National Startup Day 2024: The vibrant landscape of Indian entrepreneurship is illuminated as the nation marks National Startup Day, an annual celebration of innovation and enterprise. Commencing on January 16, 2016, the Startup India Initiative, spearheaded by the Department for Industrial Policy and Promotion (DPIIT), aims to transform India into a hub of job creators.
Launched with fervor on January 16, 2016, the Startup India Initiative is a visionary project of the DPIIT. Designed to support entrepreneurs, foster a robust startup ecosystem, and shift India’s narrative from job seekers to job creators, the initiative stands on three essential pillars:
Simplification and handholding: The initiative seeks to simplify compliance processes, streamline exit procedures for failed startups, provide legal support, expedite patent applications, and offer information through a dedicated website.
Funding and incentives: Entrepreneurs under the Startup India umbrella enjoy exemptions on income tax and capital gains tax. Additionally, a fund of funds injects capital into the startup ecosystem, accompanied by a credit guarantee scheme.
Incubation and industry-academia partnerships: The initiative promotes the creation of incubators, innovation labs, events, competitions, and grants, fostering partnerships between industry and academia.
In 2016, when the initiative was launched only 471 startups got recognition by the Department for Promotion of Industry and Internal Trade (DPIIT). In seven years, the number surged over 23,000 per cent to 1,12,718, according to the information on the DPIIT website.
India stands as a beacon of entrepreneurial prowess and innovation, fostering economic and societal progress both domestically and globally. As a startup ourselves, our approach is to embrace challenges as a learning tool, fostering a culture of innovation, initiative, and nurturing, Roshan Shah, Co-founder and CEO, VoloFin, told Republic.
We promoted cross-functional collaboration that harnessed diverse perspectives leading to customer-centric design thinking becoming our focus and disrupting traditional product development, he added.
Digital India: National Startup Day is a two-day extravaganza unfolding on January 16-17, 2024, at Rambagh, Jaipur, Rajasthan. Organized by the Ministry of Electronics & IT (MeitY) and MeitY Startup Hub (MSH), the event catalyzes India’s journey towards a trillion-dollar digital economy.
The 2nd edition of the India National Startup Day Summit and Awards 2024 is scheduled for February 23, 2024, in Bangalore. This event acknowledges and rewards the efforts of startups contributing to India’s vision of becoming an Atmanirbhar Bharat.
The Department for Promotion of Industry and Internal Trade (DPIIT) marked an entire week as National Startup Week from January 10 to 16. This week-long celebration serves as a meeting ground for innovators, venture capitalists, entrepreneurs, and startup enthusiasts.
This year’s theme, though unannounced, continues the tradition of fostering an entrepreneurial spirit. Secretary of DPIIT, Rajesh Kumar Singh, inaugurated the festivities on January 11, 2024, with an address themed ‘Startups Unlocking Infinite Potential’ at the Tenth Vibrant Gujarat Global Summit.
Throughout the week, a series of events are organized nationwide, including workshops, mentorship sessions, roundtables, and panel discussions. Virtual Ask Me Anything (AMA) live sessions and mentorship sessions focus on building the capacity of the startup ecosystem.
The grand finale on February 23, 2024, will be the India National Startup Day Summit and Awards. This event recognizes and rewards outstanding startups and ecosystem enablers, showcasing their potential for employment generation, wealth creation, and measurable social impact.
The significance of National Startup Day lies in celebrating the accomplishments of Indian startups and fostering an entrepreneurial spirit. Prime Minister Modi emphasized the role of startups in India’s ascent from 81 to 40 in the Global Innovation Index.
Key initiatives like the Seed Fund Scheme, Fund of Funds Scheme, Credit Guarantee Scheme for Startups, MAARG mentorship platform, National Startup Awards, and the State Ranking Framework drive the spirit of entrepreneurship.
