National Startup Day: Thought Leaders Consider The Role Of New Ventures In Driving Growth

National Startup Day

National Startup Day 2024: Prime Minister Narendra Modi declared January 16th as National Startup Day in 2024. The announcement was made on January 15, 2022, Startup India’s founding day. The day marks celebrations aimed at recognizing the startup community’s remarkable growth and contributions to the Indian economy. The Startup India initiative, which was launched in 2016, has seen a meteoric rise, with the number of startups increasing from around 340 in its first year to an impressive over 1,15,000 by 2023.

Key initiatives such as the Seed Fund Scheme, the Fund of Funds Scheme, the Credit Guarantee Scheme for Startups, the MAARG mentorship platform, the National Startup Awards, and the State Ranking Framework have all contributed to the entrepreneurial spirit. These initiatives have not only provided critical financial assistance to startups, but they have also created an environment conducive to innovation and growth.

Theme for National Startup Day 2024

The theme for the previous year centred around “Founders of Today, Leaders of Tomorrow.”

India has established itself as a thriving centre for startups that have been fostering innovation and entrepreneurship across a range of industries. The expansion of the ecosystem is facilitated by a number of factors, including a sizable consumer base, rising internet penetration, and supportive legislative environments. The CEO and founder of Kalyanam Furniture, Tejpal Singh Shekhawat, stated that significant programs like Startup India are now in effect, providing incentives and removing obstacles related to regulations for newly established companies. Residents in this environment of catalysis have witnessed the rise of new unicorns and startups in industries such as technology, e-commerce, healthcare, and renewable energy.

He made several recommendations about how to continue directing growth, such as addressing pressing problems, implementing digital and technological solutions that are adaptable and scalable in a constantly changing environment, and emphasizing sustainability and social impact to build companies that benefit society more broadly.

Startup India: Roadmap for $5 trillion economy 

As per Tracxn data, Indian startups received an incredible $7 billion in funding in 2023, largely due to the government’s strong support, especially via the Startup India initiative. The aspirational goal of India to become a $5 trillion economy is demonstrated by this. Inclusionary growth, digitization, fintech, technology-enabled development, and a positive cycle of investment and growth are the cornerstones of India’s strategic roadmap for this economic milestone.

Hariom Seth, the creator of Tagglabs, noted that although government initiatives have sped up company registration, fundraising, and GST procedures, policy minds need to move from regulating to encouraging innovative cooperation. He also said, “Enhancing knowledge sharing through public-private mechanisms can empower startups to leverage technology and skills, paving the way for groundbreaking products”.

National Startup Day honors the innovative spirit and the revolutionary potential of entrepreneurship. The founder of Saraf Furniture, Raghunandan Saraf, said that the day represents the bravery to take calculated risks and pursue ambitious goals, opening doors for growth. He also mentioned that entrepreneurs must first have a dream before they can overcome obstacles and continue to learn and grow.

What statements did start-up industry leaders make?

Nitya Sharma, Founder and CEO, Simpl. said, “In the era of Unbundling of E-commerce, startups play a vital role in creating a level playing field and bringing market access to millions of small businesses led by MSMEs and D2C merchants in the country. They also help in building customers’ trust in merchants online or offline, resulting in a significant acceleration in the trade of goods and services and contributing to India’s objective of achieving a $5 trillion economy by 2028″.

“Empowered by the thriving startup landscape in India and fueled by the incredible growth in the EdTech sector, we at Infinity Learn, envision transforming learners into achievers in competitive exams such as NEET and JEE, contributing not only to individual success but also catalysing India’s ascent as the largest startup ecosystem globally. By delivering outcome-based learning at scale, we are not just nurturing academic excellence but also aligning with the government’s vision of Viksit Bharat @2047. As we celebrate 8 remarkable years of the Startup India initiative, we stand committed to expanding our reach to over 50 million learners and setting up 40 offline centers by 2025, playing a pivotal role in shaping the future of education and innovation in our nation,” said Ujjwal Singh, Founding CEO, Infinity Learn by Sri Chaitanya.

Siddharth Banerjee, CEO of UNIVO Education said, “A key imperative to accelerate India as a global superpower would be the education and employability of our youth. With the government’s determination to move our GER to 50 per cent by 2035, the online education industry has a key role to play. As a leading education technology start-up company, Univo is privileged to play a role in enabling high-quality online higher education, which enables careers and improves lives”.

Frequently Asked Questions

1. How can startups contribute to India’s objective of achieving a $5 trillion economy?

Startups play a crucial role in driving economic growth by fostering innovation, creating jobs, and attracting investments. With their ability to address market gaps, introduce new technologies, and drive efficiency, startups contribute significantly to India’s economic objectives and aspirations.

2. What statements did startup industry leaders make about the role of startups in India?

Startup industry leaders highlighted the vital role of startups in creating a level playing field in e-commerce, transforming education, and enabling high-quality online higher education. They emphasized the contribution of startups to India’s economic objectives and the importance of empowering youth through education and employability initiatives.

3. How has the Startup India initiative contributed to India’s economic growth?

The Startup India initiative has played a significant role in India’s economic growth by fostering innovation, creating jobs, and attracting investments. With Indian startups receiving substantial funding, the initiative aims to propel India towards its aspirational goal of becoming a $5 trillion economy.

5. What is National Startup Day, and why is it celebrated?

National Startup Day, declared by Prime Minister Narendra Modi on January 16th, celebrates the remarkable growth and contributions of the startup community to the Indian economy. It marks a day of recognition for the entrepreneurial spirit and innovative potential of startups in India.

6. What is the significance of the Startup India initiative?

The Startup India initiative, launched in 2016, aims to foster innovation and entrepreneurship in India. It provides critical support to startups through various initiatives such as the Seed Fund Scheme, Fund of Funds Scheme, Credit Guarantee Scheme, and mentorship programs. These initiatives create an environment conducive to startup growth and innovation.

7. What was the theme for National Startup Day 2024?

The theme for National Startup Day 2024 centered around “Founders of Today, Leaders of Tomorrow.” This theme reflects the journey of Indian startups from their inception to becoming leaders in their respective industries, driving innovation and shaping the future of the economy.

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