Amitabh Kant, India’s G20 Sherpa, emphasized the startup ecosystem’s potential to tackle global challenges. He stated abundant funds are available for promising startups with strong business models.
Kant advocated a multi-pronged approach, including “fund of funds” and credit enhancement schemes. He highlighted the importance of good governance for building a robust startup ecosystem. Indian startups have effectively showcased population-scale solutions at affordable prices.
What Amitabh Kant said at the Startup20 Shikhar Event
Indian startups have demonstrated the power of innovative solutions at a large scale. The startup event ‘Startup20 Shikhar’ provided a platform for Amitabh Kant to convey his perspectives. Kant’s speech at the event shed light on the significance of startups in addressing global challenges.
Amitabh Kant affirmed that the startup space does not face a funding winter and highlighted the availability of capital. He emphasized that there is an abundance of funds globally seeking well-structured projects.
During his discussion, Kant highlighted India’s achievements in digital public infrastructure, biometric ID, and digital payments. Additionally, he acknowledged the strength of India’s startup ecosystem and its successful utilization of digital technology. Notably, India boasts over 1,00,000 startups, including 108 unicorns.
Kant’s remarks shed light on India’s startup ecosystem’s remarkable success and immense potential. Furthermore, he emphasized the country’s remarkable accomplishments in digital innovation and technological advancement. Key topics addressed by Kant included the availability of capital and the thriving startup ecosystem in India.
Importantly, Amitabh Kant underlined the significance of self-regulation and good governance for startups and entrepreneurs. He pointed out that while startup innovators prioritize innovation, they often overlook the importance of good governance.
Companies Can Transform into Fortune 500 Company
According to Amitabh Kant, today’s startups can transform into Fortune 500 companies in the future. He highlighted the importance of financial propriety and governance in the startup ecosystem.
Kant advocated for the development of a culture of strong governance among startups. He emphasized that startups themselves should take responsibility for fostering good governance practices. Kant recommended maintaining a distance between the government and startups.
He stated that self-regulation is crucial from the inception to the maturity stage and initial public offering (IPO). Kant’s remarks shed light on the role of startups in ensuring their own compliance and accountability.
Kant identified the issue of good governance and financial propriety as essential.
Piyush Goyal About Startup Ecosystem
Commerce and Industry Minister Piyush Goyal stated that the government’s role is to facilitate, not regulate, the startup ecosystem. Furthermore, Goyal expressed that stakeholders should practice self-regulation within the ecosystem.
During the Startup20 summit, Goyal emphasized the joint commitment of the participating nations to support startup progress. Additionally, he stressed the importance of the government staying out of the startup ecosystem.
Goyal firmly stated that the government’s role should not involve regulation, dictation, or micro-management. Instead, the government’s role, according to Goyal, is to provide initial support and finance to budding entrepreneurs. Moreover, he highlighted India’s unique advantages, including skilled talent, affordability, a growing startup culture, and an aspirational population.
In line with this, Goyal invited startups worldwide to explore opportunities in India. Notably, the Startup20 Shikhar Summit commenced on Monday and was organized under the India G20 Presidency. It is worth noting that Piyush Goyal asserted that the government’s role is that of a facilitator in strengthening the startup ecosystem.
Furthermore, he emphasized the importance of self-regulation among stakeholders within the ecosystem. Additionally, Goyal highlighted the commitment of the participating nations to support the progress of startups. Consequently, the government’s primary focus, according to Goyal, should be on facilitation rather than regulation.
Goyal clarified that the government is not expected to regulate, dictate, or micro-manage the ecosystem. Instead, as he mentioned, the government’s role is to provide early-stage financing and support to aspiring entrepreneurs.
India possesses advantageous factors such as skilled talent, affordability, a growing startup culture, and an aspirational population. The minister extended an invitation to startups worldwide to explore opportunities in India.
