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The Indian startup ecosystem shares several similarities with its global counterparts and is more vibrant now than ever, according to Cecilia Oldne, Founding Partner of Visceral Capital, a venture capital firm headquartered in Mumbai.

Innovation and the ability to build interesting products are the top characteristics of startups around the world, said Oldne, during a panel discussion at TechSparks Mumbai 2024.

“I hail from Sweden and, to compare, I’d say that both India and Sweden are technology-focused at heart, both (are) democracies, and both speak English. When I came to India I realised that we can build from here for the world,” she said.

Oldne, who spent 16 years at winery Sula Vineyards as the head of marketing, said that one of the learnings from her experience there was the importance of collaborating with other countries. This prompted Oldne to set up a tech community for Sweden and India, comprising startup founders, investors, and institutions.

Deepak Ahuja, Co-founder and CEO of Gulf-based business accelerator iAccel, said that India’s startup space has shown promise over the last few years, prompting Gulf startups to expand as well.

Advising startup founders on how to expand to overseas markets, Ahuja said founders must have a good understanding of the business and the target markets.

“Go-to-market accelerators play a key role in bridging the borders by offering assistance. iAccel helps startups establish presence in the right jurisdiction in the UAE and keep the cost structures minimum,” he said.

Ahuja urged startup founders who are looking to expand to the Middle East to curate a vision and a roadmap and conduct market assessment to identify the total addressable market.

“Make sure you find the right partners with the right value system match. Lastly, ask yourself if you are willing to engage with the local ecosystem to pivot the business model and play a long-term game,” he said, adding that founders must be willing to learn from others’ mistakes.

There is sufficient capital being deployed by the Middle East, with the aim of creating a long-term play for the region, Ahuja noted, adding that Dubai and Saudi Arabia, among others, are working towards becoming the tech capitals of the Middle East.