Using copied models without added inventions is another challenge in India’s business-to-consumer (B2C) application space. Copying successful models can be a winning formula. Before Facebook, there were apps like Myspace and Friendster. But to be a successful, derivatives app requires the addition of significant innovation in pricing.
Political commitment should not be an afterthought. Many other fintech startups solve it the hard way, as they face a number of strict regulations around user security, data, and quality of service. Entrepreneurs want to start talking about policy issues that require systemic reforms.
India, as the world’s largest testbed for B2C programs outside of insular China, offers a special opportunity to local entrepreneurs. They have the opportunity to design programs for a varied local market and also deal with a gigantic global e-commerce market where there are few distorting tariffs, unlike the goods industry.
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