, electronics, robotics, and mechanical engineering among other courses. 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/screen%20shot%202016-09-05%20at%206.04.55%20pm-20160906055852.png" />
<div class="media-description">
&nbsp;
</div>
 
Unigigg 
 
Unigigg provides a platform that connects students with their potential employers with an aim to popularise unconventional jobs like photography in the Bangladeshi society. This startup is currently in its alpha testing phase and is getting a very positive response. 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/screen%20shot%202016-09-05%20at%206.06.14%20pm-20160906060709.png" />
<div class="media-description">
&nbsp;
</div>
 
Branoo 
 
Branoo is an e-commerce startup catering to men, women and kids alike with a wide variety of products from various brands. It has its own warehouse to store products. Branoo offers several payment modes to the customers. 
 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/aaeaaqaaaaaaaaicaaaajdg2yja0ztvkltvmodgtndm2ns1izmrllwy4nmyynwjknznioa-20160906060846.png" />
<div class="media-description">
&nbsp;
</div>
 
 
Track My Vehicle 
 
Track My Vehicle is a startup which aims to address one of the biggest problems of Bangladesh: vehicle stealing. 
 
Using the mobile app and website, the customers can get the reports on their vehicles&rsquo; speed, location, and other important statistics. 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/track-my-vehicle-20160906061004.jpg" />
<div class="media-description">
&nbsp;
</div>
 
 
Bongo 
 
Bangladesh&rsquo;s video-on-demand startup, Bongo, is popularly called the country&rsquo;s very own version of Netflix. 
 
It is an entertainment catalog with a library of over 30,000 movies, TV shows and music videos. &nbsp;&nbsp;Bongo plans to extend its services to other countries like Sri Lanka, Nepal and the U.S. 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/6cu6zrql-20160906061433.png" />
<div class="media-description">
&nbsp;
</div>
 
 
Buckets Engineer 
 
Buckets Engineer is a subscription-based service for the autistic kids in Bangladesh. 
 
The startup has created a hub of applications and tools so as to allow the parents, therapists and educators to undertake a dynamic approach and make the autistic children learn better. 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/z4ws7ocr-20160906061611.jpg" />
<div class="media-description">
&nbsp;
</div>
 
 
Kokhon.com 
 
Kokhon is a website that is dedicated solely to aggregating events happening all over Bangladesh&rsquo;s capital &lsquo;Dhaka&rsquo;. 
 
The startup helps people by suggesting them about the relevant events happening in the city. The website can be customised by the users and organisers for a better experience. 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/screen%20shot%202016-09-05%20at%206.14.00%20pm-20160906061805.png" />
<div class="media-description">
&nbsp;
</div>
 
 
Dam.com.bd 
 
Dam.com.bd is the first online shopping database of Bangladesh. It gathers and compares the price information of every single product in the market, helping the consumers to grab the best deal. 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/dam.com.bd%20(1)-20160906062151.png" />
<div class="media-description">
&nbsp;
</div>
 
 
Zuumzuum 
 
Zuumzuum is an e-commerce platform for lifestyle shoppers who are looking for products from reputed brands at competitive prices throughout South Asian markets. It was founded by ex-Groupon member Rafi Mustafa. 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/zuumzuum-20160906062023.png" />
<div class="media-description">
&nbsp;
</div>
(WION Edge with inputs from&nbsp;Karanveer Singh Arora, Ashna Mishra)&nbsp; 
&nbsp;

?With an enthusiastic and tech-savvy Gen-Y, Bangladesh is emerging as one of the hottest startup hubs in Asia

Bangladesh's startup ecosystem is maturing at a fast pace, providing the young entrepreneurs a platform where they can innovate and disrupt. With an enthusiastic and tech-savvy Gen-Y, Bangladesh is emerging as one of the hottest startup hubs in Asia. Here's a round-up of 10 startups that are redefining the ecosystem in the South Asian country. Technolive Technolive is a news aggregator app which compiles news in real time from various websites and social media. This app uses machine learning algorithms for monitoring the news. The Tech Lab The Tech Lab aims to reinvent Bangladesh’s education system. It is an engineering institute catered towards Bangladeshi children. The Tech Lab provides courses on programming, electronics, robotics, and mechanical engineering among other courses. Unigigg Unigigg provides a platform that connects students with their potential employers with an aim to popularise unconventional jobs like photography in the Bangladeshi society. This startup is currently in its alpha testing phase and is getting a very positive response. Branoo Branoo is an e-commerce startup catering to men, women and kids alike with a wide variety of products from various brands. It has its own warehouse to store products. Branoo offers several payment modes to the customers. Track My Vehicle Track My Vehicle is a startup which aims to address one of the biggest problems of Bangladesh: vehicle stealing. Using the mobile app and website, the customers can get the reports on their vehicles’ speed, location, and other important statistics. Bongo Bangladesh’s video-on-demand startup, Bongo, is popularly called the country’s very own version of Netflix. It is an entertainment catalog with a library of over 30,000 movies, TV shows and music videos. Bongo plans to extend its services to other countries like Sri Lanka, Nepal and the U.S. Buckets Engineer Buckets Engineer is a subscription-based service for the autistic kids in Bangladesh. The startup has created a hub of applications and tools so as to allow the parents, therapists and educators to undertake a dynamic approach and make the autistic children learn better. Kokhon.com Kokhon is a website that is dedicated solely to aggregating events happening all over Bangladesh’s capital ‘Dhaka’. The startup helps people by suggesting them about the relevant events happening in the city. The website can be customised by the users and organisers for a better experience. Dam.com.bd Dam.com.bd is the first online shopping database of Bangladesh. It gathers and compares the price information of every single product in the market, helping the consumers to grab the best deal. Zuumzuum Zuumzuum is an e-commerce platform for lifestyle shoppers who are looking for products from reputed brands at competitive prices throughout South Asian markets. It was founded by ex-Groupon member Rafi Mustafa. (WION Edge with inputs from Karanveer Singh Arora, Ashna Mishra)

10 most promising startups from Bangladesh

Upwardly-mobile, tech-savvy young professionals from across the globe are swapping their briefcases and brogues for backpacks and sneakers, setting themselves up as digital nomads who can operate from wherever their laptops can go. 
 
Jobbatical and Teleport, two recent tech start-ups, promise to take the guesswork out of digital job hunting on a global scale. 
 
Both hail from tiny tech titan Estonia and are part of a crop of cutting-edge online sites catering to digital nomads, typically young males who work remotely and move around regions like Southeast Asia every few months. 
 
Their creators insist the start-ups have the potential to shake things up on the global job market, similar to how Estonians previously transformed global communications with Skype and digital international money transfers via Transferwise. 
 
Tallinn-based entrepreneur Karoli Hindriks said she launched Jobbatical two years ago to fill the growing gaps she noticed in global recruiting. 
 
With employment offers from Greece, to Thailand and Costa Rica among others, it takes just a few clicks of the mouse for product or account managers, programmers and other tech professionals to land a dream job, whether programming in Malaysia&#39;s tropical paradise of Penang or managing an adventure travel operation in Bali. 
 
Jobbatical targets &quot;adventurous tech, business, and creative professionals with over five years of working experience,&quot; Hindriks said at the Latitude59 technology conference in Estonia&#39;s capital Tallinn. 
 
She points to &quot;a generational mindset shift&quot; as key to her client base of 70,000 unique users each month across 150 countries. 
 
&quot;The millennial&#39;s view of success isn&#39;t necessarily a house, a well-paying job and a picket fence,&quot; she said. 
 
&quot;There&#39;s a huge shift towards defining success as working in terms of things that one truly believes in, and appreciating experiences over material possessions.&quot; 
 
New technologies, less expensive international travel and easier communications mean that moving around to work is &quot;becoming smoother and cheaper than ever&quot;, she added. 
 
Most Jobbatical offers involve positions that, like sabbaticals, last around 12 months, creating a revolving client base. 
 
The company takes a &quot;success&quot; fee of five per cent of the annual salary upon hiring. 
 
Surf more than just the internet 
 
Vicente Gracia, a much-travelled 28-year-old business strategist from Chile, has been surfing more than just the internet since he began using Jobbatical. 
 
Dissatisfied with the terms he was being offered by South American companies, Gracia used it to find a job based in Bali. 
 
&quot;New generations are looking for more than just a paycheck,&quot; Gracia said via Skype. 
 
A keen surfer, he now enjoys riding the waves on a Bali beach every morning during a break in his commute to work. 
 
&quot;For me, being able to prioritise my career and a healthy lifestyle is crucial.&quot; 
 
Insisting that Jobbatical is unique, Hindriks shuns comparisons to online job sites like Monster, insisting that &quot;it&#39;s like comparing Craigslist to Airbnb&quot;. 
 
Describing Jobbatical as a &quot;matchmaker for companies&quot;, Hindriks insists that short-term &quot;jobbaticals&quot; encourage professionals to choose countries off the beaten path - like her own Estonia - that they may not have considered were the positions permanent. 
 
&quot;If you look at the reality, there are no permanent jobs any more, so in that sense we&#39;re bringing honesty to the conversation,&quot; she said. 
 
Peace of mind 
 
Teleport meanwhile takes stock of the personal preferences and expectations of digital job-seekers and then suggests ideal places for them to live and work. 
 
Teleport &quot;scouts&quot;, or local experts, are just a click away to iron out any wrinkles. For a modest fee, they can help with everything from visas to finding the right apartment or the nearest vegan restaurant. 
 
A veteran tech entrepreneur who headed up Skype&#39;s Estonia operations from 2005-12, Teleport CEO Sten Tamkivi insisted his startup goes further than competitors like NomadList, which essentially works like a traditional travel guide. 
 
Tamkivi said that aside from calculating ideal locations based on personal preferences and its &quot;scouts&quot;, its &quot;flock&quot; service also locates the nearest co-working spaces. 
 
Anthony Lapenna, a Frenchman working in New Zealand, is one happy Teleport user. 
 
The service meant he could keep his job, but change hemispheres, shifting from Paris to Auckland, New Zealand, where he continues his role as a software engineer. 
 
&quot;I wanted to go to an English-speaking country in order to improve my English, plus I was kind of sick of the big city of Paris,&quot; he said via email. 
 
&quot;New Zealand is located at the world&#39;s end, which is pretty exciting. I also had a curiosity about the landscape, because I&#39;m fond of hiking.&quot; 
 
&quot;I&#39;ll probably move again, but not before I&#39;ve explored as much of New Zealand as I can.&quot; 
 
And Lapenna is not alone. As Google predicts the world&#39;s online population will double to five billion by 2020, digital nomads are likely to be a growing tribe. 
 
(AFP)

Tech start-ups from Estonia are catering to a growing number of young, laptop-carrying professionals who travel and work remotely

Upwardly-mobile, tech-savvy young professionals from across the globe are swapping their briefcases and brogues for backpacks and sneakers, setting themselves up as digital nomads who can operate from wherever their laptops can go. Jobbatical and Teleport, two recent tech start-ups, promise to take the guesswork out of digital job hunting on a global scale. Both hail from tiny tech titan Estonia and are part of a crop of cutting-edge online sites catering to digital nomads, typically young males who work remotely and move around regions like Southeast Asia every few months. Their creators insist the start-ups have the potential to shake things up on the global job market, similar to how Estonians previously transformed global communications with Skype and digital international money transfers via Transferwise. Tallinn-based entrepreneur Karoli Hindriks said she launched Jobbatical two years ago to fill the growing gaps she noticed in global recruiting. With employment offers from Greece, to Thailand and Costa Rica among others, it takes just a few clicks of the mouse for product or account managers, programmers and other tech professionals to land a dream job, whether programming in Malaysia's tropical paradise of Penang or managing an adventure travel operation in Bali. Jobbatical targets "adventurous tech, business, and creative professionals with over five years of working experience," Hindriks said at the Latitude59 technology conference in Estonia's capital Tallinn. She points to "a generational mindset shift" as key to her client base of 70,000 unique users each month across 150 countries. "The millennial's view of success isn't necessarily a house, a well-paying job and a picket fence," she said. "There's a huge shift towards defining success as working in terms of things that one truly believes in, and appreciating experiences over material possessions." New technologies, less expensive international travel and easier communications mean that moving around to work is "becoming smoother and cheaper than ever", she added. Most Jobbatical offers involve positions that, like sabbaticals, last around 12 months, creating a revolving client base. The company takes a "success" fee of five per cent of the annual salary upon hiring. Surf more than just the internet Vicente Gracia, a much-travelled 28-year-old business strategist from Chile, has been surfing more than just the internet since he began using Jobbatical. Dissatisfied with the terms he was being offered by South American companies, Gracia used it to find a job based in Bali. "New generations are looking for more than just a paycheck," Gracia said via Skype. A keen surfer, he now enjoys riding the waves on a Bali beach every morning during a break in his commute to work. "For me, being able to prioritise my career and a healthy lifestyle is crucial." Insisting that Jobbatical is unique, Hindriks shuns comparisons to online job sites like Monster, insisting that "it's like comparing Craigslist to Airbnb". Describing Jobbatical as a "matchmaker for companies", Hindriks insists that short-term "jobbaticals" encourage professionals to choose countries off the beaten path - like her own Estonia - that they may not have considered were the positions permanent. "If you look at the reality, there are no permanent jobs any more, so in that sense we're bringing honesty to the conversation," she said. Peace of mind Teleport meanwhile takes stock of the personal preferences and expectations of digital job-seekers and then suggests ideal places for them to live and work. Teleport "scouts", or local experts, are just a click away to iron out any wrinkles. For a modest fee, they can help with everything from visas to finding the right apartment or the nearest vegan restaurant. A veteran tech entrepreneur who headed up Skype's Estonia operations from 2005-12, Teleport CEO Sten Tamkivi insisted his startup goes further than competitors like NomadList, which essentially works like a traditional travel guide. Tamkivi said that aside from calculating ideal locations based on personal preferences and its "scouts", its "flock" service also locates the nearest co-working spaces. Anthony Lapenna, a Frenchman working in New Zealand, is one happy Teleport user. The service meant he could keep his job, but change hemispheres, shifting from Paris to Auckland, New Zealand, where he continues his role as a software engineer. "I wanted to go to an English-speaking country in order to improve my English, plus I was kind of sick of the big city of Paris," he said via email. "New Zealand is located at the world's end, which is pretty exciting. I also had a curiosity about the landscape, because I'm fond of hiking." "I'll probably move again, but not before I've explored as much of New Zealand as I can." And Lapenna is not alone. As Google predicts the world's online population will double to five billion by 2020, digital nomads are likely to be a growing tribe. (AFP)

Backpacking digital nomads land dream jobs on the go

Chinese telecom equipment maker ZTE Corp will set up a 1.2 billion yuan ($180.38 million) fund to invest in private technology, media and communication startups and diversify its business.&nbsp; 
 
ZTE and other investors will set up the Suzhou Partnership fund to invest in shares, equity or assets of firms with good growth potential, &quot;enhancing the competitiveness of the group&#39;s main business,&quot; ZTE said in a statement late on Wednesday. 
 
ZTE will control about 25 per cent of the fund, while 75 per cent will be owned by other investors. 
 
The Chinese tech giant saw first-quarter profit rise 16 per cent despite an ongoing US probe into allegations the firm broke sanctions against Iran by shipping millions of dollars worth of American-made hardware and software to the country. 
 
(Reuters)&nbsp; 
&nbsp;

ZTE Corp will control about 25 per cent of the fund, while 75 per cent will be owned by other investors

Chinese telecom equipment maker ZTE Corp will set up a 1.2 billion yuan ($180.38 million) fund to invest in private technology, media and communication startups and diversify its business. ZTE and other investors will set up the Suzhou Partnership fund to invest in shares, equity or assets of firms with good growth potential, "enhancing the competitiveness of the group's main business," ZTE said in a statement late on Wednesday. ZTE will control about 25 per cent of the fund, while 75 per cent will be owned by other investors. The Chinese tech giant saw first-quarter profit rise 16 per cent despite an ongoing US probe into allegations the firm broke sanctions against Iran by shipping millions of dollars worth of American-made hardware and software to the country. (Reuters)

Chinese tech giant plans to invest $180 million in startups ?

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