How To Start a Tech Startup in India in 2023? | Steps & Registration Process

Various surveys indicate that 90% of new businesses fail during the first five years, and only 5% survive for over 15 years. Even though the statistics show a dismal picture, knowledge is on your side. Your tech firm can endure if it has an excellent concept to develop, promote, and sell.

Several well-known platforms, former startups like LinkedIn, Snapchat, and others, are now among the most widely used. However, several individual factors must be considered while launching a tech startup. As a result, you must ask: Where do I begin? Learn these practical steps on how to start a tech startup in India.

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How to Start a Tech Startup in India?

The following are the fundamental steps to follow if you are to start a startup in India:

1. The Idea

Every great company starts with a unique and compelling idea. How can you now acquire a concept for creating a startup? Many people start their businesses without a clear vision or strategy due to the abundance of “overnight success” tales, which reduces their chances of success and fame.

Therefore, you must start with a solid tech company concept to succeed in the technology industry.

  • Find a problem: Look for issues that customers have with items already on the market or with needs that they have for which there are no solutions to address them. Choose a problem that you believe can be solved. Even more than one concept is doable.
  • Identify a solution: You must now “think.” Work hard and discover that one perfect answer that will benefit people or solve their difficulties.

2. Planning and Market Research

Create a blueprint by beginning to write down and sketch out what you know about the issue and potential solutions. If you take those notes and describe your idea to the people you are working with, they should be able to follow you step by step. They don’t have to like you or your concept, but they should understand it since it will guarantee that the final product you produce is one that people can understand. 

Your product shouldn’t be so challenging to understand or use that buyers have a tough time using it, which may cause trouble for you. Make it for them, not for you—they are your customers. You now have a fantastic concept for your IT company. It is time to conduct research because a lack of market research is a sure way to kill your company before it gets off the ground.

This enables you to identify your target market and understand the nature of your IT business. Market research aims to verify a company’s concept’s viability regarding its strategy, target market, offerings, and other factors. A company has to watch, interact with, and constantly pay attention to the market system to be market-driven.

3. Pick a Name

Although giving your startup a name can seem simple, it is tricky. Make sure the name you select is related to your business concept. Keep it short and precise. The legal aspects of launching a digital business should be understood from the beginning of the concept phase. 

When launching a startup, a business strategy is essential. The business plan covers all critical elements of a firm, such as objectives, goals, timelines, financial information, marketing tactics, and information concerning profit and loss. Even the most cost-effective tech startup idea will need funding to get off the ground; therefore, getting financing as soon as feasible is critical.

4. Create a Technical Team

You must build a technical team before you can launch your tech startup. One of the main issues most startups experience is finding an effective crew to carry out the project. Try to seize the market’s experts with constrained funds and shorter timeframes. Choose specialists depending on your industry, the scope and details of the project, etc.

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5. Develop a PRD and an MVP

The product you intend to produce is described in its Product Requirements Document (PRD). The entire team, which consists of members from design, development, marketing, and customer service, is driven by it. This document aims to clarify the product’s goals, features, and functionalities.

The MVP, or minimum viable product, is your product’s fundamental form. Its goal is to ascertain whether customers are interested in and willing to pay for it. During this phase, the team gathers, defines the needs, produces the prototype, and tests the solution with end users. It also encompasses product design and development.

6. Marketing

Marketing your product before achieving product-market fit is known as the “go-to-market” strategy. Many people believe that marketing or sales are unknowable. However, company owners may improve their goods from an extremely early stage to boost sales using analytics and several modern technologies. When you have a great value proposition, you can bring clarity to the product, the target market, and the best way to reach them. A go-to-market strategy begins with a solid value proposition.

Use channels such as social media, search engines, email, written content, video, etc., as much as possible. Depending on the nature of your organisation, you can choose appropriate marketing methods.

If you operate in the business-to-consumer sector, social media networks such as Facebook, Instagram, and Twitter might be beneficial. However, B2B channels, including email marketing, are more successful. You must first have an understanding of the market, the competitors, the industry, and the trends. Having an adequate digital presence is vital. Companies are now built and sustained through digital means. 

7. Launching and Branding

Once the cash is secured, pitch your company on many levels. Branding a tech firm gives it a distinct identity by developing its voice, image, and personality so your target audience recognises it.

Setting up a company website is another essential element since it provides the best platform for you to be active in this industry and quickly communicate with your clients. Your tech business is ready to launch after completing all the abovementioned tasks.

How to Register Your Startup in India?

The Government of India has made startup registration a lot easier. Various schemes by the central government and states are available for startups. Let’s check out the steps to register your startup in India:

  1. You’ll need to send an application to the Registrar of Companies and incorporate your business as a Limited Liability Partnership, a Private Limited Company, or a partnership firm. They’ll provide you with a certificate of incorporation or partnership registration.
  2. The next step is to register your company with Startup India. The registration process is simple. Create an account, fill in the necessary details, and receive an OTP to complete the registration. The details may include name, stage of startup, etc. You’ll gain access to incubator programs, startup competitions, other resources, etc.
  3. Afterwards, you must perform Department for Promotion of Industry and Internal Trade (DPIIT) Recognition registration. You can do it on the Startup India website. Simply click on the “DPIIT Recognition for Startups” option after logging into your Startup India account.
  4. In the same way, you can fill out the “Startup Recognition Form.” Once verified, you’ll receive an email containing a registration certificate.

How myHQ Virtual Office Helps Startups?

Startups often need help setting up office space for employees. There are financial constraints that a new company wants to avoid when building a solid foundation. myHQ helps startups save on overhead costs. With myHQ Virtual Office Solutions, startups can gain a premium business address, conduct GST and Company registration, and more. 

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FAQs on How To Start a Startup Company in India

Here are some frequently asked questions on How To Start a Tech Startup in India:

How do you find a winning concept for your IT startup?

Follow these steps to come up with an excellent concept for your IT startup:

  • Search for issues.
  • Look for a problem that you can solve.
  • Find a fresh approach.

Why is MVP necessary?

The MVP, or minimum viable product, is necessary as it helps you:

  • Establish early leads.
  • Recognize customer input.
  • Reduces time and costs.

Why is market analysis crucial when launching a tech startup in India?

Market research is essential since it aids in determining possible rivals, validating your company concept, and understanding your target market.

Can you launch a tech business by yourself?

Most profitable firms are founded in teams, but if you want to go it alone or have yet to discover your ideal co-founder, you may do so without being judged.

How to assemble a technical team for your tech startup?

Building a technical team might be difficult, but it’s essential. Find professionals who are knowledgeable and experienced in your field. When choosing team members, consider your project’s size and specifications.

Starting your own tech company may seem intimidating and complex, but with the correct concept, you will undoubtedly stand out in the market. 

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