Thrive to revive: turnaround strategies of startups in India

Karishma Hentry (), Ambily PHILOMINA I G () and Jishin George Oommen ()
Additional contact information
Karishma Hentry: Rajagiri College of Social Sciences, Kochi, India
Ambily PHILOMINA I G: Rajagiri College of Social Sciences, Kochi, India
Jishin George Oommen: Rajagiri College of Social Sciences, Kochi, India

Access Journal, 2024, vol. 5, issue 2, 341-356

Abstract: In today's fast-paced world of technology and innovation, India stands out as the third-largest startup hub globally, thanks to its favorable business environment. However, despite the promising infrastructure and support systems, many startups face challenges that lead them off course. This research focuses on understanding why startups sometimes struggle and how they can bounce back. The study explores the reasons behind these struggles and the strategies startups use to recover. Additionally, we investigate if the sector and stage of a startup play a role in determining the success of these turnaround strategies. A survey of 120 startups that underwent a turnaround, reveals that a lack of funds and changing customer preferences were significant factors influencing these situations. Interestingly, it was discovered that the healthcare sector is particularly well-suited for successful turnarounds, and these strategies are more effective during the growth stage of startups. The findings provide practical insights for startups, helping them tailor their turnaround strategies based on their unique business nature and developmental stage. This research not only contributes to the academic understanding of startup challenges but also offers a useful guide for entrepreneurs navigating the ups and downs of their business journey. In the past few years, startups and unicorns have become the talk of the town, marking a major breakthrough in this decade. Globally, we've witnessed a surge in startups popping up everywhere, and India has been at the forefront of this exciting trend. While the term "startup" used to be synonymous with Silicon Valley giants like Facebook and Google, things have changed with the evolving world. Now, India proudly holds the third spot in the global startup ecosystem, following only the United States and China. This evolution has had a significant impact on India's economy over the last two decades.

Keywords: Start-ups; entrepreneurship; turnaround (search for similar items in EconPapers)
JEL-codes: L26 M10 M13 (search for similar items in EconPapers)
Date: 2024
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
https://journal.access-bg.org/journalfiles/journal ... tartups_in_india.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aip:access:v:5:y:2024:i:2:p:341-356

DOI: 10.46656/access.2024.5.2(10)

Access Statistics for this article

More articles in Access Journal from Access Press Publishing House
Bibliographic data for series maintained by Mariana Petrova ().