Goyal launches NavIC Grand Challenge to promote geo-positioning solution
Commerce and Industry Minister Piyush Goyal has told the 4th meeting of National Startup Advisory Council (NSAC) to focus on tier 2 and tier 3 cities where limited VC funding is available for budding entrepreneurs.
Addressing the meeting on 17 May 2022, Goyal assured continued government support in developing statrup ecosystem but emphasized on the need for capacity building and generating awareness about various initiatives of the government to promote startups in tier 2 and 3 cities.
He noted that NSAC members of the council have also been visiting states and interacting with startup entrepreneurs and students in educational institutions to understand and find ways to energize the startup ecosystem.
The Council deliberated upon important matters relating to startup ecosystem including protecting ownership of startups with original promoters, incorporating in India, listing on Indian bourses, developing innovation hubs among others.
The members also shared progress on programs presented in earlier NSAC meetings including National Mentorship Program, Investor-Startup Matchmaking Portal, Incubator Capacity Development Program, etc.
The Minister also launched NavIC Grand Challenge which aims at promoting adoption of NavIC as geo-positioning solution, a key proponent for digital Aatmanirbharta.
The applications for the grand challenge are open on Startup India’s website (www.startupindia.gov.in) and it aims to identify and handhold solutions of startups which are engaged in developing NavIC enabled drones.
The Department for Promotion of Industry and Internal Trade (DPIIT) had constituted the NSAC to advise the Government on measures needed to build a strong ecosystem for nurturing innovation and startups in the country to drive sustainable economic growth and generate large scale employment opportunities.
Besides the ex-officio members, the council has non-official members, representing various stakeholders such as founders of successful startups, veterans who have grown and scaled companies in India, persons capable of representing interests of investors, incubators and accelerators into startups, representatives of associations of stakeholders of startups and representatives of industry associations.
It is a one of its kind congregations wherein the policy making process is driven as part of collaboration between all the key stakeholders of the Startup ecosystem, the Ministry said.
During the course of the meeting, the members also shared many interesting insights and views about the startup ecosystem and gave recommendations as to how the ecosystem can be strengthened further through various initiatives and programmes. fiinews.com
