In addition to the more than 55K startups that have been launched to date, India has more than 38K active startups, making it the world’s third-largest startup ecosystem after China and the United States.

Anurag Jain, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), recently stated at an industry conference that around 80 startups are registered in India every day.

Over the last seven years, India has seen a five-fold increase in patents granted, according to Jain, who was speaking at a day-long event on the Indian Intellectual Property Ecosystem hosted by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Cell for IPR Promotion and Management (CIPAM).

Since Prime Minister Narendra Modi announced a startup initiative in 2016, India has become the world’s third-largest startup ecosystem in just six years, according to Jain. At the occasion, he also discussed a number of company accomplishments.

Furthermore, trademark registrations in the nation have increased fourfold, according to the DPIIT secretary, who attributes this rise to the simplicity of the patent and trademark registration processes.

In the past, registering a trademark required filling out 74 paperwork, but that number is now down to eight. Similarly, the procedure of applying for a patent has been streamlined, with many forms reduced to a single one.

It was previously projected that India would have the second highest number of unicorn startups in 2021, after the United States, and ahead of China. The Indian startup ecosystem has progressed significantly. According to the research, India is home to more than 38K active companies, having seen the birth of 55K+ firms to far, making it the world’s third-largest startup ecosystem after China and the US.

The Indian startup journey mostly began in 2007-2008 with the introduction of Flipkart and Zomato, which gained traction in 2014-2015 and are expected to surpass the $100 billion mark in total financing by October 2021.

There has been no turning back since. According to a survey by Inc42, India now has 99+ firms that have reached the unicorn club as of March 2022, with a total valuation of $332 Bn.

Meanwhile, according to NASSCOM, entrepreneurs in India filed more than 400 technological patents between 2015 and 2021, with healthcare and medical devices continuing their emphasis areas.

During the period 2015-2021, Indian firms filed around 1,38,000 tech patents in India and over 9,500 patents in the United States. According to the survey, the US remains the most appealing venue for submitting patents outside the country.

During the period 2015-2021, Indian technology businesses accounted for 60% of total patents submitted by Indian enterprises. During the period 2015-2021, more than 1,300 patents were submitted in the Artificial Intelligence (AI) domain, maintaining AI’s dominance in total patents filed across other rising technological categories.

Cloud computing and cybersecurity are two more rising areas of attention and investment for entrepreneurs.

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