Bengaluru: Startup ecosystem has emerged as a major employer of Indian talent in recent years. India is considered as the third largest startup ecosystem of the world. And this is growing at a fast pace. From technology to manufacturing; from retail to hospitality, all sectors are witnessing new age companies entering into the league each day. Leveraging technology along with innovative offerings, startups are fast gaining market share and giving tough competition to established players. Against this backdrop, job creation in the startup space is also growing at a faster pace.
foundit Insights Tracker Report:
According to a recent foundit Insights Tracker, the contribution of startups in accelerating the overall hiring for freshers. The startup ecosystem has registered a 37% increase in the number of startups since last year, and 14% increase in the total number of jobs provided by these startups. Out of these, 53% jobs are directed towards freshers.
| Top Industries | % share of startup jobs (April 2023) | % share of startup jobs (April 2024) |
| IT Services | 20% | 23% |
| Internet | 12% | 9% |
| BFSI/Fintech | 11% | 10% |
| Education/E-learning/Edtech | 8% | 8% |
| Media & Entertainment | 7% | 6% |
According to the tracker, startups are looking to hire freshers (with 0 to 3 years of experience), for 53% of all the jobs available. In terms of the top job roles, sales position vacancies have rapidly increased over the past year, with an increase from 9% in April 2023 to 23% in April 2024. Product-related job roles have also shown signs of improvement, transitioning from 8% in April 2023 to 9% in April 2024. However, job roles for freshers have shown a decline in demand in IT, Consulting, and Marketing.
| Top Roles in demand | % share of startup jobs (Apr 2023) | % share of startup jobs (Apr 2024) |
| IT | 42% | 23% |
| Sales | 9% | 23% |
| Consulting | 27% | 17% |
| Product | 8% | 9% |
| Marketing | 7% | 5% |
While startups are looking at hiring fresher in large numbers, aspirants should evaluate both sides of working in a startup before taking up a job offer.
Benefits of working in a startup:
- Innovative and challenging work
- Better bonding with team due to small size
- Option of ESOPs (Employee Stock Option), that can turn into millions if the startup becomes successful
- Freedom to share ideas and give feedback
- Higher learning as system in most startups evolves with time
- Can inspire professionals to pursue entrepreneurship later
Flip side of working in a startup:
- Higher workload with no defined time in most cases
- Chaos in execution as systems are not well-defined
- Chances of job loss if the startup idea fails
- Delay in salary payments, increments and other benefits
- Can be mentally exhausting due to constant demand
Therefore, aspirants should weigh their options before joining a startup. Preference should be given to well-funded startups that have already found success. Candidates should also do their due diligence about the founders and the team before joining a startup. Given the huge number of losses seen in Indian startup ecosystem, some ground work will definitely help in future date.