Prime Minister Narendra Modi announced 16th January, the foundation day of Startup India, as National Startup Day. The Startup India project has been significant in developing the Indian startup ecosystem, which has grown from 340+ businesses in 2016 to 115,000+ by 2023.
Globally, India ranks third in the startup ecosystem and off late, Indian startups have shown tremendous growth. Thanks to various initiatives by the Government of India such as the Startup India Scheme, Indian companies have secured an investment of over $42 billion in 2022 alone.
On January 15, 2022, Prime Minister Narendra Modi declared January 16th as the National Startup Day where he stressed on the importance of startups as the cornerstone of New India. These startups have played a vital role in India’s rise from the 81st to the 40th on the Global Innovation Index.
National Startup Day aims to foster entrepreneurship, promote a robust ecosystem and transform India into a country where people create jobs rather than looking for one.
This day not only commemorates the achievements of Indian entrepreneurs but also promotes an enterprising mindset. The day provides a platform for enterprising entrepreneurs to discuss innovation for the Indian youth, and assist them in contributing to the country’s economy.
Startup India which was launched 8 years ago, has seen a steep rise with the number of startups increasing from over 340 in 2016 to more than 115,000 in 2023. The spirit of entrepreneurship is encouraged largely due to initiatives like the Seed Fund Scheme, Fund of Funds Scheme, Credit Guarantee Scheme for Startups, the Mentorship, Advisory, Assistance, Resilience, and Growth (MAARG) mentorship platform, national Startup Awards and the State Ranking Framework.
The total startups in all the states and union territories, recognized under the Startup India initiative as of 30th April 2023 are 98,119.
Recently, businesses around the country have begun using Artificial Intelligence (AI) which has proven to be a game-changer. Various AI based companies cater to the requirements of both, the consumer and other businesses by employing AI and related emerging technologies such as Natural Language Processing (NLP), computer vision, Machine Learning (ML) and Deep Learning (DL)
India has become a prominent country in the field of AI due to its significant growth. It has developed a strong ecosystem that supports AI startup experts and entrepreneurs in launching their enterprises.
Meanwhile Goa, as of April 2023 has 391 startups. Rohan Khaunte, Minister for Information Technology, Electronics and Communications has written on the Significance of Startups in today’s global landscape. He says, “The pace of advancement has transcended borders in the era of exponential technological breakthroughs. The global landscape is grappling with challenges and opportunities that demand innovative solutions, underscoring the importance of startups.
Global challenges such as climate change, food security, and economic shifts require collaborative efforts to discover effective solutions. Innovation extends beyond science and technology to incorporate novel business strategies and service delivery methods. The rapid growth of the gig economy highlights this shift, emphasising the significance of a diverse innovation ecosystem.
Approaching its 100th year of independence, India envisions a 30 trillion dollar economy by 2047, driven by corporations, innovation, and startups.
India’s demographic advantage, a young population, provides an invaluable opportunity for innovation. The government’s role in fostering risk-taking and embracing failure is crucial in developing an entrepreneurial culture. Initiatives like the Atal Innovation Mission and the CARES project not only aim to create future business leaders but also aspire to initiate a scientific revolution. To build ‘Brand India’, Prime Minister Narendra Modi directed focus on 5 Ts — talent, tradition, tourism, trade, and technology. The Prime Minister’s vision for startups and key initiatives have led to their resounding success in India, making it the third largest startup ecosystem globally with 1.15 lakh registered startups.
The government’s commitment to the supply side, reflected in long-term policies and logistical improvements, positions India to compete globally. Regulatory changes, such as the gaming policy, demonstrate adaptability to emerging trends, while a renewed focus on research and development promises to transform the nation’s future.
Moving from a national to a regional context, Goa emerges as an important factor in this innovation. Goa aspires to be India’s creative capital and views itself as a technological and creative hub. Government initiatives such as the Goa Startup Yatra and the Startup Goa programs and schemes show the commitment to empowering the young and nurturing self-reliant enterprises. Goa aims to become a desirable location for businesses and professionals through information technology, inclusivity, and transparency. Institutions like Makers Asylum and Build3 contribute to the vibrant innovation landscape in Goa. The state’s beauty and environment create an ideal backdrop for building startups, allowing it the opportunity to present itself as a Global Opportunities Aggregator. As part of this initiative, the government of Goa is exploring the creation of co-working spaces on beaches and heritage locations.
Goa has witnessed a substantial rise in the number of startups in recent years, hosting over 430-plus DPIIT recognised startups, one of the highest per capita in India.
We had the opportunity to bring bright creative minds in the media and entertainment industry to Goa for the Media Tech Startup Expo hosted during IFFI 2023. Some participants are now considering relocating their base to Goa.
On 16th January, a day that is now known as National Startup Day reflects the governments’ commitment to creating an environment that fosters entrepreneurs, innovation, and economic progress. This day celebrates the achievements of Indian startups and encourages the spirit of entrepreneurship. It aims to support entrepreneurs, establish an effective startup ecosystem, and transform India into a country of job creators rather than job seekers.” On National Startup Day, Goa is hosting a day-long event to celebrate and facilitate entrepreneurs.
