NEW DELHI: The first session to kick start Startup India at 9:30 am will be ’21st Century Calling: Why is innovation important for India?’ which will be addressed by Finance Minster Arun Jaitley, Minister of State for Commerce and Industry Nirmala Sitharaman, Onno Ruhl, Country Director, World Bank and Krishnaswamy Vijay Raghavan, Secretary, Biotechnology.
The sessions following this will conducted by various start-ups and experts from India as well as international speaking about the start-up environment in India and the requirements to foster further growth.
The launch event is aimed at celebrating the entrepreneurship spirit of country’s youth, and will be attended by CEOs and founders of top start-ups from across the country and abroad.
The Prime Minister will visit a virtual exhibition and interact with start-up entrepreneurs. He will release the Start-up Action Plan, and address the gathering.
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Prime Minister Modi’s arrival at the venue will be preceded by a day-long workshop on start-up entrepreneurship, which shall include panel discussions on various aspects of the subject.
Nikesh Arora, COO of SoftBank said, “Lessons you learn at large companies are similar to what you learn as start-up. The moment you priortise funding, you lose focus. Focus on problem. Money will follow you”.
Travis Kalanick, Founder of Uber speaking at Start Up India said, “Entrepreneurs need to cross over analytics with creativity to grow their startup.”
Kunal Bahl, CEO of Snapdeal said, “If you believe what you are doing is solving the problem, it is good enough to be pursued. Keep taking feedback. You will find the solution.”
“Women entrepreneurs looking for investment for their start-ups can leverage women funds such as ‘Saha Fund’ for their companies,” Shanti Mohan, Founder, LetsVenture
Nidhi Agarwal Founder, Kaaryah said, “There is a large space for women entrepreneurship and start-ups in India.”
Pranshu Patni, Co-founder, Culture Alley regarding investment for start-ups by women said, ” If they (investors) know that the product is good and that you are committed, people will put in investment.”
She further added women should not undermining other women entrepreneurs. They should fund other women entrepreneurs.
“Competition in start-ups needed to keep you on your toes,” said Kunal Bahl, Founder, Snapdeal
He added, you need to lose at times and competition helps build a better company.
Prime Minister Narendra Modi tweeted that he will join the Start Up India initiative in the evening and said that he was looking forward to interacting with start-up entrepreneurs.
On rescaling from 2014’s announcement of investing $10 billion in ten years, Masayoshi Son said, “If I rescale, I will only scale up. Atleast in the last one year, we have already invested $2 billion, so if I have said $10 billion in ten years, I have already done $2 billion in one year, that’s over pacing. And I think we will accelerate.”
“India can be bigger in momentum than China in the next 10 years. The 21st century belongs to India,” he said
“The government and RBI in the next few months will add to the banks’ ability to lend more. Startup friendly tax measures will be announced in the forthcoming Budget,” Finance Minister, Arun Jaitley.
Masayoshi Son, Founder & CEO of the largest investors in start-ups in India, Softbank said that he sees a lot of new start-ups coming up in India.
When asked about what he sees when funding any start-up he said he looks at the leadership and the commitment and determination to the company.
Finance Minister Arun Jaitley speaking at Start Up India said, “We ostensibly broke away from “license raj” in 1991, conceived with idea that Government will decide which businesses can run.”
He further said that the PM’s own idea was that start ups need to be encouraged. Both the banking system and government will make the resources available.
“Start-Up India will change conventions. Government will merely be a facilitator for start-ups,” said Jaitley.
He added, that they are fully conscious of the adverse situation in which they are struggling to keep respectable growth rates in Indian economy
“World universally recognises us as probably fastest growing amongst the major economies, but then we are not without our own challenges,” he said.
We can take a limited satisfaction, that even in a crisis like situation in the world, we are growing much faster-FM
“Our effort over last few years was to restrict role of States in policy domain”, he said.
He further added, “When PM Modi was voted to power, if I look back at the changes and the direction we have moved in, some of them are extremely significant.”
Nirmala Sitharaman, Minister of State (MoS) for Commerce and Industry said, “We want start-ups to come to India, operate in India and stay in India. We as government have to see how best we can remove the clutter in doing business.”
She said, “Last year there has been a 50% increase in financing for start-ups in india”. There have also been several angel investors that have come forward to fund these start-ups.
She further added that the government is making it also easy for start-ups to exit.
Onno Ruhl, Country Director, World Bank said that India needs to create jobs in big way and innovation is the key. “We will support the government in any way possible. The potential is in the innovators,” said.