Why Is Digital Transformation Expensive?
Apple, Microsoft, Amazon, Alphabet, Facebook and Alibaba - what do these companies have in common? For starters, they happen to be among the top 7 companies in the world in terms of Market Value, with a combined market value of more than 4.6 Trillion Dollars. That makes it about 3 times the GDP of Sub-Saharan Africa - picture that!
But what else do these companies have in common? They all have Digital Technologies at the core of their businesses.
Why Does Wastage Happen In Digital Transformation?
With more than 500 Million Indians having access to the internet, the Indian market is already double the size of the US market in terms of internet subscribers.
And as the country leaps ahead in its digital growth life-cycle, India’s core digital sectors are expected to double their GDP contribution by 2025, growing to anywhere between $355 billion and $435 billion.
Here Are 6 Important Tips For Non-Tech Entrepreneurs In Building Digital Businesses
According to a report released by Nasscom and Zinnov, more than 2,250 startups were added in the year 2021. This number is 600 more than what was added in the previous year, said the report.
These are encouraging numbers for investors and future entrepreneurs, but it is important not to count your chickens before they hatch. Data also suggests that 75 percent of all startups fail, and more importantly - 90 percent of all products fail.