Indian Startups Applaud 'National Startup Day' Initiative
The sector is growing at a pace that doesn't show any sign of slowing down.
India has emerged as the third-biggest start-up ecosystem in the world after the US and China. With around 60,000 new start-ups. The sector is growing at a pace that doesn't show any sign of slowing down.
Despite the lockdown and pandemic, the years 2020 and 2021 saw record-breaking funding, building a record number of unicorns in the sector.
As per reports, Indian startups raised $42 billion in 2021, a multi-fold increase from 2020, when the amount was $11.5 billion.
Prime Minister Narendra Modi has declared that India will celebrate January 16 as National Startup Day every year. The government had additionally declared a bunch of measures to assist startups with settling in, including exclusions from investigations for three years, an 80% reduction in patent documenting charges, and a provision of no tax on profits or capital income for three years. The government has likewise made an Rs. 10,000 crore capital commitment to fuel and endorse startups in India.
In the last few years, Indian start-ups have contributed to changing the image of our country.
The use of innovative technology in the sector has created thousands of new job opportunities, disrupted many industries, and helped in the penetration of previously untapped geographies. "With the help of government, this era of innovation and disruption will prepare the unicorns and startups in India to be another silicon valley, generating large scale employment." Amitt Sharma, Founder and CEO, VDO.AI
Most start-ups use the latest technologies such as AI, IoT, analytics, robotics, etc.
As proven by the pandemic crisis, - innovation is the key driver of India's corporate and economic growth. Considering that startups have worked tooth and nail during the pandemic to keep it going for all. "The technologies explored by new-age startups, which were previously restricted to a specific audience, became available to all and proved to be a saviour. Many businesses never had to close their doors because new-age solutions helped them survive. "Kushang, Co-founder & CEO, Supplynote.
The announcement affirms and encourages our skilled entrepreneurs to contribute to the country's needs by fostering innovation. This move will help to spread startup culture to the grassroots and enhance the country's startup ecosystem. We are confident that India's startups are being properly recognised and will undoubtedly contribute to the country's economic growth. " Bala Sarda, Founder & CEO, VAHDAM India highlights.
The Startup Impact:
The revolution taking place in the Indian startup ecosystem is having an immense local and global impact and is truly becoming the backbone of ‘new’ India. While entrepreneurship has had an exceptionally uplifting atmosphere in India, this is a positive sign of much more administrative help startups can expect in the near future. "It’s heartening to see this recognition and celebration by our government, and it makes us really proud to be innovating in and for a nation like ours! "says Mihir Gupta, CEO & co-founder, Teachmint.
With the immense future opportunities available and the number of innovators coming forward to embrace them, the times to come will be very interesting. "We are extremely confident that the contribution from startups towards building an Atmanirbhar Bharat will get its due recognition with this initiative," mentions Rahul Raj, Founder & CEO FloBiz.
Constructing A Better Future:
Startups are not just creating a space of their own, but are also helping traditional players by providing them with support to expand their businesses and innovate. Fruitful startups have become lucrative engines for their entrepreneurs, employees, and investors. "This recognition, by the government, will help the younger generation to think beyond boundaries and continue to venture into new areas to contribute to the economic growth of our country. Investors across the globe have shown interest in Indian startups, considering huge opportunities in different segments," states Zafar Imam, CEO, FinShell.
Startups provide smart solutions to problem statements in a cost-effective manner. "We are also very much in line with the Hon'ble Prime Minister's words "Innovate for India, Innovate from India" and look forward to providing Syntizen's Digital Identity Solutions to more state governments, followed by implementing our global plans." Siddharth Kukatlapalli, Co-Founder and CBO, Syntizen.
Supporting Industry Inputs:
Nandini Mansinghka, CEO and Co-Founder of Mumbai Angels "The startup ecosystem in India is the 3rd largest in the world and has started maturing over the past 5 years. And with the influx of tech-enabled and non-tech innovations from Tier II & Tier III cities, the startup ecosystem in India will expand exponentially if given the right support and guidance.
The announcement made by the Prime Minister is a solid step towards encouraging entrepreneurs and innovation whilst also highlighting a New India initiative - one where industries across Agriculture, Health, Enterprise Systems, Space, Industry 4.0, Security, Fintech, Environment and more are encouraged, to fiercely build a better future for the country."
Sushant Kumar, CEO & MD, AMO Mobility Solutions Pvt. Ltd. "It is a monumental opportunity for budding founders and entrepreneurs to get deeper insights of the market. The move is also likely to encourage further investments in the country, which will generate more employment and innovations."
Anshuman Narain, Vice President, CashBean (P.C.Financial Services Pvt. Ltd. "It means the day of both celebrations and revaluations. A reaffirmation of the core principle behind every venture 'Take India Forward'. It is a day for all entrepreneurs to platform together over their share values."
Sanket Shendure, Co-Founder and CEO, Minko "It will make it easier for future entrepreneurs to have the hard conversations with their families and get their support. It will lead to ease of doing business and inspire the youth towards alternate career opportunities."
Sasidhar Nandigam, CEO, CredR "The year 2021 has been historic in terms of the number of startups that launched IPOs or achieved Unicorn status. It’s a matter of great happiness as the policymakers and the government are taking due notice of the importance and the contribution of startups in the heavy machinery of the fast growing Indian economy. The sector has for long borne the brunt of being treated with some amount of skepticism from old school economists."
Rajiv K Vij, founder of Plug Mobility "This is celebration of India's youth, Indian Startups and motivating them to innovate and build world class products, services and businesses."
Apoorva Ranjan Sharma, Co-Founder of Venture Catalysts and Managing Director of 9Unicorns "The pandemic has created many gaps in service deliveries which are being addressed by startups and we see a huge opportunity in backing such businesses in its early stages of growth. Also Every startup needs to have sufficient financial resources for its long-term growth and survival. The irony is that raising funds has always been a challenge for startups, particularly in its early stages, due to the lack of past success metrics. Thus there is a need for investors who has the expertise to back startups with the potential to disrupt an industry, economy, or even the world!"
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