Page 38 - 31OCT2018E

BUSINESS & ECONOMY

India a startup nation

that offers a myriad

of opportunities

Over the past three years, India has become the third largest start-up ecosystem
pulling potential investors to strengthen economy, writes PRITI PRAKASH

owhere in the world has received funding. India’s policy on aggregators. India is also world’s young-
the Startup ecosystem blos- foreign direct investment has been est start-up nation with 72 per cent
somed so expeditiously amended to allow 100% of funding of founders of startups in India being less both on restricting hindrances and • Backing start-ups The Indian government solutions for the people. For them, the
as in India which reflects start-ups requirements from foreign than 35 years in age. promoting faster growth by way of has a corpus of Rs10,000 crore to fund start-ups next big opportunities are in pockets
N the talent pool of innova- venture capital investors. The Indian Government is fully sup- a) Simplification and Handholding; untouched so far by technology. These
tion and entrepreneurial treasure that porting to build a robust ecosystem b) Funding Support and Incentives and involve the use of machine learning
India has and is set to showcase the Statistics speak for nurturing innovation-led startups. c) Industry-Academia Partnership and and artificial intelligence to solve inef-
global fraternity. Recently held 8th India is one of the fastest growing More and more startups in India are Incubation. ficiencies in logistics, healthcare, edu-
annual Global Entrepreneurship Startup hubs in the world. Accord - now focusing on developing products Government has also launched a cation and financial services. Global
Summit (GES) has turned the spotlight ing to Nasscom Startup Report 2017, and solutions based on innovative tech- ‘Startup Hub India’ to act as online plat- attention is turning to India’s rich tal-
once again on India’s booming start- India has seen an addition of over 1,000 nology. A number of startup incubation form for Entrepreneurs to connect with ent pool, advancements in disruptive
up economy. The Summit was held startups during January-September centres set up in academic institutions other Entrepreneurs, Advisers, Consult- technology, robust innovation network
in Hyderabad, India on 28-30 Novem- 2017, strengthening its position as like Indian Institutes of Technology ants, Mentors, Guides, Angel Investors, and alliances, and ability to drive cus-
ber 2017. Ivanka Trump, Advisor to the 2nd largest startup ecosystem (IITs) and startup accelerators based in Incubators, Accelerators & Venture tomer-centric models. It reflects India’s
the US President led the United States across the world, amidst intensifying tier-I and tier-2 cities can be a source for Capital Firms. This platform helps en- strengths as an innovation enabler and
delegation to the Summit. India is competition from countries like UK developing disruptive technologies and trepreneurs connect, collaborate, learn, its emerging role as a promising desti-
now the rockstar of the start-up and Israel. This takes the total number acquiring entrepreneurial talent. India seek advice and network with fellow India witnessed an nation for technology innovation.
world. Over the past three years, it has of technology startups to over 20,000 offers a great opportunity for compa- members. The Government has already India is willing to share with Oman
become the third largest start-up eco- including over 5,200 tech startups, nies and their R&D centres to partner, launched iMADE, an app development addition of over its rich experience in incubation and
system, big enough to pull not only with their combined valuation reach- invest, or acquire talent and disruptive platform aimed at producing 1,000,000 1,000 startups promotion of entrepreneurship. In-
the likes of Ivanka Trump, but also ing US$50 billion. In India, as many technologies that are being developed apps and PMMY, the MUDRA Bank, a dia and Oman can build a partnership
serious money. as 1,300 startups are created every by these startups. new institution set up for development between January where the StartUp Ecosystem in India
According to data compiled by year. To support the early stage start- and refinancing activities relating to can look at opportunities in Oman and
Inc42, over US$9.4 billion in funding ups, there are 200+ incubators and Facilitating Startup Ecosystem micro units with a refinance Fund of? and September participate in development of Oman as
has flowed into Indian start-ups dur- accelerators and US$9.5 billion fund- To foster Startups, nurture innova - 200 billion (US$3.1 billion). There are 2017, strengthening a hub of Tech-Entrepreneurship, with
ing January-September 2017. There ing has been imparted since January tion and promote an enabling startup about 44 schemes run by various arms an ecosystem which promote SMEs
are more than a hundred funds regis- 2016. There has been a 40% incuba - ecosystem which can foster entre - of the Government, all of which provide its position as the to look at Technology Solutions. Also,
tered with market regulator Securities tor growth annually. Twenty-eight is preneurship, Government of India tax breaks, incentives, grant money and 2nd largest startup co-operation between India and Oman
and Exchange Board of India alone. the average age of the founders and launched a flagship initiative Startup other forms of assistance to wannabe in the field of higher and technical edu-
This is over and above the money which Bengaluru is the favourite hub for India on 16 January 2016. Through this ‘technopreneurs’. ecosystem across the cation, skill and vocational training and
the Government of India is prepared startups in India. The report further initiative, the Government plans to world, the Nasscom development of SMEs will benefit both
to put in. The Government has an - said that the country is witnessing empower Startup ventures to boost Innovation enabler the countries in generating employ-
nounced a corpus of? 10,000 crore a rapid rise in the business to busi - entrepreneurship, economic growth Startups and entrepreneurs in India Startup Report 2017 ment and strengthening economy.
(about US$ 1.5 billion) to fund start- ness startups focused on verticals like and employment across India. The are maturing and looking deeper into points out
ups. In fact, 75 Startups have already healthtech, fintech, e-commerce and Government’s Action Plan focuses specific problems and finding specific LETTERS@TEHELKA.COM

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