The Indian Startup Community Gains Attraction from Investors Across India!
The Startup Investors Summit 2017 brings mentors and investors from all over country to witness the potential of the Indian startup ecosystem and the developments made by them in the year 2017. The SIS 2017 platform aims at bringing in foreign businesses here and connecting them with startups producing innovative products and services from all industries.
With the growing trend of startup businesses across the world and in India especially after the Startup India movement, many platforms have been coming together to encourage this community. The model here is to help startups gain the right kind of advice and funds in order to create scalability of their operations and call more foreign businesses to work with them in India. The Startup Investors Summit 2017 created a platform in order to accelerate this ideology and encourage more investors and mentors to guide the startup industry in the right direction.
Vinay Bhanawat, VP Business & Communities, ZoomStart India and also the man who contributed in bringing representatives from the startup and investment community at the SIS 2017 discusses the journey of startups in India till 2017 and the key learnings from the summit.
“There has been a lot of growth for startups in this year and a lot of recognized platforms are giving them a chance to network with other investors. The people now know where to put in their money and the market. The only challenge is that the penetration for Indian startups has been very less and tier 2, tier 3 startups are still struggling with getting the right funding, the right mentors and the right advises. Till the time we start believing in the hard work these guys are doing in other small cities and give them a global perspective, we as a nation cannot become a global power. In order to enable that we have to increase the number of angel investors in India and SIS as a property is bound to do that. SIS has been behind the idea in the success of the startup ecosystem by creating more jobs and investors in the country. In India we need to reverse accelerate everything and get people from outside to the country and influence them to grow their businesses here along with startups who will collaborate with them.” Said Vinay.
Further to the summit Shweta Shalini, Maharashtra BJP, Chief Evangelist - The Billennium Divas Angel Fund discusses the Indian government’s contribution in encouraging startups and their contributions to evolve new businesses in a new India. Earlier many micro businesses had tapped the markets but received less recognition and support and the number of startups reduced from 6000 to 800 over the recent years. The community needs to be well connected and fulfill the unique needs of their customers.
“The government today has converted the red tape into the red carpet and that’s why it has opened doors and invited entrepreneurs to explore the startup ecosystem of the country. For example, we are doing the world’s largest hackathon in which various government departments have come together, identified various hacking related problems in each department and given it out primarily to the 3rd and 4th year engineering students who are bringing solutions to those problems. Big IT corporate companies are holding hands with these students to ensure that they built a sustainable product that can be implemented for and by the government. The procurement cycle for the government is large and that’s why startups are not interested by the government. That is why it is important for startups to collaborate and provide innovative products and find a combined platform through investors, channels and communities. This would also grow these companies and take them forward.” Says Shweta Shalini.
“First of all a startup needs to have a very solid team especially that is what angel investors look at and is a very important along with a very good working relationship amongst one another. The idea is the next concept that has to be thoughtful & competitive in a solid way and proven revenue models before going in for an investment. Investors don’t just fund an idea or a thought and at least a 12 months demonstration revenue. Before going in for any investment we spend a lot of time with the founders and look at the finance and accounts. If they are a consumer facing service then we talk to clients and customers to test whether the offer is valid. The feeling of transparency and trust is very important.”
Opined Seema Shah, Director, Select Global Solutions while elaborating the ways in which startups can work with investors and develop a transparency model. Being an angel investor herself Seema also discussed the procedures that investors follow before putting in their money.
The summit also sheds light on the startup ecosystem around the world and called out community builders who broadly spoke on how Asia is developing the markets by adding more startups into the businesses. Their views also touched upon China’s ecosystem and the system they have followed in order to promote startups with the help of the Chinese government. The governments in Asia are also providing necessary backups by providing financial help and economic advises from the top businessmen.
Ian Smejkel, Community Dirctor, China & APAC, Startup Grind talks about the difference in the startup community of America and Asia. He said,” The community landscape is changing rapidly because when you see Silicon Valley or Israel, the startup ecosystem is quite developed. It is very easy to attend these kind of events, meet investors or attend conferences. We are trying to replicate that and try and do this is in Asia. China for example has been really excited about startups where the government is putting in a lot of money and they have realized that there is a need for entrepreneurs and innovators. The future of the startup community in the Asian continent is very bright and now the question is, how are they going to do it?”
The SIS 2017 was held on the 15th of December, 2017 at the Ramada Convention Center, Powai.
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