Roundtable discusses potential of startups
India has the potential to become the most innovative nation on the planet in next 10-15 years, according to international venture capital (VC) funds with assets under management of US$43 billion in the Indian region and Global Funds with AUM of US$143 billion at the “Prarambh” Startup India International Summit on 15 Jan 2021.
Around 70 VCs from the United States, Japan, South Korea and Singapore as well as some India-domiciled Global Funds appreciated the Indian Government’s intent, speed, direction and action taken in promoting the startup culture in the country, and providing a conducive environment.
The funds also made a number of suggestions, which they felt could further the investors’ sentiment in the sector.
The meeting, chaired by Commerce and Industry Minister Piyush Goyal, listened to the concerns of Global Funds, shared a progress report of the current Indian Startup-VC Ecosystem, and discussed ways ahead for Investing in India with an aim to mobilise Global Capital in Indian Innovations and promoting ease of doing business for global venture funds.
The Roundtable discussion covered topics like the growth potential of Indian startups, opportunities in the GIFT City and broad overview of the VC-Startup ecosystem.
The session also covered the top regulatory issues to be addressed with the Indian Government. It was pointed out in the meeting that India has the third largest startup ecosystem in the world and the ecosystem has seen a dramatic transformation over the past decade.
There has been K-shaped economic recovery in second half of 2020 – with sectors like education, healthcare, e-commerce, food delivery having been positively impacted, while sectors like travel and hospitality were severely impacted.
Assuring, Goyal said that the Government has already taken a number of steps to support the startups and would continue to do so in the future.
He invited the VCs to provide support to the startups from the initial stage itself, which would embolden them to scale-up, and diversify.
The summit witnessed participation of renowned stakeholders from startup communities of BIMSTEC member states who engaged in multilateral discussions and showcased the best of their innovations. The first day of the two-day event, held 15-16 Jan 2021, saw non-stop pitching by 54 enterprising startups with 75 investors.
A marathon of sessions focused on various aspects of global best practices and nurturing stronger startup ecosystems, bringing together experts and startup founders from BIMSTEC member countries to share their experiences and guide young minds on how to convert Ideas to Proof of Concept, building robust go-to-market strategies and leveraging Social Innovation. Key stakeholders of the ecosystem also discussed strategies on building successful Incubation Programs and enabling more avenues for Procurement and Market Access for Startups.
A closed door roundtable was also hosted with emphasis on internationalization for startups and mobilizing global capital for Indian Startups while promoting ease of doing business for global venture funds. The roundtable was attended by major Indian regulators, policy makers, Ministries and Global VC Funds.
The summit marks the fifth anniversary of the Startup India initiative launched on 16 January 2016 on the foundation set through the 19-point action plan.
The event is supported by Industry bodies Invest India, FICCI, Indian Angel Network, IVCA, TiE Delhi NCR, CII, NASSCOM, SIDBI, TiE Global and International Finance Corporation. #funds #investment #funds #banking #startups #technologies /fiinews.com
