Start-ups are changing the picture of India. Moreover, with the help of the digital world, which is undergoing a revolution, they are making changes happen in every sphere of life. To help them succeed, the government is extending all help, such as bringing in new policies and extending funds, so creating jobs for lakhs of people countrywide.
Recently, the Indian Chamber of Commerce organized the ICC Start-up Pad, a daylong pitching summit and awards ceremony for start-ups, at ICCR, Kolkata. The inaugural session captured the Indian start-up scenario, the challenges faced by start-ups and how to overcome them.
Additionally, the event included Masterclass sessions conducted by Arijit Bhattacharyya, CEO, Entrepreneurs Face, and Vikram Duggal, Founder, Eckle Advisory Services.
Awards for start-ups
Over 40 start-ups participated in the event and the awardees for the Cleantech, Edutech, Tech, Healthtech, Agritech and Mixed Bag segments were Agastya Buoyant Pvt. Ltd, Vawsum, Vyoma Innovus Global Pvt. Ltd, Monosha Biotech, Aegipan Animal Biocare Pvt. Ltd and My Tirth India, respectively.
Eminent dignitaries who graced the session were Manjit Nayak, additional director, Software Technology Parks of India, Kolkata, Government of India; Dr Subhrangshu Sanyal, CEO, IIM-Kolkata Innovation Park; Dr Krishnendu Sarkar, Chief Strategy and Impact, NSHM Knowledge Campus, Kolkata; Aninda Das, Head, Corporate Communications, Infinity Group, Kolkata; Parthiv Neotia, Chairman, ICC Start-up Committee, and Director, Ambuja Neotia Group; Abhishek Rungta, Co-Chair, ICC Start-up Committee and CEO, Indus Net Technologies; and Arihant Kothari, Head, 10,000 Start-ups East, NASSCOM.
The event was supported by Neotechub, IIMCIP, Eckle, Virtual Infocom and 10,000 Start-ups, NASSCOM.
Growth in past five years
The start-up ecosystem in India has seen exponential growth in the past 5 years, with India currently vying for the position of the 2nd largest start-up ecosystem in the world. Often, the lack of a clear road map, mentoring and low-risk appetite stalls the growth of early-stage start-ups in India. Start-up India offers a host of incentives for aspiring entrepreneurs with a Rs 10,000-crore fund available from the Government of India for start-ups. STPI is also building 21 centres of excellence across the country to mentor start-ups in such areas as data science, healthcare and fintech. However, start-ups are often unaware of these kinds of facilitative schemes. They need to be more proactive while doing research on the available incentives in the ecosystem.
Start-up business models should be customer-centric and not investor-centric. Start-ups should aim at creating value and not valuation. The focus of a start-up has to be on building resilient, customer-based models with a strong focus on team, traction and transformation. Start-ups should create capacity for receiving venture capital (VC) funding, as VCs are looking for high returns and an exit strategy within a fairly short time frame of around 5 years.
It is the age of co-creating and collaborating for start-ups globally. India can leverage start-up exchange programmes with ASEAN countries to promote tried, tested and trusted innovative entrepreneurship projects from the country. The different chambers of commerce can play a leading role in building such cross-country connects.
‘The government is keen on promoting the start-up movement countrywide’
- Manjit Nayak, Addl Director, Software Technology Parks of India, Kolkata, Govt of India
‘Startups should address customer needs’
- Dr Subhrangshu Sanyal, CEO, IIM-Kolkata Innovation Park
‘Addressing employment issues’
‘Start-ups can effectively address India’s employment issues and the Indian Chamber of Commerce has a clear mandate for promoting the start-up ecosystem in the country’
- Parthiv Neotia, Chairman, ICC Start-up Committee and Director, Ambuja Neotia Group