The Seoul Metropolitan Government held the global startup festival 'Try Everything 2022' at Dongdaemun Design Plaza (DDP) from September 21st (Wednesday) to the 23rd (Friday). Korean startups are not only entering domestic markets, but they are also entering various global markets. Among them, entry into the Indian market is gradually increasing.
Following U.S. and China, India is a startup country where 628 unicorn startups were established. It has a huge consumer base where the population is 1.4 billion, of which 300 million are from the upper-middle class. The remaining 1.1 billion are also consuming various things according to their economic environment and capacity.
India is a startup country with 628 unicorn startups following the US and China. It has a population of 1.4 billion, of which about 300 million are the upper-middle class, which has a huge consumer base. The remaining 1.1 billion people are also spending variously according to their economic environment and ability to afford.
At the last event of Try Everything on the 23rd, the CEO of Seedfund, Mahesh Murthy personally attended the event and revealed know-hows of how Korean startups can enter the India Market
Mahesh Murthy CEO of Seedfund introduced the Indian market saying, “When entering the Indian market, it is most important to accurately identify the population distribution according to the economic power and target it rather than doing business with the entire 1.4 billion.
He then advised, “In India, each segment is different per hundreds of millions of people, so the product or pricing needs be set at a price that can be purchased.”
He gave real life examples to help understand. “Products from companies like Unilever and P&G are very expensive. At around $3-4 per liter, the upper segment has enough purchasing power, but the lower segment does not. What can be done in this case? If the same product is divided into small bags and sold for 3 to 4 cents, it can be sold to a wider range of segments.” He explained.
In other words, CEO of Seedfund Mahesh Murthy placed an importance on thinking outside the box. “Generally, when selling a product, the same price and quantity is set. This is one of the ways we've gotten used to. But in the Indian market, we need to find ways to sell high-end products in smaller quantities and at more reasonable prices rather than selling cheap products.”
Mahesh Murthy, CEO of Seedfund, said, “An accurate and detailed research is mandatory when entering a new market. Research on accelerators, competitors of products and services provided, and trade secrets of their own, etc. are the basic. If you want to successfully launch a product, it is important to have someone who can give you definite help. That alone will make marketing easier.”
Meanwhile, the city of Seoul has been selected as a Global TOP 10 city to start a business. Various players of the startup ecosystem, such as global corporations, investment institutions, unicorn companies, and the media will attend to accelerate the invigoration of the Seoul startup ecosystem. Accordingly, over 40 programs, such as competitions, lectures, and seminars, will be held at Try Everything 2022, and various global institutions and Korean and foreign startup ecosystem experts, such as South Summit, Extreme Tech Challenge, Startup Genome, and the U.S. EMBASSY & CONSULATE, will be in attendance.
This year’s 2022 TRY EVERYTHING special articles were jointly planned and conducted by AVING NEWS and the Seoul Business Agency (sba), which contributes to the revitalization of the Seoul economy through comprehensive and systematic nurturing of medium and small-sized enterprises in Seoul.