India’s startups are the custodians of the country’s rising aspirations. Their resilience and enterprise are precious resources, which have the potential to accelerate socio-economic progress needed to fulfill the potential of India’s youthful population. Fueled by rapid technological progress and the power of innovative ideas, the startup ecosystem encapsulates the spirit of meritocracy and possibilities that define modern India. And in the shape of National Startup Day, our modern nation now has a landmark event to celebrate that spirit and initiatives that help unleash it.
These were the objectives of a special panel discussion on ‘A Fertile Ecosystem for Startups – India’, presented by Leap To Unicorn, an initiative by IDFC FIRST Bank, in association with Moneycontrol and CNBC-TV18, on the occasion of National Startup Day 2023. Hosted by Tushar Vadera, the panel discussion brought together key constituents and leaders of the startup ecosystem in India. It included Ramanan Ramanathan, Former Mission Director, Atal Innovation Mission; Siddharth Pai, Founding Partner, 3one4 Capital; Bhavesh Jatania, Head – Startup Banking, IDFC FIRST Bank, and Arun Vinayak, Co-Founder, Exponent Energy.
The Long Road To Success
One by one, the speakers listed their perspectives on the growth of the Indian Startup Ecosystem . For Ramanan Ramanathan, the success of the ecosystem is down to a “convergence of demographic dividend, a rising economy and rapid technological growth.” Siddharth Pai, in turn, focused on the huge consumer market for new services taking shape in the country. “There are a very few countries, which have a population of 1 billion going online”, he reflected. Wearing his entrepreneur’s hat, Arun Vinayak spoke about how a combination of rising value and better talent retention is giving rise to more innovative and successful new businesses.
Structurally too, there have been fundamental shifts. While Ramanan Ramanathan spoke about the concerted push to encourage grassroots innovation, Bhavesh Jatania illustrated the changes happening at the top of the pyramid when he spoke about the pioneering efforts of IDFC FIRST Bank in the realm of startup funding. “Our aim is not to remain just a banking partner. We want to be a business partner, a catalyst, a springboard”, he said. It’s a thought process that led to the creation of the Leap To Unicorn initiative, which gives 400 – 500 select startups the chance to participate in a series of upskilling bootcamps and pitch to renowned VCs and investors. It demonstrates how startups occupy a growing ecosystem, which gains scale through such private and public initiatives.
A Future Ready Ecosystem
The rise of Indian startups holds promise not just for India, but the world at large. “Indian Startup Ecosystem is the only bright spot”, Siddharth Pai said, noting the paucity of great investment opportunities across the globe. According to him, holding onto this preeminent position would require greater clarity on policy. The distortion in the capital gains tax charged on the sale of unlisted and listed shares is a case in point. Another step would be to inculcate an innovative mindset at all levels of society. Ramanan Ramanathan would like to see this reflected in the country’s global profile too. “My wish would be that we should leap in Global Innovation Index. It would not only show the creation of an ecosystem, but also showcase holistic development”.
As the ‘springboard’ for Startups, IDFC FIRST Bank, through the dedicated FIRST WINGS banking service for startups, would be instrumental in collating the right resources required for startups to tide over their growing pains. “You need a lending program that takes into account how startups function”, Bhavesh Jatania said, once again drawing attention to the changed market scenario for financial services. For startups themselves, National Startup Day 2023 was a call to arms; a chance to chase more innovative solutions and even greater valuations. The race to the top has just begun.
You can watch the full discussion here :
Just like this startup, you can also aim for the success of your own startup with access to the right mentoring, networking, and fundraising avenues. Join Leap To Unicorn – an initiative by IDFC FIRST Bank, Money Control and CNBC TV18.
To know more about Leap To Unicorn and register at: visit: https://www.moneycontrol.com/msite/leap-to-unicorn
Moneycontrol journalists were not involved in the creation of this article.
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