FICCI : Industry's Voice for Policy Change

Mr Satyabrata Sahu, Principal Secretary, MSME Department, Govt of Odisha today said that the Central and the state government are working in tandem to help the start-up ecosystem grow in Odisha.

Addressing the Policy Roundtable on Investment Opportunities in Start-ups in Odisha, organised jointly by Govt of Odisha and FICCI, Mr Sahu said that Odisha came up with the Odisha Start-up Policy in 2016 and that the state govt has been encouraging start-ups ever since the policy was formulated. “We are encouraging private and government run institutions to become incubators. The state govt has taken numerous steps to further the start-up ecosystem in the state. Work is going on in full swing for the world-class inclusive incubators within Bhubaneswar- O Hub, which will be inaugurated by Chief Minister Naveen Patnaik in April. O-Hub will be host to start-ups and will be centrally located in Bhubaneswar,” he said.

Mr Sahu emphasized that a separate Rs 100 crore fund of funds has been notified and it is expected to leverage another INR 100 crore from private investors.

The state government is very keen to promote start-ups in the state. Separate hangars have been set aside solely for the start-ups participating in the MSME National Trade Fair that will commence in March on Biju Patnaik Jayanti. Most of the start-ups participating are women-led, Mr Sahu noted.

Speaking about Odisha as a preferred destination for investment, Dr Nitin B Jawale, MD, Industrial Promotion & Investment Corporation of Odisha Ltd (IPICOL) said that Odisha offers sector specific opportunities for start-ups in electronics manufacturing, seafood processing, food processing, aluminium downstream and chemicals, petrochemicals, and plastics.

“Odisha has been the number one state in India in terms of attracting investments from April- September 2019 as per CMIE. Odisha has dedicated authorities to facilitate skill development for industries. The state also offers cost-effective and is a hassle-free destination for industrial investments,” Mr Jawale said.

Mr Sanjeeb Mishra, OSD, Industries Dept, OIEPO, New Delhi said that academic institutions play a big role in encouraging and nurturing start-ups. While moderating the discussions, he also sought feedback and suggestions of the participants on the draft start-up policy.

Mr Prasanta Biswal, Evangelist, Startup Odisha in his detailed presentation pointed out that the Odisha government aims to develop Odisha as one of the top three start-up hubs in the country. The state govt had set up a target of 1000 start-ups by the end of 2020 while ensuring that 33 per cent of those are women-led start-ups.

The financial incentives offered to start-ups includes a monthly allowance of INR 20,000. The government also aims to provide product development and marketing assistance to the tune of INR 15 lakhs, he added.

For incubators, Mr Biswal said that the state comment offers a one-time capital grant of a maximum of one crore for setting up incubation facilities. The govt also offer a matching grant up to five crores for scaling up incubation facilities and performance capital grant of INR 5 lakhs for successful incubate.

Non-financial incentives for start-ups include EMD exemptions and concession in performance security exception of prior experience and turnover count right area preference in public procurement self-certification under six labour laws online and off-line grievance redressal mechanism, he said.

The Start-up Odisha landscape has 906 recognized start-ups, among which are more than 300+ women-led start-ups; 17 recognized incubators; and 15 nodal agencies. So far 190 grants have been awarded to start-ups and incubators, he informed.

Ms Padmaja Ruparel, Co-Chair FICCI Start Up Committee, Co-Founder Indian Angel Network said that the Govt of Odisha has been playing a proactive role in fostering the start-up ecosystem in the state. “I thank the government for successfully breeding start-up companies. Odisha stands on top of innovation and entrepreneurship hub in the country. It is the third largest and the fastest growing start-up hub in India,” she said.

Further, elaborating on the flourishing start-up ecosystem in the country, Ms Ruparel said that there are, approximately, 41,000 start-ups that have generated more than five lakh jobs. “Start-ups are the best job creating machine. We currently have 37 Unicorns and several ‘soonicorns’ and ‘decacorns’ and we hope to have 100 unicorns by 2025,” she said.

It is not about the valuation but the value that start-ups have brought that is important. Post the pandemic, there has been a shift where traditionally established industries are now partnering with start-ups. The Start-up ecosystem is here to stay and will take India to newer heights,” Ms Ruparel further added.

Dr Mrutyunjay Suar, CEO, KIIT TBI; Mr Anil Joshi, Managing Partner, Unicorn India Ventures; Mr Debasish Patnaik, President, TiE Bhubaneswar and Bhubaneswar Angels; Mr Vikram Duggal, Managing Partner, Ekcle Ventures; Mr Raghav Kanoria, Founder, Neoleap Business Ventures and Mr Amiya Samantaray, Founder, Phoenix Robotics also shared their perspective in this well attended virtual Roundtable.

News Track | Jan 28, 2021

IIT Indore new startups, collaborates with FICCI for female entrepreneurship

Indian Institute of Technology (IIT) Indore has empanelled 25 new start ups with 12 of them to be funded by the Ministry of Micro, Small and Medium Enterprise (MSME). Besides, the premier institute has done a pact with the Federation of Indian Chambers of Commerce and Industry (FICCI) for female entrepreneurship.

The institute shared information about it during the Republic Day celebration on its campus. Addressing the gathering, IIT Indore officiating director Prof Neelesh Kumar Jain appreciated the efforts of the Institute during the Covid-19 pandemic situation. He said, “We have done very good work in the last year without violating the academic integrity and standards and it has been possible due to hard work, patience and perseverance of the entire community. We have not only looked after ourselves during this tough time but also provided all possible support to the city and the nation. But all our achievements are a history now. It should be our endeavor to focus now on our future goals. The Institute should focus on developing patents, incubation & start-up, quality publication. As things are returning back to normalcy, I urge the community to focus on their work and goals of the Institute.”

In the last one year, IIT Indore has grown in terms of academics, research and infrastructure. Whilst it has made a place into the top 10 engineering institutes of the country, the Institute was sanctioned Rs 100 crores by DST to establish Technology Innovation Hub in the vertical of System Simulation, Modeling and Visualisation under the National Mission on Interdisciplinary Cyber Physical Systems.

The Times of India | Jan 20, 2021

Government startup council taps big names

India Vs Disinformation | Jan 16, 2021

Rs 1,000-cr Startup India Seed Fund launched by Prime Minister Modi

Prime Minister Narendra Modi has announced the launch of a Rs 1,000 crore (10,000 million dollars) Startup India Seed Fund intending to provide opportunities to new startups to flourish in the country.

Addressing the second day of Prarambh: Startup India International Summit on Saturday, PM Modi said, “We are launching a Rs 1,000 crore Startup India Seed Fund to help new startups grow in the country.”

“We are trying to create a startup system which is based on the mantra 'of the youth, by the youth, for the youth,” he added.

Under the Startup India program, PM Modi said that the youth of the country has built a strong foundation in creating ideas and starting their business for the last five years.

He said that it is time to set targets for the next five years.

“We should aim that our startups and unicorns excel as global giants and lead in futuristic technology,” he said.

Speaking during the event, the Prime Minister noted India is one of the biggest startup ecosystems in the world.

“More than 41,000 startups including nearly 5,700 startups in the IT sector, 3,600 in the health sector, and 1,700 startups in agriculture are engaged in work,” he said.

He further said that these startups are changing the demographic character of business. He said that 44 percent of the recognized startups have women directors, and in fact, women are engaged in such startups in large numbers.

Further, he said the startup ecosystem has also given a chance to the economically unstable youth to showcase their talents and earn.

Even during the Covid-19 times, India has started Atmanirbhar Bharat and the startups have a big role to play in it, he said.

“Our startups helped the country in the tough times of Covid-19. They sought opportunity in emergency and some of them provided doorstep grocery while others helped in the supply of sanitizers and PPE kits,” he said.

The Prime Minister also noted that the startups are spread across the country and have a presence even in Tier 2 states of the country.

“Disruption and diversification are the USP of our startups,” he added.

Prarambh: Startup India International Summit marks the fifth anniversary of the Startup India initiative launched by PM Modi on January 16, 2016. The Summit is built on the foundation set through the 19-point action plan of the Startup India initiative in 2016.

The two-day summit was yesterday inaugurated by the Ministry of Commerce and Industry Piyush Goyal where he addressed a gathering of innovators, entrepreneurs, investors, regulators, industry leaders, and academic luminaries from India and across the world including BIMSTEC countries, and also launched the Virtual Startup Showcase.

Day 1 of the Summit saw over 1,20,000 registrations and was devoted to hosting dignitaries and stakeholders from the BIMSTEC Member States. The Summit witnessed the participation of renowned stakeholders from startup communities of BIMSTEC member states who engaged in multilateral discussions and showcased the best of their innovations. The day also saw non-stop pitching by 54 enterprising startups with 75 investors.

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.

Journals of India | Jan 16, 2021

Prarambh -Startup India International Summit

The Indian Wire | Jan 16, 2021

PM Modi to interact with Startups and address 'Prarambh: Startup India International Summit' today

Prime Minister Narendra Modi will interact with Startups and address ‘Prarambh: Startup India International Summit’ on Saturday at 6 PM via Video Conferencing.

The two-day summit was inaugurated by Piyush Goyal, Minister of Commerce and Industry on Friday.

As per PMO, day 1 of the summit saw over 1,20,000 registrations and was devoted to hosting dignitaries and stakeholders from the BIMSTEC member states. The summit witnessed the participation of renowned stakeholders from startup communities of BIMSTEC member states who engaged in multilateral discussions and showcased the best of their innovations. The day also saw non-stop pitching by 54 enterprising startups with 75 investors.

A marathon of sessions focusing on various aspects of global best practices and nurturing stronger startup ecosystems, bringing together experts/ 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 for 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, policymakers, Ministries, and Global VC Funds.

Prarambh: Startup India International Summit marks the fifth anniversary of the Startup India initiative. The Summit is built on the foundation set through the 19-point action plan of the Startup India initiative in 2016.

The event is supported by Industry bodies Invest India, FICCI, Indian Angel Network, IVCA, TiEGlobal and, CII, NASSCOM, SIDBI, TiE Global, and International Finance Corporation.

India Education Diary | Jan 16, 2021

On Day One, "Prarambh -Startup India International Summit" attracted world's best strategic minds for accelerating international collaborations

With a focus to reimagine the importance of convergence and collaboration between countries to further their startup ecosystems, Day 1 of Prarambh: Startup India International Summit yesterday brought some of the leading minds from around the world on one platform. They deliberated on issues and topics ranging from technologies, innovation, robust policies and initiative. It enabled government and international organizations to share their views to ignite the minds of young innovators and entrepreneurs. The 2-day event is being organizing by Department for Promotion of Industry and Internal Trade, M/o Commerce & Industry. Prime Minister Shri Narendra Modi will interact with startups and address the Summit today at 5 p.m. via Video Conferencing.

The two-day summit was yesterday inaugurated by Shri Piyush Goyal, Minister of Commerce and Industry where he addressed a gathering of innovators, entrepreneurs, investors, regulators, industry leaders, and academic luminaries from India and across the world including BIMSTEC countries and also launched the Virtual Startup Showcase.

Day 1 of the Summit saw over 1,20,000 registrations and was devoted to host dignitaries and stakeholders from BIMSTEC member States. 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 day also saw non-stop pitching by 54 enterprising startups with 75 investors.

A marathon of sessions focussed on various aspects of global best practices and nurturing stronger startup ecosystems, bringing together experts/ 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 &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.

Day 1 was graced by leading industry leaders, from the wider innovation and entrepreneurship ecosystems from across the world including Mr. Kris Gopalakrishnan (Chairman and Founder, Axilor Ventures), Ms. Shobana Kamineni (Executive Vice-Chairperson, Apollo Hospitals Enterprise), Mr. Deep Kalra (Founder and Group CEO, Make My Trip), Mr. Manoj Kohli (Country Head – Softbank India), Mr. Kunal Bahl (CEO & Co-Founder, Snapdeal) and many more.

There was a special session “Star Talks” with Ms. Sheeren Bhan, Managing Editor, CNBC TV-18 in exclusive conversations with Mr. John Chambers, Former Chairman & CEO, Cisco and Mr. Sunil Kant Munjal, Chairman, Hero Enterprise. The session also included a special chat with Ms. Priyanka Chopra Jonas, leading actress.

Prarambh: Startup India International Summit marks the fifth anniversary of the Startup India initiative launched by the Prime Minister Shri Narendra Modi on January 16, 2016. The Summit is built on the foundation set through the 19-point action plan of the Startup India initiative in 2016.

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.

India News Network | Jan 16, 2021

Rs 1,000-cr Startup India Seed Fund launched by Prime Minister Modi

Prime Minister Narendra Modi has announced the launch of a Rs 1,000 crore (10,000 million dollars) Startup India Seed Fund intending to provide opportunities to new startups to flourish in the country.

Addressing the second day of Prarambh: Startup India International Summit on Saturday, PM Modi said, “We are launching a Rs 1,000 crore Startup India Seed Fund to help new startups grow in the country.”

“We are trying to create a startup system which is based on the mantra' of the youth, by the youth, for the youth,” he added.