Startups, not just corporate but SMEs and small businesses as well

Padmashree Dr. Bibek Debroy, Member, Niti Ayog

START-O-VATION National Summit On Startups and Innovations 2016 By Indian Chamber of Commerce

Founding members of FICCI; the apex body of business and industry in India, and the Indian Chamber of Commerce presented “Start-O-Vation”, a national summit.  The conference was attended by many business experts, industrialists, economists and policy makers from different parts of the country. They shared their opinions on innovative business approaches and everyone emphasised upon to promote a culture of start-up and entrepreneurship.

The event begins at 10:00 am in the presence of many prominent personalities, VIPs and the media personnel. Key speakers at the summit were Debmalya Banerjee, Regional Director, Indian Chamber of Commerce (ICC) and Mr. Harry Lagad, Summit Chairman, Mr. R Chandrasekhar, President – NASSCOM, Mr. Ashish Kumar Chauhan, Managing Director & CEO – Bombay Stock Exchange, Padmashree Dr. Bibek Debroy, Member -Niti Ayog, and Mr. Digbijoy Chakraborty, Director | Public Sector & Government Consulting Practice, South Asia, Middle East, North Africa, Frost & Sullivan to name a few. Besides being the knowledge partner for this summit, Frost & Sullivan is official make in India partner for the government of India. Besides being the knowledge partner for this summit, Frost & Sullivan is official make in India partner for the government of India.

The conference was called to discuss the importance of entrepreneurship in India, which in turn will help boost country’s economic growth and sustainability. ICC is among India’s top 5 business chambers and had arranged more than 100 conferences in a year in various sectors. ICC has been associated with GOI for most of its outreach programmes.

Debmalya Banerjee, Regional Director, Indian Chamber of Commerce (ICC) shared his insight on fostering the start-up cultures and supporting new enterprises with adequate knowledge and guidance on various relevant issues such as finance and marketing challenges. “The startup ecosystem has great potential and it should be encouraged aggressively in the line of PM Modi’s Startup India campaign for their optimal growth. The motto of the summit is – Discuss and Share Ideas to Promote Innovations and Startups in India’s Business Biosphere”.

“ICC has played a significant role in facilitating the businesses and entrepreneurs. But, the conducive environment in the present scenario enhances the role as well as responsibilities of the ICC.” Mr.Debmalya Banerjee further added,

Continued on the same line, Ashish Kumar Chauhan, Managing Director & CEO, Bombay Stock Exchange said, “I have been an entrepreneur throughout my life and I have faced both success and failure. I have witnessed phenomenal risks and rewards that come along during my entrepreneurial journey. Things are changing at a faster pace than before as it is changing every 3 years now comparing to earlier times when it used to take decades. My experience says that the next 30 years would create wealth that didn’t happen in the last 1000 years and young people will make it possible. If one wants to grow, then listing on an exchange is the key. It is a significant step taken by the government of India that even smaller companies can register. This way, they will get the legitimate space to get funds.”

On the other hand, Mr. R. Chandrashekhar, President, NASSCOM shared his valuable thoughts in the following words. “We are the 3^rd largest ecosystem in the world and at NASSCOM, we initiated programs for startups, “10,000 startups”.   The number of startups coming every year is increasing at a tremendous pace. It shows more collaborative thinking & innovations.  Here at our programmes, we call startups to bring their ideas and investors will calculate the value of the same. At the end, we ensure that they get mentors even if not funding.”

During the speech Mr. R. K. Tiwari (IAS), Principal Secretary, Govt of Uttar Pradesh said, “The entrepreneur culture is such that we are scarred of facing any fear. As time is short and everyone is in a hurry that they want the results instantly. This thing needs to be changed as success is mix of failures and victories. Modern technology and innovation is the key. UP is progressing and doing well in all areas of infrastructure, IT and others. We are soon coming up with the green project and have even joined hands with corporate to open skill development centres in different parts of the state. This is one of the best performing states in India right now. The government is also encouraging many more incubation centres in the country”.

Padmashree Dr. Bibek Debroy, Member, Niti Ayog has also shared his viewpoints, he said, “In a country like ours, we have various sources of growth. Economist referred to it as labour, land, capital, etc. India is a heterogeneous country and the sources of development vary from one place to another. When PM Modi started Startup campaign, he ensured that this is not just for corporations, it is also for SMEs and thousands of small entrepreneurs equipped with acumen and innovation. Today, we have a plenty of entrepreneurship talent that should be encouraged and blossomed.”