The content of the article was contributed by Dhruv Verma, founder of Thriwe and hence contain quotes from him.
In business, the term ‘loyalty’ carries a lot of weight. Customer loyalty, on the other hand, is of major concern now for many businesses.
Consumers that are loyal to a company or product will pick it again and again because of previous favourable experiences. Now, this is the kind of loyalty businesses are always seeking to retain their status as market leaders. For a business, customer loyalty plays a massive role in upscaling its brand to greater heights.
Some studies show the chance of selling to an existing client by a brand is between 60% and 70%, whereas to sell a new customer is between 5% and 20% only.
Off-late with the rising competition and innovation among businesses and organisations, businesspeople are finding it challenging to keep up with their customers’ loyalty for a longer period.
Here is what Dhruv Verma of Thriwesays about customer loyalty, “loyalty must be pinned back with the “Esteem needs” from Maslow’s hierarchy of needs theory. As long as the esteem needs are getting nurtured and fulfilled, loyalty remains intact for every customer.“
Indeed, the needs of customers these days do not depend upon the service that they were using before, it is all about going for the latest trends no matter which brand is offering them.
He further adds, “The paradigm shift in customer loyalty has ushered from the perspective that there is a constant evolution of esteem needs.“
As per Forbes reports, 68% of consumers worldwide are more devoted to firms and organisations that make it quick and convenient to interact with them.
We now know for a fact, how customer loyalty is so important, let us understand some points that can impact a customer’s relationship with their brand.
A lot of brands aren’t able to keep up with customers’ expectations. The reason is customers expect a firm to be always in pace with customer service in the constantly changing ecosystem and lifestyle needs. If a brand fails to do so, then it exposes the organisation to the risk of diminishing consumer loyalty.
With the constantly evolving ecosystem, customers want a company to be at par with customer service, but failing to do so, brands do feel the heat of declining customer loyalty – Dhruv Verma, Founder of Thriwe
Lack of Unique Relevance to Customers
Sometimes, customers do not show any emotional attachment to the particular brand if they don’t find it relevant to their needs. In this process of keeping a consumer engaged, firms provide repetitive rewards and perks, while the other brands also provide the same giveaway. As a result, the rewards do not stand apart from the competitor’s reward. This tends to render the agenda obsolete and of little importance.
To keep a customer engaged, companies give rewards and benefits that are redundant in nature, the competitor brands are also giving the same giveaway that you as a brand are giving to customers. Hence, when the rewards are not well thought of, it tends to make it a redundant program with little relevance – Dhruv Verma, Founder of Thriwe
Failing to Appreciate Customers
Customers are the lifeblood of every business. Every business must care for and appreciate its customers. Customers expect their brand to treat them well and receive outstanding treatment and services. It is mandatory for businesses to really meet their customer’s expectations. If customers feel that they are not acknowledged during their interactions with the company, the firm will surely fail, even if they have the slightest chance to retain customer loyalty.
Every business runs because of customers if the customers are not appreciated during their course of interaction with the business, customer loyalty is definitive to decline – Dhruv Verma, Founder of Thriwe
Consumers look for uniqueness in every product or service they use. If a firm’s product lacks a unique selling point, it simply means it is copied and accessible at a lower price, and then the company will almost certainly lose a price-sensitive consumer to a competitor. As a result, customer loyalty will decline. Businesses really need to offer some unique value to differentiate their products from competitors. In order to survive the competition, companies have to work more efficiently to attract the attention of potential buyers in the market.
If the company’s product doesn’t hold a USP of its own, it tends to get replicated easily and is available at a lesser value then a business is sure to lose a price-sensitive customer to a competition. Hence the reason for the decline in customer loyalty – Dhruv Verma, Founder of Thriwe
Lack of Consistency
Consistency means building trust. In life also, everyone wants consistency, because without it, there’s no balance, and you cannot rely on a certain thing. In business as well, customers look for a brand in which they can put their trust and not worry about it. Inconsistency in branding can lead to poor brand awareness and push away all the loyal customers for good. For brands, it is imperative to stick to a particular brand voice or quality they have been providing since the beginning.
Customer loyalty, stickiness, and engagement with the brands depend on a whole lot of things and businesses should keep a close eye on the ever-evolving nuances of customer loyalty – Dhruv Verma, Founder of Thriwe
Conclusion
No doubt, organisations today are neck-to-neck with each other to remain at the top of the list of their potential customers. The solution not only lies in the above-mentioned points or just fancy marketing campaigns, but it is way beyond all of these. Companies need to have a clear vision and well-thought-out plans and strategies to make their customers always feel special.
FAQs
What makes consumers feel more devoted to brands?
As per Forbes reports, 68% of consumers worldwide are more devoted to firms and organisations that make it quick and convenient to interact with them.
What makes customers less loyal?
Major reasons that make customers less loyal are:
Failing to Keep Up With Customer Expectations
Lack of Unique Relevance to Customers
Failing to Appreciate Customers
Easy Replicability of the Product or Service
Lack of Consistency
What is the probability of selling to existing customers?
Some studies show the chance of selling to an existing client by a brand is between 60% and 70%, whereas to sell a new customer is between 5% and 20% only.
An industry, valued at USD 4.90 billion in 2021 and expected to expand at a CAGR of 26.1% between 2022 and 2030, is the Print On Demand Industry. This industry has grown increasingly popular among budding entrepreneurs, who are looking for simple solutions to cultivate high incomes and showcase their creative side.
Things to Know Before Starting a Print on Demand Store
The History of Print on Demand Industry
As a concept, it is a few centuries old. There are examples of printing techniques existing before the year 220. It was in the 12th century that Europe first discovered the benefits of printing custom demands onto materials. The art of printing and customising textiles is a prime example of this historical skill.
The modern concept of print on demand emerged in the 1960s as newer methods of printing were introduced in the market. Since then, as the printing for customer orders has grown faster and more affordable, printing solutions have expanded and become more available to the masses.
Now there are various options available for an artist to add custom designs to various products without the need for complex tools or it being expensive. There is a plethora of specialist machines like screen printing, direct-to-garment printing, and digital printing. As new printing options are emerging, so are the startups.
Print On Demand Industry Growth
Forecast for the Print on Demand Industry Market Size
The POD industry recorded a growth of 12% from 2017 to 2020. The Covid-19 pandemic adversely affected almost all industries except the Print on Demand industry which was actually recording a growing interest. There are several reasons for its growth.
The demand for personalized products has been growing, with approximately 48% of customers ready for a longer wait to receive their choice. Another major reason has been the shift to eCommerce from traditional retail. The pandemic was the catalyst for this shift, which jumped from 13.8% in 2019 to 19.6 % in 2021.
Another contributing factor has been environmental awareness, raising the demand for sustainable and eco-friendly products. A survey in 2021 highlighted that 27% of customers had experimented with sustainable products, with 25% spending money on sustainable fashion. This means that print on demand has become the sustainable option to fast fashion. Wastage is reduced as products are made only after the sale has been confirmed.
Other facts include the rapidly changing world of fashion trends, increased disposable income, and, of course, advances in printing technology.
Print On Demand Industry – During Covid-19 and Beyond
Every industry changed and saw a shift in the face of Covid-19. People tried to increase their financial security by starting a side business. With the massive layoffs resulting due to the pandemic, people veered towards working for themselves instead of a job. This shift saw a huge impact on the print-on-demand industry.
The reason the industry garnered such huge interest was the ease of setting up a fully functioning business. All it needed was a design or a design idea, and the products were ready to sell within a short period of time. Products like custom stickers and personalized gifts increased in search volumes. Custom face masks became the fastest growing print-on-demand product. Based on Google search volumes, the search for custom face masks grew from a mere 345 searches in January 2020 to 172,000 searches by April 2020. By July, that figure reached a whopping 224,000.
This is an industry that has quickly accelerated to become one of the most reliable ways for creative professionals to start their own business with minimal upfront costs. The individuals create unique designs and then work with suppliers to customize white-label products. These items can range from t-shirts, stickers, mugs, hoodies, and backpacks to pillow covers and a whole host of other products.
The products are managed by the supplier, which means the entrepreneur does not have to bulk-buy and invest in storing the inventory with a POD service. The entrepreneur has to make the sale and then fill in the order details and then the supplier takes care of the printing and the delivery.
The Process of Print on Demand
The first step is for the individual to decide the profile of the products that they wish to sell and where to sell them. With the print on demand, the products can be sold on existing marketplaces or you can create and build a website for the business by choosing a store-building tool that can integrate with a POD solution. Of course, the advantage of selling on an existing marketplace is the wide access to potential customers, and creating own website allows the advantage for branding the eCommerce store as per personal vision and choice.
Once the platform is ready, it is a simple five-step process to a successfully fulfilled order.
Designing POD Products
The entrepreneurs can create their own unique designs or even use designs that are readily available from POD vendors. Another choice is to work with freelance artists who can create affordable designs.
Finding a POD Service
This allows the entrepreneur to connect with the manufacturers and retailers. The tools on the POD service allow access to a range of products to choose from to add product designs to.
Making Mock-ups
This allows the entrepreneur to build a product catalogue by creating mock-up images using a mock-up generator. It shows the final product with the design printed on them. This can then be circulated among personal networks as an advertisement to generate sales orders.
Calculating the Final Pricing
The final pricing after the design is printed on the product, has to be decided after covering all costs as well as adding a certain percentage of the profit.
Accepting Customer Orders
The customers can choose what product they want along with the design of choice. Once the order is placed online, it goes to the print provider for the actual printing. From here on, the provider handles the printing to the actual doorstep delivery of the product. The entrepreneur earns the profit.
The Print of Demand industry can be categorized into two segments – service and software. The service segment is estimated to grow at a CAGR of 28.4% by 2030. This is due to the high number of service providers offering end-to-end fulfilment services and also sometimes offering other services like marketing, branding, custom packaging, photography and graphic design.
The software segment is expected to retain its dominance through 2030 as it registered the highest revenue share in 2021. Advances and investments in technology by service-providers accounts for the growth in this segment. Service providers offer API and design-making tools making it easier for merchants to integrate their existing online stores with print-on-demand platforms.
Print On Demand Industry Predictions
By 2024, retail-focused eCommerce is predicted to amount to $7 trillion in annual sales or 25% of total retail sales at that time.
The web-to-print market is poised to grow by $528.71 million during 2021-2025, progressing at a CAGR of 7.99% during the forecast period.
By 2028, the global print-on-demand software market is expected to grow at a substantial CAGR of 33.5%.
Conclusion
With the growth in the print-on-demand industry, the competition is also getting stiffer. Service providers are always on the lookout for the latest developments and technologies for offering advanced products and integrating new technologies into their offerings. It will be interesting to see the path that the print-on-demand industry follows.
FAQs
What is print on demand?
Print on demand is a method of printing customised designs. In this method, products are printed only after the customers confirm their orders.
What is the market size for print on demand?
The global market size for print on demand was valued at USD 4.90 billion in 2021 and is expected to expand at a CAGR of 26.1% between 2022 and 2030 and reach USD 39.4 billion by 2030.
What is the process of print on demand?
Once the platform is ready, it is a simple five-step process to a successfully fulfilled order. The steps are as follows:
Xavier Institute of Management, Bhubaneswar has been instrumental in developing business leaders for the last 35 years. The institution is known for its exemplary service to the field of academics, industry, and society at large. The contributions and collaborative efforts of the management, students, and the entire XIM fraternity have been the driving force for this monumental success.
Commemorating this achievement, XIM, Bhubaneswar, will convene a Business Excellence Summit spanning over three days, from 29th September to 1st October 2022. This occasion is a platform for the institute to reflect on its past achievements, celebrate the present and share its vision for the future.
The summit would be graced by leaders and stalwarts from various backgrounds and industries. The purpose is to encourage a fruitful exchange of ideas, hold discussions about relevant issues, reflect on the opportunities and collaborate for the collective upliftment of all. The theme for Business Excellence Summit 2022 is “Transcending Boundaries.” This is in line with the forward-looking and action-oriented vision of XIM, Bhubaneswar.
The speakers’ who will be gracing the occasion are Nishita Ballarsingh – Founder (Nexus Power), Shefali Vijaywargiya – Brand Manager (Amul Kool), Sahithi Divi – Director (Mohanam), Manoj Kumar Swain – Founder (SOCH), Shailesh Paul – Vice President (Visa), Shubham Singh – CEO, Founder (Craste), Rajesh Srivastav – Author, Sarbani Sengupta – Vice President – Customer Service at DHL Express (DHL), Swatee Sarangi – CHR (Dr. Reddy), Vivek Atray – IAS, A L Jagannath – Head of Marketing (ThoughtWorks), Debendra N Kar – Chief Commissioner of Income Tax, Chennai, Rajeev Bharwan, Retired Colonel (Indian Army – Special Forces), Rohit Kilam – CTO (CMS Info Systems), Subhash Bhutoria – Partner (DSK Legal), Prema Suresh – Director and COO (Technip Energies), Ashish Garg – Managing Director (Group G).
The event will comprise of leadership talks, panel discussions and engaging activities for the students. The XIM fraternity has always endorsed the confluence of business and society. Business Excellence Summit 2022 would reflect this ideology. Whilst XIM, Bhubaneswar has many accolades to its name, the opportunities for growth are always ample. This will only be possible with the long-term collaboration and collective efforts of all stakeholders.
About XIM Bhubaneswar
XIM, Bhubaneswar was established 35 years ago and has earned a global reputation as a flagship Business School inspired by the Jesuit spirit of Magis. Since then, XIM, Bhubaneswar has strived to become a premier institute that provides formal education in the field of management education, training, research, and consulting that helps build a just and humane society. The institute is now recognized for its excellence in imparting management education and is considered among the top management institutes in the country.
Of course, the companies also need to analyze their revenue, profits, capital appreciation, market capitalization, number of investors, total assets and liabilities, and much more.
It is estimated that by 2025 the global data volume will touch 180 Zetta bytes, 572 Zetta bytes by 2030, and it may even go up to 5,00,000 Zetta bytes by 2050.
As you can guess, all this data is extremely big. All companies need someone who can analyze this humongous data, find recurring patterns and provide insights that help the company grow.
This is where a data scientist comes in.
Data science in simple words is applying advanced analytics techniques and scientific principles to extract information from data.
The valuable information extracted from the data is further used to improve business efficiency, find new business opportunities, improve the product or service, increase sales and ultimately boost revenue.
According to Payscale, the average salary of a data scientist in India is 8,73,310 a year.
What Does a Data Scientist Do?
Improve the quality of the data using machine learning techniques and identify patterns and trends.
Validate the data to ensure accuracy, completeness, and uniformity.
Create algorithms and data models that can find valuable information from the data.
Integrate data tools such as Python, R, SAS, or SQL in data analysis.
Find solutions and hidden opportunities from the data.
Skills Required to Become a Data Scientist:
Expertise in programming languages like Python, R Programming, SQL, and Scala.
Strong command of statistics and mathematics (Linear algebra and matrix, statistics, geometry, calculus, probability, regression, dimensionality reduction, and vector models)
Deep understanding of machine learning and artificial intelligence.
Web Scraping.
Data analysis and visualization.
Database management.
2. Artificial Intelligence (AI)
When we hear the word AI we usually think about an army of robots ruling mankind.
We might even think about Siri, Alexa, facial detection, chatbots, self-driving cars, movie recommendations that we get on Netflix, and much more.
Although these applications of Al are very basic. To be very frank, we haven’t scratched the surface of Al.
This means that every other company would be looking for professionals who know how to effectively use the power of Al for the growth of their business.
You can work with big companies like Apple, Microsoft, Google, Facebook, Adobe, Intel, and many more.
In 2020, LinkedIn listed Al specialist as the top emerging job.
According to Simplilearn, the entry-level annual average AI specialist salary in India is around 8 lakhs.
If you have a higher level of expertise and experience it can go as high as 50 lakhs.
There is a crossover between Al and machine learning. You will get to know more about machine learning next!
What Does an Al Specialist Do?
An Al specialist is responsible for creating machines and software problems that can analyze the data and make human-like decisions.
Use machine learning (ML) and neuro-linguistic programming (NLP) to build creative solutions for business problems.
Create solutions that will streamline tedious or repetitive business tasks.
Convert the machine learning models into application program interfaces (APIs).
Skills Required to Become an Al Specialist:
Proficiency in programming languages like Python, C++, and JavaScript.
Linear Algebra, probability, and statistics.
Bayesian networking (including neural nets).
Cognitive science theory.
Engineering.
Robotics.
Physics.
The above graph shows the application areas of AI in an organization in percentage as per the source light-it.net
3. Machine Learning
You must have heard about machine learning a lot of times these days. It is one of the most innovative and rapidly evolving industries that provides lucrative salary packages.
Machine learning can be defined as the subfield of Al where historical data is used by the software applications to produce accurate results and outcomes.
Basically, they are doing the task and learning from their experiences without being explicitly programmed to do so.
Differentiating between illegitimate and legitimate transactions in applications like PayPal and GPay, face detection in images, speech recognition, and medical diagnosis are all popular examples of machine learning.
According to Payscale, the average machine learning salary in India is Rs 686,281 per year, inclusive of bonuses and profit-sharing.
What Does a Machine Learning Engineer Do?
Design self-running software for predictive model automation.
Perform statistical analysis and fine-tune models using test results.
Discover, design, and develop analytical methods to support novel approaches to data and information processing.
Identify differences in data distribution that affect model performance.
Skills Required to Become a Machine Learning Engineer:
Proficiency in programming languages such as Java, R, Python, and C++.
Advanced understanding of linear algebra, calculus, and bayesian statistics.
Software engineering skills.
Knowledge of computer architecture.
The above graph shows the leading areas of machine learning adoption by organizations in percentage from source 99firms.com
4. Cloud Computing
More and more companies are moving towards cloud solutions.
It is estimated that by 2025, the cloud will store over 100 zettabytes of data in it.
In simple words, cloud computing can be defined as the storing and accessing of data and computing services such as servers, data storage, networking, and databases over the internet (cloud).
According to Ambitionbox, the average annual salary of cloud engineers in India is Rs 5.4 Lakhs. This number is based on 7.7k salaries received from cloud engineers.
What Does a Cloud Engineer Do?
Build and maintain cloud infrastructure.
Monitor cloud infrastructure components like networking and security services.
Migrate databases of the companies to the cloud.
Design cloud solutions for clients.
Manage software and hardware associated with the use of cloud computing.
Skills Required to Become Cloud Engineer:
Knowledge of programming languages such as SQL, Java, Python, Ruby, .NET, Golang, and PHP.
Cloud database management skills.
Understanding of DevOps practices.
Knowledge of open standards, such as XML (Extensible Markup Language), SOAP (Simple Object Access Protocol), WSDL (Web Services Description Language), and UDDI (Universal Description, Discovery, and Integration)
By 2023, mobile apps are expected to generate a revenue of $935 billion.
49% of people open an app 11+ times each day.
All these stats show us that if a company wants to succeed they need to develop its own apps.
This means that companies would be actively looking for mobile app developers.
If you know how to develop an awesome app you can earn a lot of money.
What Does a Mobile App Developer Do?
Understand what are the objectives of the brand and how it aligns with the customer needs.
Develop application programming interfaces (APIs) to support mobile functionality.
Create, program, and test the app on all mobile platform devices like smartphones and tablets.
Coordinate with the UI/UX designers.
Ensure all the things are functioning properly both in the front end and back end.
Skills Required to Become a Mobile App Developer:
Proficiency in Java, Kotlin, React.js, and Objective-C.
Knowledge of Syntax.
Understanding of Ul/UX design.
Angular.
Cross-platform application development.
Expertise in using GIT.
6. Ul Design
User Design (UI) refers to the visually appealing elements on the website or app like buttons, toggles, icons, images, colours, typography, and animations.
Ul designers are in high demand since every other company wants an attractive and convenient interface for their website or app.
What Does a UI Designer Do?
Design all the screens through which a user will move. Add buttons, icons, images, and animations.
Decide which fonts and colours to use.
Understand human behaviour and make an intuitive interface that is easy on the eye and simple to use.
Skills Required to Become a UI Designer:
Ability to solve problems with innovative solutions.
Understanding the impact of colours, fonts, and design elements on human psychology.
Knowledge of design principles.
Expertise in using design tools like Adobe Photoshop, Adobe Illustrator, Figma, Sketch, and Proto.io.
8. UX Design
A User experience (UX) is concerned with enhancing the personal experience a user will get through while interacting with your app or website.
Think of the last time when you were using an app to book a movie ticket or while you were browsing through the website.
Did you find it easy to navigate?
Was the experience of using the app smooth?
The UX designer is concerned with all of these interactions.
The demand for UX designers is rapidly increasing.
In 2020, LinkedIn ranked UX design as one of the top 5 in-demand skills.
On the other hand, Glassdoor has ranked the UX designer job at 24th position in their list of the best 50 jobs to have in 2022.
What Does a UX Designer Do?
Identify the goals, behaviour, and pain points of the user.
Understand what problem your brand is trying to solve.
Create flow diagrams, prototypes, and wireframing to help the client understand what the final product will look like.
Conduct A/B tests, polls, surveys, and usability tests to improve the user experience.
Skills Required to Become a UX Designer:
Wireframing and prototyping.
User testing.
UX writing.
User empathy.
Understand how users will interact with your design.
Key Differences Between UI and UX:
A lot of people get confused between UI and UX. Although both of them are different things. Both UI and UX designers play a very important role in product development.
UI Designer
UX Designer
A UI designer focuses on the graphical portions of mobile apps and websites
The UX designer focuses on the experience a user has with a product
Let’s take an example of a hotel booking app. The beautiful fonts, buttons, images, and fonts that you see in the app are UI
The loading speed of the app and the total number of clicks that you take to search, analyze and book a hotel on a hotel booking app is UX
8. Graphic Designing
Every other company is looking for innovative graphic designers who can visually communicate their brand message, increase brand visibility, build credibility, turn leads into customers and ultimately increase the conversion rate.
What Does a Graphic Designer Do?
Develop the overall layout and production design for books, advertisements, brochures, magazines, etc.
Build brand identity by designing logos and selecting the right color palettes and typography.
Develop an attractive packaging of a product.
Understand the brand message and the psychology of the target audience.
Skills Required to Become a Graphic Designer:
Expertise in using Photoshop, Illustrator, and InDesign.
Audience targeting.
Understanding of how UI and UX design work.
Creativity and ideation.
Understanding of colour theory and typography.
The above graph shows an estimated hourly salary of a graphic designer based on their skill level in Dollars
9. Social Media Marketing
I don’t have to explain to you the importance and craze of social media in today’s world.
A single notification from Instagram will disturb our whole working schedule.
Previously, it was used to communicate with our family and friends.
But, now social media can influence our decisions and change our behavioural patterns.
Companies use social media to increase brand awareness, generate leads, and increase sales.
Companies regularly need social media marketers who can utilize the power of social media and help them increase their sales.
What Does a Social Media Marketer Do?
Understand the interests, goals, professions, and demographics of the target audience and create social media posts that resonate with them.
Many people don’t understand the potential of this field.
But, let me tell you that every business on this planet needs a good copywriter.
Why?
Because every business needs someone who can use words that piques curiosity, connect emotionally, and increase sales.
Difference Between Copywriting and Content Writing:
Now, a lot of people get confused between copywriting and content writing.
Although these two fields are completely different, both of them are very important for the functioning of the business.
Copywriting
Content Writing
The sole purpose of copywriting is to inspire people to take an action like signing up for an email, calling a number, or buying a product.
The purpose of content writing is to inform or entertain the readers.
Copywriting is used in advertising.
A content writer writes blogs, social media posts, scripts for videos, whitepapers, etc.
Copywriters help companies to generate leads and increase sales from the trust built by content writers. Hence, they earn a lot more than content writers.
A content writer builds trust for the Copywriters to work upon.
Learning any of these on-demand digital skills will ensure you a bright future and with a good experience, you will get a high salary as well.
Since all of these skills have a huge demand in the future; building a career in these fields will always be fruitful for you.
Now, it’s not necessary that you have to choose skills from this list only. There are tons of other digital skills that we have not mentioned in this article.
So, research more about them and find the skill which you find interesting.
Do courses online and find internships. You can even learn more than 1 skill as well.
FAQs
What digital marketing skills are in demand?
Digital marketing skills that are in demand are Copywriting, Social media marketing, Paid advertising, Search engine optimization (SEO), Search engine marketing (SEM), and Content marketing.
Which skill is best for the future?
The skills that will have huge demand in the future are Artificial intelligence (AI), Mobile app development, Cloud computing, Blockchain, Data Science, UI/UX design, etc.
Which skill makes the most money?
Some of the high-paying skills are project management, mobile application development, cloud computing, etc.
What are the 6 basic skills in developing digital skills?
Six basic skills in developing digital skills are information fluency, collaboration fluency, solution fluency, media fluency, creativity fluency, and digital ethics.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Biocon Limited.
The healthcare marketplace is drastically evolving with many therapeutic solutions. Biopharmaceutical is one such discovery in the healthcare sector that is treated as one of the most significant achievements in modern science and technology. The biopharmaceutical industry is different from pharmaceutical startups in terms of the manufacturing process.
Biopharmaceutical products or medicines are manufactured in or, extracted from living organisms or biological sources, unlike pharmaceuticals, which are manufactured using chemical substances.
Known as an international pioneer, Biocon Limited, is an Indian biopharmaceutical firm founded by Kiran Mazumdar-Shaw in 1978. The company is based in Bangalore, India, and produces generic active pharmaceutical ingredients (APIs) that are distributed in over 120 countries worldwide.
Founded in 1973, Biocon Limited produces both new biologics and biosimilar insulins and antibodies, and generic APIs across the globe covering more than 120 countries, the major being the USA and Europe markets. The company consists of a talented and dedicated workforce of 13,500 employees.
For 40 years, Biocon has been consistently creating a culture of continuous innovation with four global businesses such as – generics, biosimilars, research services, and novel biologics. Its research and development are focused on prevention, relief, treatment, and medicines to enhance the lives of millions of patients. They believe in offering affordable quality medicines for many people. It strives to give reasonable access to a specialty portfolio of medications to everyone, everywhere.
As a global brand, Biocon is leveraging economies of scale by consistently investing in the development of new treatments for diabetes, cancer, and immunology. Biocon’s subsidiaries are –
Biocon Biologics and Syngene International Limited (Syngene).
Biocon Limited – Industry details
The Covid-19 impact has led to the growth of the Biopharmaceuticals industry in recent times. As per records, the global biopharma industry market growth is expected to reach $26.49 billion in 2028. This growth will see a CAGR of 12.6% during the period from 2021 to 2028.
Biocon Limited – Founder and Team
Biocon Limited is founded by Indian billionaire entrepreneur, Kiran Mazumdar-Shaw in 1978.
Kiran Mazumdar-Shaw – Founder of Biocon
Kiran Mazumdar-Shaw
Awarded the EY World Entrepreneur Of The Year 2020 and the first woman to head the board of governors of the Indian Institute of Management Bangalore, Kiran Mazumdar-Shaw is an inspiration for many women. She was born to Gujarati parents on March 23, 1953, in Bangalore, Karnataka. Rasendra Mazumdar, her father, was the head brewmaster of United Breweries.
Kiran Mazumdar-Shaw attended Mount Carmel Institution in Bangalore, a women’s college affiliated with Bangalore University, where she studied biology and zoology, earning a bachelor’s degree in 1973. Listening to her father’s advice, Kiran went to Ballarat College, Melbourne University in Australia to study malting and brewing attaining a master’s degree in brewing in 1975.
Before Biocon, Kiran was a trainee brewer at Carlton and United Breweries in Melbourne, as well as a trainee maltster at Barrett Brothers and Burston. Between 1975 and 1977, she also served as a technical consultant at Jupiter Breweries Limited in Calcutta and as a technical manager at Standard Maltings Corporation in Baroda.
Kiran Mazumdar-Shaw has done many philanthropic activities such as the Biocon Foundation. Through this foundation, she has supported Arogya Raksha Yojana (Disease Protection Program/Health Help) and numerous other health and education programs. She has also supported the Bangalore Agenda Task Force, to improve the city’s infrastructure and standard of living.
Kiran Mazumdar-Shaw is the Chairperson of Biocon Limited. In her lifetime, she is the recipient of many prestigious awards. Just to name a few, she was conferred the prestigious Quality Ratna Award for the year 2020 by the Confederation of Indian Industry (CII), she was elected as a Fellow of the Royal Society of Edinburgh (RSE), Scotland’s National Academy, she received the Othmer Gold Medal in 2014 for exceptional contributions to the progress of science and chemistry. Kiran also received the Padma Shri in 1989 and the Padma Bhushan in 2005 from the government of India. Not to forget, she was ranked #68 on the Forbes list of the World’s 100 Most Powerful Women in 2020.
Kiran is married to John Shaw. He is a Scotsman and Indophile who was Chairman and Managing Director of a renowned textiles MNC Madura Coats before joining Biocon in 1999 and serving as Vice-Chairman and Non-Executive Director of Biocon for almost 22 years before retiring recently in July 2021.
Dr. Arun Chandavarkar
Dr. Arun Chandavarkar is the Managing Director of Biocon Biologics Limited. He formerly served as the CEO and Joint Managing Director of Biocon Ltd. from April 2014 until November 2019, when he left after nearly three decades with the company. Before becoming CEO, he was the Chief Operating Officer of Biocon.
Dr. Chandavarkar earned a bachelor’s degree in chemical engineering from the Indian Institute of Technology (IIT) in Mumbai and a doctorate in biochemical engineering from MIT in Cambridge, Massachusetts. Under his management, the company has made significant investments in cutting-edge R&D and efficient, compliant operations, resulting in a distinct and differentiated product portfolio that includes fermentation-derived complex generics, biosimilars, and novel biologics aimed at a global patient population. For the 2016-17 fiscal year, Dr. Chandavarkar chaired the Confederation of Indian Industry’s (CII) National Committee on Biotechnology.
Siddharth Mittal
Siddharth Mittal is the CEO and Managing Director of Biocon Ltd. He has more than 20 years of comprehensive international expertise in strategic finance and accounting, mergers and acquisitions, taxation, and general management.
Siddharth Mittal was formerly Vice-President, Finance, and Corporate Controller at Symphony Teleca, a renowned US-based international IT business. He began his career in Bengaluru with the audit division of S.R. Batliboi & Co. (the Indian branch of Ernst & Young). He then worked for the US division of Xchanging Plc, an FTSE-listed firm located in London that specializes in business processing, technology, and procurement services.
Siddharth graduated from the Symbiosis College of Arts and Commerce in Pune with a Bachelor of Commerce. He is a Chartered Accountant from the Institute of Chartered Accountants of India and a Colorado Certified Public Accountant. Presently, he is also Co-Chairman of the CII Southern Regional Task Force on Pharmaceuticals and Co-Chairman of the CII Southern Regional Healthcare & Life Sciences 2020 – 21.
Biocon Limited – Startup Story
The story of Biocon started in 1978. It began as a joint venture with an Irish biotech business to develop and export enzymes for the brewing industry internationally. The company then gradually created a solid-state fermentation technique to manufacture innovative bio-enzymes for worldwide clients in the food and pharmaceutical sectors.
Unilever Plc purchased its Irish partners in 1989 and produced Biocon India as a member of the Unilever system, which allowed the company to quickly professionalize by adopting worldwide best practices.
In the 1990s, Syngene was established as a ‘pure play’ research services firm catering to the worldwide pharmaceutical industry’s R&D needs. Biocon moved beyond insulins to create monoclonal antibodies.
During its journey, Biocon found that most of the developing world couldn’t afford all the advanced therapeutic solutions. To support its purpose, Biocon raised capital through an IPO in 2004 and sold its enzymes business in 2007. Through constant research and developments, Biocon acquired a worldwide reputation as a genuine biosimilars player through a series of groundbreaking milestones, beginning with the approval of the world’s first bTrastuzumab in India in 2014 and the Japanese approval of bGlargine in 2016. It was the first in the world to receive approval in the United States for bTrastuzumab in 2017 and bPegfilgrastim in 2018.
Biocon’s investments on a global scale helped the company rank among the world’s top 15 biomanufacturing companies.
Currently, Biocon has emerged as one of the leading global biopharmaceutical companies with consolidated revenues of $1.1 billion (Rs 8,396.70 crores) and a more than 15,000 strong workforce.
Biocon Limited – Mission and Vision
Biocon’s vision statement reads, “To enhance global healthcare through innovative and affordable biopharmaceuticals for patients, partners, and healthcare systems across the globe.”
The company aims to deliver high-quality and reasonable healthcare products by prioritizing patients, focusing on science, and sustainable growth.
The mission of Biocon is, “To be an integrated biotechnology enterprise of global distinction”
Biocon Limited – Name, Tagline, Logo
The logo of Biocon can be seen to have a similar appearance to human DNA.
The overall tagline of Biocon as a company is, “Hope.saves lives.”
Biocon also has taglines for each of its subordinates:
Biocon Academy’s tagline is, “Adding Value, Enhancing Skills”
Biocon Limited – Business & Revenue Model
The business model of Biocon can be said to have five global business verticals – Generics, Biosimilars, Research Services, and New biologics, Research and development, and manufacturing of revolutionary biopharmaceutical medications. This developing paradigm is nicely linked with its business objective of offering inexpensive innovation. The company’s integrated business strategy encompasses the whole therapeutic value chain, from pre-clinical discovery to clinical development and beyond.
Biocon has three main business divisions that are its strength and backbone. This consists of – Syngene, Clingene, and Biocon, which are engaged in preclinical, clinical, and commercialization activities, respectively. Its business operations also involve the manufacturing of therapeutic areas such as Oncology, Diabetes, and Immunology.
Biocon’s business also includes developing enormous brand equity with physicians and patients by expanding its footprint into specialist sectors through which it earns its revenue. It has also produced medicines for Covid-19 such as – Alzumab-L, Dynalix, RemWin, etc.
Biocon’s CSR Activities
The company has no space when it comes to serving society. With its motto, “Driving Sustainable Social Change”, the company aims to be devoted to bettering lives and strengthening marginalized communities for a brighter future. The CSR initiatives of Biocon can be divided into two categories:
Biocon Foundation – Through this, Biocon has emphasized many healthcare solutions, providing for the environment and people through programs that promote social and economic inclusion. The company has set up eLAJ Smart Clinic platforms, an Oral Cancer Screening program, did a Community Vaccination Drive, supplied oxygen concentrators, Intensive Care Unit (ICU) monitors, digital X-Ray machines, ultrasound machines, pulse oximeters, and other medical equipment to support the COVID care infrastructure at the Anekal General Hospital and a lot more other social initiatives.
Biocon Academy – In conjunction with JSS University, Mysuru, Biocon Academy, helps to establish an ecosystem for biotech-related skills in India. The programs offered by the academy aim to provide advanced learning and industrial competence to life science graduates and post-graduates through job-skills development, which is required to create a rewarding career in the Biotech sector.
It recently launched a new course in Global Regulatory Affairs. The Academy was established 8 years ago. Till now, more than 850 students have enrolled in the academy.
Biocon is involved in offering many sustainable activities to provide a rewarding workplace through the EHS management system and to improve ESG (Environmental, Social, and Governance).
Biocon Limited – Revenue & Growth
As per reports, Biocon’s consolidated revenues increased 14% year on year to Rs 83,967 million, led by Biosimilars and Research Services revenue increases of 24% and 19%, respectively. Furthermore, for the fiscal year, Biosimilars earned Rs 34,643 million, Generics earned Rs 23,409 million, and Research Services earned Rs 26,042 million.
The company also claimed that its EBITDA climbed 14% year on year to Rs 21,829 million, with a respectable margin of 26%. Core EBITDA for the year increased 18% to ‘26,690 million, representing a margin of 32% after adjusting for licensing, forex, gain on dilution in Bicara, mark-to-market loss on investments, and R&D expense. Biocon’s net profit was $6,484 million. Certain extraordinary events, mark-to-market losses on investments, and a gain on dilution in Bicara all influenced net profit. After adjusting for these things, Biocon managed to increase its Net Profit by 23% for the whole year.
Biocon has announced that in FY22, Biocon Biologics increased its sales by 24% over the previous year, to Rs 34,643 million, with interchangeable bGlargine achieving double-digit market share in the United States, as well as ongoing improvement in the market share of other major existing products.
Biocon also saw some growth in its business segments. Syngene increased its bio-manufacturing capacity by commissioning a cutting-edge microbial facility and expanding its mammalian plant. Besides this, Biocon Biologics successfully progressed two unpartnered antibody projects to the clinical stage, bUstekinumab and bDenosumab.
Biocon Limited – Funding and Investors
Biocon Biologics has raised $24.4 billion in funding over four rounds. Their most recent fundraising came on January 7, 2021, in the form of a Venture Series Unknown round. Biocon Biologics is supported by four investors. The most recent investors are ADQ and Goldman Sachs.
Date
Funding Round
Fund Amount
Investors
January 7, 2021
Venture Round
₹5.6 billion
ADQ
November 9, 2020
Private Equity Round
₹11.3 billion
Goldman Sachs
July 31, 2020
Private Equity Round
₹2.3 billion
Tata Capital
January 6, 2020
Private Equity Round
₹5.4 billion
True North
Biocon Limited – Mergers and Acquisitions
On February 28, 2021, Biocon Biologics bought Viatris Biosimilars. They paid $3.3 billion for Viatris Biosimilars. Viatris Biosimilars is a USA-based company that has primary areas of focus on Oncology, immunology, endocrinology, ophthalmology, and dermatology.
On September 16, 2021, Biocon Biologics Limited (“BBL”) entered into a merger cooperation agreement with Serum Institute Life Sciences Private Limited (“SILS”) and Covidshield Technologies Private Limited (“CTPL” or Transferor business), a fully owned subsidiary of SILS.
Biocon Limited – Advertisements and Social Media Campaigns
In 2020, Biocon Biologics released a series of videos with the #StoriesofHope. The campaign was launched on Women’s Day to share the stories of two women who have survived deadly diseases like cancer and breast cancer.
Biocon Limited – Awards and Achievements
Here’s is the list of Biocon’s awards and recognitions in the last few years:
2022
Biocon Group Communication Team moved up to no.6 among 30 Top Corporate Communication Team Nationally
Biocon Biologics was conferred with the prestigious Legal Era Award, “Pharmaceutical In-House Legal Team of the Year” for 2021-22
Biocon Biologics was conferred with the coveted ‘20th Annual Greentech Safety India Award 2021’ during the Safety India Summit.
2021
Biocon won the ‘UN Women India WEPs Awards – 2021’in the “Transparency and Reporting”
Biocon made it to the Top 15 Indian Companies in the Emerging Market Index of Dow Jones Sustainability Indices (DJSI)
Biocon Biologics received the ‘Unnatha Suraksha Puraskara’ on September 9, 2021, by the National Safety Council (NSC), Karnataka Chapter.
2020
Biocon was recognized at the ‘UN Women 2020 India WEPs Awards’ for promoting a Gender-Inclusive Workplace and Gender-Responsive Marketplace amidst COVID-19.
Biocon Limited was ranked among the Top 5 Global Biotech Employers for 2020
Biocon bagged the ‘Best Biotech Patents Award 2018-19’ by Indian Drug Manufacturing Association (IDMA)
2019
Biocon won 2 awards at the TISS-Leapvault CLO Summit: ‘Learning and Development Team of the Year’ and ‘Best Diversity & Inclusion Program’.
Biocon moved up to Rank No. 6 on Science Careers’ Top 20 Global Pharma and Biotech Employers List 2019.
Biocon showcased a strong presence at Bengaluru Tech Summit 2019 for which it won the ‘Best Exhibitor Award’.
2018
Biocon Foundation, the CSR arm of Biocon Ltd. and Syngene International Ltd., was felicitated with SABERA Awards in New Delhi.
Biocon was honored at Pharmexcil Outstanding Exports Award 2017-18 for outstanding contribution to India’s Pharmaceutical Exports during the year 2017-18.
Biocon was honored with the prestigious IDMA Corporate Citizen Award in 2017.
Right now, Biocon’s main focus is to expand its diverse product portfolio to become a trustworthy global brand. The company plans are gaining global leadership by utilizing its size and cost advantages. it is further building a company with flawless quality compliance, world-class ethics, and a strong corporate governance framework. Through digital and data analytics, it plans to get closer to patients and reach a broader patient base. It believes that its three business categories, Generics, Biosimilars, and Research Services, are all well positioned for future expansion.
FAQs
Who is the CEO of Biocon?
Siddharth Mittal is the CEO of Biocon Limited.
Who is the founder of Biocon?
Kiran Mazumdar Shaw is the founder and executive chairman of Biocon.
The concept of revenue-based financing startups originated in the United States. It is a capital-raising model which provides funds to new startups and in return, asks for a percentage of that startup’s gross revenue.
Do you know that the global market size of revenue-based startups is expected to attain $42,349.44 million by the year 2027? It has already reached $901.41 million in the year 2019. Its regular advancement indicates the growing popularity of such revenue-based startup models.
In this write-up, we will discuss what exactly revenue-based financing startups are. You will also be introduced to its future and 5 top revenue-based financing startups. Let’s dive in to explore more about them.
Revenue-Based Financing – How Startups Can Use It?
What Are Revenue-Based Financing Startups?
Revenue-based financing startups are known to be a helping hand for small businesses that need financing. In this system, small startups or companies take funds to foster their business. The investors in return sign a deal that offers a part of the gross revenue of the company to investors.
The company then needs to pay off the debt in periodic instalments. The investors will keep holding the revenue shares of the company unless and until the amount taken is paid back to the investors. The revenue-based financing market can be divided on the basis of the following:
Enterprise size
Region
Industry vertical
Enterprise size refers to the size of the startups. For instance, the startup can either be a small-sized enterprise, a micro-enterprise, or a medium-sized enterprise. Region basis refers to the major regions or communities of such startups, observed globally. The market is expanding its legs in regions including Europe, North America, LAMEA, and the Asia Pacific. Industry vertical refer to the startup industries’ distribution into entertainment and media, IT and Telecom, BFSI, healthcare, consumer goods, etc.
Is Revenue-Based Financing Risky?
The revenue-based financing startups work on the model of generating revenue by small startups and providing a part of it to investors. But what if these small startups fail to generate healthy revenue and the company keeps suffering losses?
The fund providers don’t even have any kind of security in case the company suffers failures. In this case, the guarantee of even landed money return seems unclear.
So, what can we do to reduce such risks? The investors can perform the historical interpretation and potential recognition of companies on several grounds beforehand. A decent successful historical portfolio ensures success predominantly.
In the case of borrowers, revenue-based financing is less risky as the startup is not required to dilute its equity or keep an asset as security.
What Does the Future of Revenue-Based Financing Startups Look Like?
Value of Digital Lending Market in India (2017-2022)
The idea of Swiggy and Zomato has revolutionized the world. Following these giants, several small startups or other kitchens have come into existence. But the only issue with them is the lack of cash.
Similarly, several startups have been identified particularly in SaaS, Direct 2 Consumer (D2C), and education niche which needs funding. The people behind these startups are not looking forward to taking bank loans because they have almost nothing to keep as security among banks. Here comes the need for revenue-based financing, which seems the future of these small startups.
Revenue-based financing startups help new businesses to grow by providing them with the capital they need. With more and more new entrants trying to establish their businesses, the future of these startups is sure to be bright.
Top Revenue-Based Financing Startups
Here is the list of a few giant revenue-based financing startups that have been providing absolute access to cash for several years:
BHIVE Investech – Top Revenue-Based Financing Startup
Founded by Shesh Rao Paplikar, Sandeep Gupta, and Monnappa Bayavanda, Bhive Investech is one of the leading revenue-based financing startups, established in the year 2014.
Their investment and equity-raising history speak for itself. BHIVE Investech has raised more than INR 28 crores of investment for assets. The value is more than 15 crores when it comes to equity raised for the workspace.
BHIVE provides investments mostly in commercial real estate (CRE). It is known to manage the entire cycle from property sourcing to exit. This process includes property scouting, legal due diligence, purchase process, investor’s property possession, maintenance and revenue generation, and investment exit.
GetVantage
Founded: 2019 Founders: Bhavik Vasa, Amit Srivastava, Sachin Tagra
GetVantage – Top Revenue-Based Financing Startup
Launched in 2020, GetVantage offers entrepreneurs access to equity-free capital between US$10,000 – US$1.3 million (₹ 5 lacs – ₹ 10 crore) in as fast as 5 days, as a founder-friendly alternative to traditional funding sources (like venture capital and bank debt). Over 7,500 businesses have registered on the platform for non-dilutive financing while 350+ have got funded so far. They use a data-driven approach to eradicate bias and power faster funding decisions to help brands double down on key growth areas like marketing, inventory, logistics, and expansion.
What’s the catch you might ask? There is none. They simply ask founders to apply online by connecting their marketplace, marketing, and revenue accounts to their tech-driven dashboard. Post this, they provide the Founder with a bespoke funding offer in 48 hours and fund them in as fast as 5 days.
No equity. No interest. No collateral. No personal guarantees. No warrants. No paperwork. No bias. No excuses. GetVantage takes just one flat fee (6-14%) that’s recovered as a small percentage of future revenues of the businesses.
Also, in early 2021, GetVantage launched foundersforfounders.org, an initiative to give back to the growing community of founders and entrepreneurs.
Velocity is owned by IIT Bombay alumni, Saurav Swaroop, Atul Khichariya, and Abhiroop Medhakar. Established in the year 2020, Velocity is dedicated to providing budgets for particularly D2C and eCommerce startups. Velocity promises 3 F’s which refers to flexible, fast, and fair finance requirements.
It has a promising portfolio having more than 550 eCommerce investments. The brands that have raised capital from this platform claim to have experienced a 1.5x growth post-funding. In its not-so-long quest, Velocity has more than INR 2100 crore+ fundable revenues connected to it.
To get funding from Velocity, a person needs to fill out an online form which demands information about cost details and revenue requirements of a startup. You get an email from Velocity in the next 24 hours. If your demand is approved, you get the required funding in the next 4 days.
Klub is another revenue-based financing startup in India that provides capital specifically to SaaS companies. It can fund your SaaS business with up to INR 30 crores of initial investments. Klub replies within 2 days after receiving the funding request. Klub’s 3 F’s for financial funding relates to a flexible, frequent, and founder-friendly budget.
Klub boosts of having 1700+ crores portfolio revenue. More than 2500 brands have signed up on this platform and the brands that received capital from it delivered a 50% growth after the funding. It provides fantastic capital solutions for logistic platforms, marketplaces, and gateways.
The N+1 Capital was established in 2020 by Rahul Chowdhary and Ashish Singla. N+1 Capital invests in the companies that have more than INR 12 crore revenue in the last financial year, have 25% or more gross margin, have no to low existing debt, and ones that possess growth.
The company pays more heed to innovative startups in its investment selection process. Other values which are observed by N+1 capital to nominate its users include agility, data-driven N+1 Capital algorithms, persistence, and empathy. It offers 4 times of monthly revenue in the investment amount. Its repayment mechanism asks for a monthly revenue share of 2%-9%. The payback period varies from 1 to 3 years.
KredX
Founded: 2015 Founders: Manish Kumar, Anurag Jain
KredX – Top Revenue-Based Financing Startup
KredX is one of India’s largest supply chain finance platforms that is meant to support the growth of businesses without the inconvenience of any collateral. It is a platform that allows businesses to raise funds for their working needs.
KredX provides revenue-based financing services that businesses can easily access without any collateral. Businesses can avail of this by simply committing a percentage of their monthly or annual revenue to the platform. The company also provides various cash management solutions like buy now pay later, accounts payable management, accounts receivable management, and more.
Since its inception in 2015, KredX has helped more than 23,000 businesses and has processed 2 million transactions worth $4 billion to date.
Therefore, the growing popularity and significance of revenue-based financing startups seem to be in the veins of the world. It has become vogue among Indian entrepreneurs too. The above-mentioned successfully running companies are the live example of the same. If you too have an amazing startup idea but lack money, these financing startups are a one-stop solution for your crisis.
FAQs
What is revenue-based financing?
Revenue-based financing is a capital-raising model which provides funds to new startups and in return, asks for a percentage of that startup’s gross revenue.
Which are popular revenue-based financing startups?
The most popular revenue-based financing startups are:
BHIVE Investech
Velocity
Klub
N + 1 Capital
GetVantage
KredX
Is revenue-based financing better than other debt instruments?
Revenue-based financing offers easy accessibility to capital which makes it better than other debt instruments like venture debts or bank loans.
Today, as all our data is on phones, laptops, and PCs, the chances of cyber theft increase on a large scale. And, when you have a medium that can protect your private data, why wouldn’t you prefer it? That’s what the firewall works for. It protects your system from any kind of malicious attacks and protects your private data.
So basically, a Firewall is network security software that checks the ongoing and outgoing network traffic and further allows or obstructs data based on various safety rules.
The firewall makes sure that there must be a blockage between the internal network and incoming traffic from any outside sources, mainly to restrict malicious traffic.
Corporate companies mainly prefer three fundamental types of firewalls to protect their data and devices, which are: stateful inspection, packet filter, and proxy server firewalls. Speaking of which, today in this article, we are talking about the best open source firewall that would work amazingly for your company. So, let’s get started!
When it comes to the best open source firewall, Perimeter 81 never missed the list. It is FWaaaS (Perimeter 81’s Firewall as a Service) is quite simple to configure and facilitates secured access for the cloud-based resources which are arriving from outside of the office.
Plus, it gives access to admin for certain network sources based on the group and user identity. Which gives the ultimate control to the administrators to decide who can access which resource.
What makes Perimeter 81 different from others is that it gets instantly deployed in the cloud. And all the granular permission-bassed policies and user segmentation make the functioning of FWaaS pretty effective.
Perimeter 81: Features
Cloud agnostic integration
Simple configure & maintain
Secure remote access
Granular permission-based policies
Centralized management
Untangle Firewall
Untangle Firewall – Best Open Source Firewall
Another amazing open-source firewall is Untangle Firewall, which is based on Debian 8.4. Untangle is now a part of Arista Networks. It is very easy to install on any hardware or digital machine. The basic level network function in Untangle Firewall is enabled through free and paid applications that add more functions and functionalities which are managed on a web-based user interface.
Also, it has an NG Firewall that you can purchase, whereas Untangle Firewall comes pre-installed.
Being a complete open source firewall, OPNsense is based on FreeBSD along with strong overpowered software developed by Deciso.
Earlier, when m0n0wall failed in February of 2015, OPNsense Firewall was built as an alternative by Manuel Kasper and the whole developers’ attention shifted towards it.
This OPNsense Firewall carries a web-based user interface that is used on both i386 as well as x86-64 platforms.
OPNsense: Features
Capital portal
Virtual private network
Forward proxy caching
Hardware failover and high availability
Built-in reporting
Intrusion exposure and inline prevention
DHCP server and delay.
pfSense
pfSense – Best Open Source Firewall
Built with FreeBSD OS, pfSense is an open-source security platform that comes with a custom kernel. This firewall is counted among the leading networks integrated with commercial levels of features.
It is in-built with LB to distribute the loads among the various backend servers.
Moreover, pfSense comes in different choices, such as hardware devices, downloadable binary, and digital apps. And their extensive documentation feature is appreciated enormously.
pfSense: Features
Server load balancing
Network address translation
High-availability
Real-time monitoring
Limited connections
IP/port filtering
Dynamic DNS
Endian
Endian – Best Open Source Firewall
Being a turnkey Linux security dispersion, Endian Firewall Community is quite promising with its services and features. It enables full-proof security to any unsecured device and turns it into unified threat management.
Among the various open source firewalls, Endian is considered the most precise security software which is very easy to install, design and function. Endian is amazing when it comes to monitoring network traffic, preventing hacking, preventing any virus attack, and providing complete privacy.
Endian: Features
Stateful Firewall
Quality of Service (QoS)
Multi-WAN
Antivirus
IPFire
IPFire – Best Open Source Firewall
IPFire is a Linux-based firewall that provides an advanced level of network security for corporate companies. It provides extensive protection and avoids any attack through DDoS and the internet.
Along with such a high-protection level, IPFire is quite lightweight and easy to install. Through this software, you can get access to an intrusive detection system to analyze your network traffic and highlight the suspected exploits.
IPFire: Features
Web-based management interface
Web proxy
Intrusion detection
VPN
Virus scanner
CSF Firewall
CSF Firewall – Best Open Source Firewall
CSF Firewall software was developed for those who have some basic knowledge of coding. Also known as ConfigServer Security and Firewall is an advanced comprehensive tool to protect private data from any online threat. It was mainly built to use the Linux server and also has access to VirtualBox, Ubuntu, and many more.
CSF is known for being integrated with the latest technology which keeps on improving with every update by the huge community of developers. The main intent here is to provide an absolutely secure service.
CFS: Features
Login Authentication Failures
Messenger Service
Port Flood Protection
Stateful Packet inspection
Shorewall
Shorewall – Best Open Source Firewall
With a great range of features, Shorewall is a Linux-based open-source firewall software integrated with the latest technologies. It comes with an amazing feature range that includes a Net filter system, monitoring potential threats, and many more.
Shorewall is widely appreciated for its network partitioning and role-based access management. It is available for several systems. It gives the customers the freedom to customize the firewall based on their requirements.
Shorewall: Features
Masquerading/SNAT
Port Forwarding (DNAT)
One-to-one NAT
Proxy ARP
Multiple ISP support
Net Filter System
Monitoring potential threats
Mapping and traffic accounting
VyOS
VyOS – Best Open Source Firewall
Being an open-source firewall software, VyOS runs on a GNU or Linux environment along with a unified management interface. It provides free access to routing platforms that are competitors in the Industry with commercial-level features.
Moreover, VyOS runs smoothly on standard systems which makes it easy to use as a firewall as well as a router for managing all kinds of cloud deployment. With this, corporate companies get access to a comprehensive firewall system that comes with multi-path, industry routing protocols, and policy-based routing.
VyOS: Features
SFlow and NetFlow
Quality of Service policies
Dynamic and static routing
Tunnel interface
IPv6 and IPv4 traffic firewall rulesets
Network address translation
ClearOS
ClearOS – Best Open Source Firewall
Based on CentOS, ClearOS is an open-source firewall that is developed to recast the standard level of a PC and turn it into an accurate internet server with the firewall solution in it.
Mainly, for corporate companies, ClearOS has three editions which are ClearOS business, ClearOS community, and ClearOS home.
ClearOS community edition is the free version of this firewall software while the business and home editions need to be purchased first for the subscription.
Moreover, ClearOS has a complete network firewall function whose features can be enhanced by adding different applications such as DMZ, DHCP server, DNS server, and many more.
In conclusion, we can say that there are multiple open-source firewall solutions available in the market. With pfSense, perimeter 81, Untangle, ClearOS, and all the above-mentioned firewalls are proven to be best with their services and features. These are competitors in the industry and work on providing accurate service to corporate companies. Everyone needs to protect their private data, especially corporate companies. And the best way to do so is by installing a firewall.
FAQs
What is a Firewall?
It is network security software that checks the ongoing and outgoing network traffic and further allows or obstructs data based on various safety rules.
What is Cyber Security?
Defending electronic systems, servers, websites, phones, and computers against online malicious attacks is called Cyber Security.
What is Cyber theft?
Cyber theft is a part of cybercrime where the theft of data or information is carried out through the internet or computer.
What are some of the best Open-source Firewalls?
Perimeter 81, Untangle Firewall, OPNsense, IPFire, etc.
Patanjali is one of the few brands that make up the very backbone of the Indian consumerist identity. With a bevy of marketing tactics to push its plethora of products, the company has become one of the icons of the Indian economy.
The privately-owned Indian FMCG Patanjali has a vast audience in India, no matter how young, there is nobody who doesn’t know the brand’s name. Let us take a look at the marketing strategy of Patanjali and how it utilized people’s beliefs as a marketing tool.
The 1990s in India saw the floodgates open and the global economy ushered in a new era of consumerism. As international companies and MNCs trickled in and became a deluge, the needs of Indians altered slowly but definitively. The new millennium was flush with international goods, but the people began to clamour for more homemade production. The swadeshi effect gradually spread like wildfire, and companies began to take advantage.
Onto this scene came Patanjali, an Indian company with a vision that stretched beyond present profit quarters and into the future. Indian yogi Baba Ramdev and Acharya Balkrishna came together in 2006 to create a health and awareness brand that focused on the present needs of the people. The brand was created and heavily relied on the image of using ancient Indian Ayurved ingredients to detoxify both mind and body.
The main aim of Patanjali is to establish and nurture a society that promotes health first and foremost. Therefore, the brand encourages not only its health and lifestyle goods but also ancient Indian practices like yoga. It aims to create life-changing goods that will help prevent as well as cure acute ailments through ingredients that are 100% natural.
Patanjali relies not just on the veracity of products but also on Baba Ramdev’s claims of technological imports to get the most from Ayurvedic aid and literature. The brand and its founders use various forms of marketing to promote its products. Many of which have ensured that the company continues to flourish almost 16 years after its conception. Through meticulous brand promotion and successful trade systems, Patanjali seems to be on track to becoming a face brand of India itself.
As of 2022, Acharya Balkrishna is the owner of the company with 94% shares under his control. The rest are divided among individual shareholders. As the chairperson, managing director, and chief executive officer, Balakrishna is also a key operator. Baba Ramdev is the face and brand ambassador of Patanjali, while his younger brother Ram Bharat is the de facto CEO. the total income for the financial year 2019 for Patanjali was ₹4,345 crores (US$590 million). With a net income of ₹590 crores (US$80 million) in the fiscal year of 2021, Patanjali has generated a revenue of ₹30,000 crores (US$4.02 billion) in the same year.
The varied products make up for than 900 items and the organization sells them grouped under the following goods brackets:
Ayurvedic medicine
Consumer goods
Healthcare
Personal care
Cosmetics
Cleaning agents
Beverages
Fashion
Foods items
With headquarters situated in Haridwar, Uttarakhand, India, Patanjali serves customers mainly in the Indian subcontinent and the Middle East. The brand has over 2,00,000 employees and controls the following subsidiaries:
When it comes to marketing products, Patanjali uses its brand platform to spread awareness. The question that naturally arises is: how does Patanjali have such a devoted brand following? The answer lies in how popular brands of medicines used for treatments ply in India. The developing country attempts to offer affordable medicines to the socially backward and poverty-ridden majority. However, the elitist privatization of healthcare and extreme costs of life-saving medication does not allow people below the poverty line to access treatments.
When such a vast avenue for health is closed off, alternative medicines become popular. The most crucial factor that boosts such alternatives is affordability. If alternative forms of medicine are marketed as cheap, over-the-counter, and somewhat trustworthy, people will gravitate towards them. This is where Patanjali uses its trump card to overpower allopathic medication and treatment. It promotes very affordable models of healthcare and ensures that the products are easy to acquire for anyone. Most Indians, no matter their literacy levels, are familiar with Ayurvedic medicines. Despite the lack of concrete results in studies that attempt to prove the adequacy of Ayurveda, the familiarity that people associate with this alternative cure is enough to boost sales.
Baba Ramdev, through his platform, has helped create an image of the brand that is acceptable and popular, especially for the socially and financially challenged. His association with the brand has helped increase its visibility. Ramdev liberally promotes the Patanjali name in his innumerable yoga camps and shows. Moreover, consumer psychology maintains that the more people get to know the faces behind a company, the more they are likely to remain loyal. Ramdev’s direct communication and interaction with his buyers is a major factor in the brand’s successful image.
The consumer goods company came just behind the chocolate-making giant Cadbury and skincare line Glow & Lovely (formerly Fair & Lovely) as the most advertised brands on television in India in 2016. Moreover, the expenditure attributed to advertising the products is very low. The brand prefers quantity over quality – its innumerable advertisements, promoting similar products, are testament.
Costs are also low because of Ramdev’s promotions in yoga camps and reality shows like India’s Best Dramebaaz(sponsored by Patanjali). The camps are excellent sources of high consumer populations. Selling the brand is a matter of simplicity and convenience through Ramdev’s oratorship. Marketing strategist of Patanjali has made their way into the digital space through the internet and eCommerce opportunities.
Key Marketing Strategies of Patanjali
Patanjali Ayurved Products
The process of marketing a brand is as crucial as the brand itself, if not more. Without the right sort of marketing, introducing a brand and its products becomes next to impossible. Consumers will not be interested in a product without some brand recognition. Sometimes, the brand exceeds the product (Philips, Godrej, Tata, etc.), and this is the result of excellent marketing strategies.
The main reason why Patanjali continues to flourish in a market despite millions of obstacles is because of its subtly sophisticated marketing tactics. The marketing team behind the brand is why Patanjali is so widely accepted, especially among certain sections of society. The brand continues to come out on top, despite its weaknesses, scandals, threats, etc., again and again purely because of the way the brand markets itself. Let us take a look at why mainstream society is attracted to Patanjali and what Patanjali does to retain and expand its consumer base.
The entire foundation of the brand is heavily reliant on the image of a Pre-Lapsarian India, so to speak. The picture is complete with ancient monuments and kings and rulers akin to the image of the gods. The allusion is to the fact that that time, throughout the various eras, was a pure one where health, hygiene, and progress of society were the aim of every individual. Therefore, the goal of the founders is to help the people let go of the burden of the pollution of the mind, body, and soul that the current kalyug (Dark Age) has imposed.
Patanjali offers to transform and improve people’s health using the natural medicines people used in these times. It uses ayurvedic medicines to treat an extensive list of health problems. The treatments are often marketed for a variety of ailments. The brand has come under fire many times in the past for using incorrect treatments to cure illnesses like claiming yoga can cure HIV/AIDs. However, its marketing department continues to walk in the same direction.
Baba Ramdev’s expansive yoga exercises are also a part of the Patanjali regiment. The televised events often pair up with the company. Ramdev expounds on the importance of Ayurveda and yoga to relieve the body from diseases, both as a precautionary and a curative solution. Ramdev also claims that yoga is better medicine than any other therapy or prescription for mental health disorders, often demonizing allopathic or psychiatric cures to his followers. These claims remain unsubstantiated. However, the benefits of yoga are what also keeps Ramdev so popular. The majority of his fanbase continues to follow the regimens he prescribes.
How Patanjali Used Common Beliefs as a Marketing Tool
One of the most significant means of spreading awareness for the Patanjali brand is a quiet barter that one of the cofounders has undertaken. While the barter system may seem outdated, its usage falls right on track with Patanjali’s principles. The bartering is not a part of the product sale nor is it a branding venture.
On the contrary, it is a marketing scheme that helps propagate awareness of Patanjali, skewing people’s perceptions and opinions of the brand in its favor. The founders, despite their demand to go back in time to access a more “pure” and “perfect” time in Hindu history, are well aware of modern advantages like great branding. There is no doubt that a company must strive to achieve originality to survive and get ahead of the cut-throat competition. Patanjali’s founders take advantage of certain measures to ensure that the brand stays afloat.
Baba Ramdev, the face of Patanjali, is well aware of the power of the platform he has tirelessly created over the past 20 odd years or so. His persona as a man with a fitness plan is well known. You will not find many places that have not witnessed the antics of Ramdev’s yogic postures that claim to cure all known ailments. His brand of yoga enmeshes Patanjali’s principles seamlessly, thus making it difficult for consumers to extricate the man from the brand. This, however, is what fuels Ramdev’s agenda.
More than two decades of yoga performances have nurtured multiple associations, contacts, and deals based on goodwill. Using these means, Patanjali, by extension Baba Ramdev, has created a social platform to spread awareness of the brand. A constant influx of TV commercials, lurid advertisements, newspaper graphics, billboards, various magazines, social media handles, etc. are the weapons Ramdev uses to bring recognition to Patanjali’s products.
These tools are cunningly crafted to foster and spread the sense of the brand and its offerings. The goal of Patanjali is to utilize all digital, print, and other platforms available to spread recognition and induce loyalty to the brand by ushering in a sense of familiarity. Patanjali aims to secure the quintessential family demographic. Therefore, it heavily relies on television advertisements over the limited platforms of Google and Facebook ads.
In exchange for his presence and significant influence among a major demographic in India, Baba Ramdev barters for a wider scope of audience. The type of people who continue to hold on to their television sets in an age of streaming is usually above the age of 30. They are also usually in a more traditional family setting. These are the two targets of Patanjali’s demographics, so the barter system works out well in terms of promotions and brand recognition.
Using human psychology to push for brand recognition is a humongous part of the very identity of Patanjali. It uses people’s beliefs in old Indian ways of treatment to produce goods. With just the right marketing and offers, Patanjali has become a force to be reckoned with, despite its flaws. The co-founders of the company certainly have a long way to go. They must give up their propensity for spreading misinformation and have room for change. Their regressive attitudes can certainly create obstacles. However, as long as Ramdev and the company can hold on to their relevancy, Patanjali will go on.
FAQs
When was Patanjali Ayurved founded?
Patanjali Ayurved was founded in January 2006.
Who is the owner of Patanjali Ayurved?
Acharya Balkrishna is the owner of the company with 94% shares under his control.
Who is the CEO of Patanjali Ayurved?
Baba Ramdev is the face and brand ambassador of Patanjali, while his younger brother Ram Bharat is the de facto CEO.
What are some of the subsidiaries of Patanjali Ayurved?
Ruchi Soya, Advance Navigation and Solar Technologies Pvt. Ltd., and Herboved Inc are the subsidiaries of Patanjali Ayurved.
Does your Google Analytics data show that 10,000 people visited your site, but only 30 purchased? Most people will spend around a minute or less on your website and leave without much action. Sometimes, it’s just the sporadic nature of surfing the internet. Other times, it could be because the product was too expensive or your content doesn’t meet their requirements. There are several reasons why people leave your website without purchasing: they didn’t find what they needed, they were simply window shopping, and so on.
The good news is you can generate more leads by employing an exit-intent popup. With this popup, you can enlist the visitors’ relevant contact details and direct them to another page. This gives you access to their inbox for future advertising. But what does an exit-intent popup look like and how can you create one of your own? In this post, you’ll find all the essential information. From a step-to-step guide to bonus exit-intent popup examples and tips, we’ve included it all.
An Exit-intent popup is a graphical display that appears as soon as a visitor leaves a website. When they exit the browser’s main viewport, the exit-intent popup is displayed. It is a part of a business’s marketing strategy that keeps visitors from leaving the website. With the implementation of the exit-intent popup, marketers can capture the users’ contact details. Thus, they get access to their inbox for future retargeting. As a result, new visitors can be converted into leads, subscribers, and even customers.
Creating an exit-intent popup for your website is effortless if you’ve already registered an account. Next up, simply connect Getsitecontrol to your website. Here’s a quick 4-step guide that you can follow:
Step 1: Select a Template
Before creating the popup, consider what type of CTA (Call To Action) you want to display on your website. Once you select a template that caters to your expectations, follow the prompts on the right-hand side. Add it straight to the Getsitecontrol dashboard.
Step 2. Adjust the Text of Your Offer
On the Getsitecontrol dashboard, you can exit your offer and CTA. Select the text you want to change. Then, start typing your copy. However, remember to keep the CTA crisp and precise. Also, if you’re offering free shipping or discount coupons, keep the terms clear.
Step 3. Decide What Happens When Visitors Sign Up
When the visitor is done filling out the form, show up a submission success statement. For instance, if you’re proposing a free shipping coupon code in exchange for an email, you have two alternatives. You can either display the code through the popup or send it via email. In case you want to send an automated email, use the Autoresponder feature. You do not need to install email marketing software to send an automated response.
Step 4. Set up the Exit-intent Popup
Now that you’ve set up the copy and design, it’s time to create the exit-intent popup. First of all, get a field named Start which you want to display the popup. Then, neglect/remove the default ‘at once’ tab. After that, hit + Add condition. Select ‘Exit Intent. Once you’ve saved and activated the popup, the visitors will see it while leaving your website. You always have the last decision, you may also choose whether or not you want to display the popup on all the pages or some of them from the site.
Why Should I Set up an Exit-intent Popup?
Exit-intent popups are currently one of the most widely used marketing tools on the globe. They enable you to recover more than 50 percent of the visitors that want to exit your website. Consequently, you can generate more leads and boost conversion rates. The most popular exit-intent trigger is a subscription popup followed by a lead magnet. This allows the user to add their email addresses in exchange for something lucrative (such as discounts, entertaining content, free ebooks, and so on). As a result, marketers gain access to their email handles, which they can later use for future advertising.
5 Best Practices to Create Exit-intent Popups
Exit-intent Popup
Here are the top 5 actionable tips that will help you create the best exit-intent popups:
Make it Mobile-friendly
More than 45 percent of users browse sites on their mobile phones. If your exit-intent popup isn’t mobile-friendly, it will be displayed incorrectly. As a result, you will lose leads due to poor user experience.
Use A/B testing
With the A/B technique, you can figure out what copy, images, and CTAs work for your exit-intent popup.
Track Conversions
Tracking conversions enable you to comprehend on which pages exit-intent triggers are bringing in the most responses. Bear in mind that your pop-ups need to have reasonable goals. Let’s say “transfer your 30 percent of visitors into your genuine subscribers,” otherwise tracking conversions won’t help you much.
Provide an Easy Way to Close it
When creating a popup, it’s essential to provide an easy way to close it. Sometimes, these pop-ups get frustrating. If the visitor isn’t interested in your offer, they should be able to close the popup effortlessly. Thus, it’s recommended you provide your visitors with a well-visible X to close the exit-intent popup. Also, do not camouflage or hide the “no” reply. Keep the text visible.
Keep the Message Simple
Keep the message in your exit-intent popup simple. Never overwhelm your visitors with loads of text your pop-up contains, try to make it as simple as your can. Nobody’s going to read that anyway. Hence, keep your message short and simple.
While surfing the web, nobody likes being interrupted. But what if they were to receive a lucrative offer that’s relevant and well-implemented? Exit-intent popups are the best way to generate leads and boost conversions. They help you keep a lot of potential customers from leaving your website. If you want to upscale your business, consider these practices. Create the best and most effective exit-intent popups that pique interest and capture new users.
FAQs
What is a Pop-up?
Pop-ups are online advertisements we see when we open any website.
What is a Exit-intent popup?
An Exit-intent popup is a graphical display that appears as soon as a visitor leaves a website.
We all aspire to do something huge. Regardless of whether we are a student, a business professional, a startup founder, or an entrepreneur to be, our aspiration is what propelled us to greatness.
The Indian government also realized the importance of our aspirations and has launched the “ASPIRE” scheme. The naming of the scheme is also entirely significant, which refers to “A Scheme for Promotion of Innovation, Rural Industries and Entrepreneurship” when the acronym is expanded.
Coming under the Ministry of Micro, Small and Medium Enterprises, Government of India, the ASPIRE scheme was launched in 2015, and is aimed to help foster entrepreneurship. Like other innovative Government of India schemes that the Modi-led government has launched, the ASPIRE scheme also has a huge potential to improve the industrial sectors and bring in a period of growth for the country. Much like the growth of Indian startups and unicorn companies of India, which make interesting reads, the schemes of India, which strive to gear up for the new age, Atmanirbhar Bharat, shall also be known thoroughly. This is why StartupTalky has come up with this article that is solely dedicated to the ASPIRE scheme of the Indian government.
Furthermore, the scheme is also aimed to provide financial support to set up Livelihood Business Incubators (LBI) or Technology Business Incubators (TBI). The 3 main components of the ASPIRE scheme can be summed up:
TBI, or Technology Business Incubation – In this category, the ASPIRE scheme will help the incubators of technology tap into the potential technology-related ideas and innovations by utilizing the existing infrastructure and expertise that are available already with the incubators. TBI would encourage the growth of enterprises through the application of technology and innovation. Besides, it will also support economic development strategies for small business development. Also, the TBI incubators would foster growth in local economies and extend mechanisms for technology transfer.
Promotion of Startups via SIDBI referred to as the Small Industries Development Bank of India – SIDBI would usher in creative scalable ideas/innovations and strive to convert them into commercially viable enterprises. A fund of funds is also created under SIDBI, which it can utilize to invest in startups and other early enterprises, thereby converting such ideas/innovations. These investments would only be in the startups that belong to the rural/agro-based industries. There will be no investment for the companies that run on the basis of technology.
The ASPIRE scheme promotes innovation to further strengthen the competitiveness of the MSME sector
It strives to provide monetary aid, which can be utilized to buy plants and machinery other than land and infrastructure, or an amount of INR 100 lakhs, whichever is less.
It also aims to provide practical business experiences to the budding entrepreneurs
Eligibility for the ASPIRE Scheme
If you are wondering about “who are eligible for the ASPIRE government of India scheme?” then all the startups and the traditional enterprises are all in luck because are eligible to reap the benefit of the ASPIRE Yojana.
In the union budget of 2019 that was presented by Finance Minister Nirmala Sitharaman, the government of India stated that around 80 livelihood businesses and up to 20 technology business incubators will be generating close to 75,000 skilled entrepreneurs in the agro-rural industry industries under the ASPIRE Scheme.
As soon as a company fills out an application for the ASPIRE scheme, it is sent to the committee of the ASPIRE Scheme that deals with such applications under the Ministry of MSME, which is entitled to provide support to any companies/startups who want to learn about the scheme.
Now, after a specific company/startup fulfills all the eligibility criteria for the ASPIRE scheme, the Ministry of the government of India which deals with these schemes proceeds with the general processes and offers all the benefits to the beneficiaries under the scheme.
The Goal of ASPIRE | What did the GOI Decide via ASPIRE Scheme?
Funding Allocation of ASPIRE
Under the ASPIRE scheme, the Government of India wanted to build 80 Livelihood business incubators via NSIC, KVIC or Coir Board, or any other institution/agency of the Central or State government on their own or via any of the agency or scheme. This is to be done with the sole aim of promoting innovation, and entrepreneurship and boosting the growth of the agro-industry.
How can Startups Reap the Benefits of the ASPIRE Scheme?
Both traditional enterprises and startups are eligible for the benefits under the ASPIRE scheme. Now, if you are also associated with enterprises and startups that are eligible for ASPIRE, then you should urge the company to send an application to the ASPIRE Scheme steering committee, which works under the Ministry of MSME. This committee will extend support in the overall policy, coordination, management, and more. It will first deal with the general process and would then percolate the benefits to the enterprises that fulfill the eligibility criteria.
Looking at the growth of startups and an increasing sense of passion among entrepreneurs, the Indian Government is trying to make as many efforts as possible to support them. Therefore, the ASPIRE Scheme is yet another initiative by the government of India to promote entrepreneurship and innovative startups in the agro-industry. The above article will help you understand the goals and objectives of the scheme, its eligibility criteria, and how startups can take advantage of it.
FAQs
When was ASPIRE Scheme launched and Why?
The ASPIRE scheme was launched in 2015 and is aimed to help foster entrepreneurship.
What does ASPIRE stand for?
ASPIRE stands for A Scheme for Promotion of Innovation, Rural Industries, and Entrepreneurship.
Which Government body controls ASPIRE scheme?
ASPIRE scheme falls under the Ministry of Micro, Small and Medium Enterprises, Government of India.
Chaitra S
