Author: Smr123

Govt commits Rs 500cr for Narendra Modi’s Startup India vision, launches another set of initiatives

While addressing the media in New Delhi, the Ministry of Science and Technology today announced the launch of the National Initiative for Development and Harnessing Innovations (NIDHI), an umbrella programme which aims to nurture ideas and innovations in the startup ecosystem.

With the intent to speed up the process and also scale, the ministry will be infusing Rs 500 crore into the programme in the next few years. Notably this year, the ministry has received a 450 percent increase in allocation — Rs 180 crore more — to drive startup initiatives.

NIDHI and other initiatives:
NIDHI focuses on building a seamless entrepreneurial ecosystem, especially by making a positive impact on socio-economic development. The programme aims to provide technological solutions as well as create new avenues for wealth and job creation.

PRAYAS (Promoting and Accelerating Young and Aspiring Innovators & Startups), launched last week, is one of the components of NIDHI. The idea is to encourage innovators by providing access to the Fabrication Laboratory as well as a grant of up to Rs10 lakh. Additionally, there is the Seed Support System, providing up to Rs 1 crore per startup and implemented through technology business incubators.

The key stakeholders of the newly launched programme include various departments and ministries of the central government, state governments, academic and R & D institutions, mentors, financial institutions, angel investors, venture capitalists, industry champions, and private sectors.

Till now, the department has launched more than 100 technology business incubators in academic and R & D institutions which include IITs, IIMs, NITs, and other institutions. Every incubator focuses on a technology domain, and all of them combined house more than 2,000 startups and offer a total incubation space of approximately seven lakh sqft.

Additionally, six more centres of excellence will be opened in SINE–IIT Bombay, Venture Center–NCL Pune, CIIE–IIM Ahmedabad etc and 14 Technology Business Incubators which include IIT Patna and Mizoram University etc. 10 more incubators will be supplemented with Seed Support Systems which include Startup Oasis–Jaipur, Amrita TBI–Kollam, Venture Center, NCL–Pune etc and establish a Research Park at IIT Gandhinagar .

A variety of other new programmes including a fellowship programme for entrepreneurs i.e. Entrepreneurs in Residence, scaling up of startups through the accelerator programme and also to boost women empowerment through entrepreneurship, has been launched.

Along with all these initiatives, the department has also partnered with corporates like Intel, Lockheed Martin, Texas Instruments and Boeing as well as the Department of Higher Education, MHRD to establish research parks and startup centres.

Startup India:

All these initiatives have been launched in tune with Modi’s Startup India vision. A number of initiatives were launched after the announcement of ‘Startup India’. Recently, the government had also issued a directive to all ministries stating that all startups will now be exempted from the prior experience criteria in public procurement. Also, the government had mandated that the central government departments and ministries, along with its central PSUs, procure at least 20 percent of their purchases from micro and small enterprises, starting from April 1, 2015.

Though countless initiatives have been launched, whether entrepreneurship in the country receives a real boost remains to be seen.

Source : https://yourstory.com/2016/09/govt-invest-500cr-startups/

Start Up India

Startups now play a key role in defining new age business models, creating newer avenues and generating employment making the space important to watch.

The spirit of entrepreneurship is changing the way India was looked at a few years ago. With startups in the whirl of the winds of change, using technology as an enabler  India seems poised to be a star among the world’s emerging economies. After decades of slow growth and government control, India’s young entrepreneurs have opportunities presented by new policies and disruptive technologies. With over 4,200 technology startups and many more emerging each day, India is the third largest hub for startups globally, and could be the largest one day. The entrepreneurship culture in India is not just paving the way for the future, it is a step towards a great business ecosystem.

In my opinion, it takes a lot of courage from being a job seeker to becoming a job creator but the promise of wealth in the long run, freedom to choose own path, doing things one is deeply passionate about and finding fulfilment are major drivers. When I look back at my decision to quit my job, I recall that I always had entrepreneurial ambitions so giving up the relative stability of my job was actually not a big deal. I think what made the decision easier was the fact that I was convinced that this was the right time to try my hand at entrepreneurship and that after this it would only become more difficult to take the plunge. Today, the scope and variety of self-generated work is unlimited.

Startups now play a key role in defining new age business models, creating newer avenues and generating employment making the space important to watch. Opportunities in various sectors and lack of solutions in some, have created new business prospects and are driving young people to pursue their ideas and passions. India is still a tough place to be an entrepreneur in. Entrepreneurs should be prepared for early issues, such as starting problems, funding and having the right team in place. In our journey too, we faced funding and market-related challenges. Our early investors withdrew after half the promised funding and the travel sector itself was impacted with crises like 9/11 and SARS. Fortunately, the core team was tightly-knit with shared values and vision, which helped us tide over some really tough times. Conviction is truly half the game won.

Startups also face various infrastructural challenges which hinder the business setup and take up a lot of crucial time. Infrastructure like easy availability of plug-and-play office space, easy access for staff via public transport, high speed Internet, electricity, security for women leaving office at late hours are some of the other challenges that startups face.

These issues, while seemingly small, consume a lot of time which an entrepreneur would have otherwise spent on aspects that are core to the business. Effective solutions to counter such challenges will go a long way in helping startups bring efficiencies to their businesses.

Plan your fund-raising right. A stint with the corporate world before starting your own firm would be beneficial and would provide the right amount of exposure and foundation. Always keep a buffer of cash or line of credit you can dip into when times are tough. Get the team right — it is the single most important determinant for success. Everything else can, and will change! Build a healthy and honest culture.

Last, but most important, focus on solving real customer problems, rather than be fixated on an exit. An entrepreneur in India needs the patience of a marathon runner, along with the agility of a gymnast!

Source : http://businessworld.in/article/Start-Up-India/07-09-2016-105327/

ET Startup Awards: The night of startup stars celebrating success and optimism

BENGALURU: Faith in the innate genius of Indian entrepreneurship was top of mind at the country’s de facto startup summit, as celebration of success and optimism about the future presented an interesting contrast to the more sombre prevailing narrative.

The brightest stars of the startup firmament, government leaders, investors and senior business executives came together in India’s tech capital Bengaluru to pay tribute to the winners of The Economic Times Startup Awards, and pause to reflect on the state of affairs in one of the world’s most important startup hubs.

“Indian entrepreneurs are too talented to lose any of the global wars; it’s going to be the Indian companies,” said Avnish Bajaj, the founder of venture capital firm Matrix Partners and the winner of the Midas Touch Award for Best Investor. “And no victory is sweeter than the one which comes after a bitter war.”

More than 350 guests were on hand at the glittering ceremony to applaud winners in 8 categories.

Rock show by startup pros
The rigorous process of choosing the best of best began with nominations from peers in the startup sector and ended with the meeting of high-power jury on August 6. Zinnov and iSPIRT were ET’s knowledge partners.

The range and depth of the startups which won the awards came in for particular praise, more so because many of them were solving difficult problems with technology at the core of the solution.

Freshdesk, the Chennai-based provider of cloud-based customer support software, was awarded the Startup of the Year trophy by Nitin Gadkari, the Union minister for road transport, highways and shipping.

Flipkart cofounder Sachin Bansal; Snapdeal cofounder Kunal Bahl; Ola cofounder Bhavish Aggarwal; and Kavin Bharti Mittal, the founder of Hike Messenger, represented Indian startup ‘unicorns’ with a valuation of at least $1billion. Also joining the celebrations were Infosys cofounders Nandan Nilekani and Kris Gopalakrishnan; NITI Aayog CEO Amitabh Kant; Biocon Chairperson Kiran Mazumdar-Shaw; Quess Corp CEO Ajit Isaac; and Karnataka’s Minister of State for IT & Tourism Priyank Kharge.

True to the spirit of the occasion, the ceremony was rounded off with a scintillating musical performance by a rock band of startup professionals who came together to perform just for the evening.

Unique nature of India
Aggarwal, whose company won the inaugural ET Startup of the Year award in 2015, said in a panel discussion that it is imperative for the entrepreneurs to recognise the unique nature of India as a market, and solving local problems with home-grown solutions is the way to succeed in the country.

“Execution in an Indian environment is very different from execution in a western environment, on multiple fronts,” said Aggarwal, whose company counts Japan’s SoftBank as its main investor and competes against Uber, the world’s most valuable startup.

Kant, who has been tasked by the prime minister with preparing a comprehensive policy for ecommerce and retail, asked Indian founders to think global, and not just worry about the domestic market.

“Quite often we in India start looking at ourselves with domestic boundaries; do not do that. Think big, think large, penetrate minds,” said Kant, the architect of the Start-Up India initiative.

Gadkari’s interactive session, where he was quizzed on a range of issues related to policy and infrastructure, was a big hit with the guests. The minister came in for praise for his candour, and his willingness to proffer help where he could.

“Gadkari’s speech was very impressive. Though I couldn’t catch every word of it, my wife who talks Hindi well helped me understand it,” said Girish Mathrubootham, the cofounder of Freshdesk.

Funding in the form of growth capital for more mature startups has been on the decline during the past few months, and most consumer Internet companies are now turning their attention from growing market share to becoming profitable.

Still, startup activity in India is vibrant as young people take to entrepreneurship in ever larger numbers and earlystage funding is plentiful for good ideas.

More caution this year
“This year there has been a lot of caution. That actually is a great thing as businesses are looking at profitability and making sure metrics work,” said Meena Ganesh, the CEO of Portea Medical and the winner in the Woman Ahead category.

Like Kant, Nilekani asked founders to set ambitious targets and work backwards on operational plans, describing the ability to think big as a “mind game” that young entrepreneurs must play.

The other differentiating factors, he said, will be domestic capital and understanding of local conditions. “What I found with global companies is that they are very good when it is rolling out the same thing everywhere. The moment you come to a country and some rules change they are like deer in front of a headlight,” said Nilekani, who is also a prolific investor.

Flipkart’s Bansal, too, emphasised the value of local knowhow and domestic capital, pointing to the preponderance of Indians in early-stage funding of startups.

“For example, somebody like me taking capital from someone sitting in San Francisco not doing anything about India versus taking capital from Nandan (Nilekani) is a huge difference,” he said.

The grand show also afforded unmatched opportunities for the guests to meet peers, and FreeCharge chairman and Comeback Kid award winner Kunal Shah said he had done three months’ worth of networking in one evening.

“We are so proud of all these entrepreneurs who have taken a courageous and commendable step to fulfil their dreams. Its takes vision, determination and hard work to walk the path to success,” said Anand Kripalu, the CEO of associate sponsor United Spirits.

ITC Gardenia, the associate sponsor for hospitality, rolled out the service experience for the evening and showcased its signature cuisine for ET’s discerning guests.

courtesy from: economictimes.indiatimes.com

Niche startups on the rise, aiming at gaining investors across India

HYDERABAD: As the startup revolution is maturing and graduating to the next level, niche startups are on the rise and are gaining popularity across India.

Right from startups which use music therapy to de-stress and companies which sell sex toys to those providing surgeries to uninsured patients and services to sports lovers, niche startups are not just increasing in number but also in popularity, thus scripting many success stories.

“Most of the people love music and can also have a desire to sing or play an instrument. But today’s fast paced life and their inhibitions do not allow them to do it. For all those who provide drums and other instruments and conduct sessions, where participants have to play the instruments. These sessions are not just about enjoying music but will help in de-stressing, for which most prefer,” said Varun Venkit, a drums player, facilitator and music composer who co-founded Taal Inc.

Though Taal Inc started in Pune six years ago with two friends, now it conducts drum sessions all over India and it is a popular startup which corporates and individuals opt for both entertainment and also for stress relief activities. Taal Inc also conducted a drums session with underprivileged children in Mumbai, in which Michele Obama participated during her visit to India earlier.

Though started by one or a small number of passionate individuals, startups in the niche segment are quickly scaling up like Taal Inc and proving their impact, thus not just bettering the success ratio but also attracting mentors and investors.

“I saw many patients not opting for surgeries fearing the steep cost, which is sad. More than 65 per cent of people in India cannot afford surgeries or do not have insurance. To help them, I started a startup, leaving job as a surgeon in a leading hospital. Though I started out alone, we have 12 employees now and we will scale up as need rises,” said Dr Nirajan Ravuri CEO of Caremotto from Hyderabad, which facilitates surgeries for the uninsured.

courtesy from: www.newindianexpress.com

Startups revolutionising India’s healthcare sector

New Delhi: Healthcare startups are coming up in a big way in India, recognising the need for making quality healthcare accessible to country’s billion plus population.

Six to eight percent of investments in Business-to-Consumer (B2C) startups in India are made in the healthcare sector, reveals a joint study by FICCI and KPMG in India titled – ‘Indian healthcare startups – An inside look into funding’.

Launched on Thursday, the knowledge paper evaluates the role and need for healthcare startups in India, their evolution in the sector and the funding scenario.

“Superior outcomes in healthcare in India will be better achieved with innovations in health practices and products, and I urge private sector to give priority to innovations and best practices,” said Union health minister JP Nadda at the FICCI HEAL, 2016, conference.

The joint report was launched during the conference.

“What we need today is a unified approach for long-term solutions that would help in optimizing disease-care to preventive and promotive care as well as patient centricity though data-driven efficient technologies. Fostering Start-ups and Entrepreneurship will provide the requisite innovative approach for achieving these reforms,” said Dr Nandakumar Jairam, chair, FICCI health services committee.

Startups are the way forward to deliver quality healthcare.

“According to the NASSCOM Start-up Ecosystem Report 2015, India serves as the fastest growing startup base worldwide. The sector has already secured ample traction from investors owing to its huge potential,” said Vishal Bali, co-chair, FICCI health services committee.

Many startups have moved away from traditional healthcare delivery models to asset light, technology based and enabling platforms for patients and healthcare providers. However, start-ups continue to face some encounters in terms of funding, incubation and regulatory environment.

“The government’s Startup India initiative intends to bridge some of the challenges and provides encouraging ecosystem for start-ups. The creation of conducive ecosystem for healthcare start-ups will be boon for the healthcare sector,” said Nilaya Varma, partner and head, government and healthcare, KPMG-India.

With a doctor patient ratio as low as 1:1700 (in proportion to the total population), stumped penetration of healthcare in rural areas and a low medically insured population, the potential for healthcare startups to emerge as a key member in the healthcare ecosystem is vast.

*Key findings

*Start-ups can act as a much needed facilitator to help approximately 70% of the rural population

* Mobile and internet platforms can be one of the means to address India’s deficient healthcare facilities

*It takes 10 to 15 years to introduce a new product in the market

*India’s public spending on the healthcare sector: 1.4% of the GDP

*Private sector could play a crucial hand in the growth and development of healthcare start-ups

Source from:http://www.hindustantimes.com/india-news/startups-revolutionising-india-s-heathcare-sector/story-zFujgX7GBDjFxD7zEfIwYO.html

Don’t just start up- please take time out to sort out the right problem

Every day, we hear new startup stories, some are inspiring, some are disappointing and some just don’t make any sense, neither in terms of the usefulness of the product, nor in terms of being a worthwhile investment opportunity.

It is a great thing to start up, and we must give it a try, but what is more important to note is that most of the ideas these days seem to not be in sync with what is required on a long term basis, or what our country really needs. In the excitement and eagerness to start something new, startups have forgotten some basic rules of the game, and hence do not seem to be aiming at bigger goals.

E-commerce Websites
Do we need another one? Are any of them actually making money? If we review the financials that are on the MCA portal, available on paying a simple fee of Rs 100, we can see that these balance sheets are definitely not showing any profits, and are bleeding investor money. Now, the positive impact of these websites is the opening up of a whole new online marketplace and related ecosystems, the fact we can order almost anything online and get it delivered in a couple of hours is super convenient for some. However, most of these e-commerce companies have realised the importance of investing in the backend support and related activities, which, to my mind, makes for a much more profitable venture. Thus, we often see these e-commerce ventures scouting for companies providing innovative warehousing and logistics solutions.

The startup ecosystem can get better only if more startups focus on improving the ecosystem at each and every step- that will eventually improve the online experience. So instead of focusing on another online portal, startups should focus on related activities, related problems that are currently a hindrance to the success of the online shopping world, and work out a solution to resolve them in the best and the most efficient manner.

Food-tech
This is another hot topic in the startup and investor circle. However, I think this segment is doomed to failure since startups are trying to make this work without actually thinking about the underlying dynamics of the sector. Many startups in this sector have closed or are about to.

Why is this so? Because they are not really focusing on resolving issues in the present ecosystem required to make this work. Startups need to find solutions to first enable an ecosystem to develop; home chefs, professional chefs, delivery people, kitchen equipment, delivery vehicles, quality control, food labs and test labs- there are many variables involved in this business, and many areas for potential success. A startup in this sector can be profitable only when the startups start focusing on infrastructure first. Startups should also make the apps and the enabling technology, but it is also important for them to introduce the government to new infrastructure developments, support new ideas for employment and address a wider issue so that it can benefit the apps and technology that will support it.
Taxi Aggregation
As far as this sector goes, we can only see a fight between two rivals with foreign funding trying to capture market share and disrupt the field. The good thing with this sector is that people found a reliable, fast and cheap mode of transport, and drivers found a higher standard of living; but what’s next?
Startups need to look into the adequate training of drivers. What about car servicing for such drivers? What about car loans? What about social profiling, and driver behaviour mapping? There are various related portions available to explore, and building a startup to help in the evolution of this sector can be meaningful and relevant.
R&D
The only way India will start competing with the world, especially the USA, is by focusing on R&D. Apps will always depend on Apple, Google and Microsoft; no matter how good your app is, the bigger chunk of profit will always go to these companies. Unless we start ideating on a bigger scale and support large R&D projects, it will be difficult to achieve bigger dreams.

A startup needs to focus on ingenious ways to resolve our country’s problems, starting with fixing roads faster and making them more durable, and enabling every house to generate its own power and utilise resources efficiently. New and innovative housing and building material will enable the government to achieve its ambition of providing shelter to all; ingenious ways for revolutionising agriculture and related technology uses, and community building will enable self-sufficiency; e-schools will ensure that education reaches every village.

We just do not need another temporary viral idea; we need a good reliable efficient solution to each and every problem faced by our country, because every successful solution gets recognised and rewarded. The day every startup works on resolving India’s problems will be the day the Startup India project will succeed and India will get its successful entrepreneurs.

So don’t just start up, please take time out to sort out the right problem.

courtesy: yourstory.com