homestartup NewsIndian start ups urged to engage in proper branding exercise to pitch ideas, reach out to social media
Indian start-ups urged to engage in proper branding exercise to pitch ideas, reach out to social media
With the world's 3rd largest start-up ecosystem, India has over 97,970 start-ups as on April 25, 2023, with 108 unicorns and an average of 11 jobs per start-up.
DPIIT's Joint Secretary Manmeet Nanda has asked start-ups to engage in a proper branding exercise to pitch ideas and reach out to social media, stating that the government has been trying to teach start-ups on how to manage businesses not just with innovative solutions but also by ensuring one to one interactions with experts and shadowing of possibilies with unicorns.
Pointing to the on-boarding of over 1000 start-ups and 165 incubators during the two years of the Start-up India seed fund scheme, she told CNBC TV18 that benefits flowing from the scheme have reached many far flung districts, with many start-ups coming up in the North East and hilly states.
While the on-boarded start-ups were helped at their product development and the ideation stage by the government, 50 percent of scheme beneficiaries were led by women and 65 percent of the start-ups were from Tier 2 and 3 cities.
Apart from the seed fund scheme, she said that the fund of funds scheme and the credit guarantee scheme for start-ups had filled up the vacuum of financing in their nascent stages when maximum funds were needed.
She explained that the schemes were aimed at ensuring that the initial funding crunch didn't hamstring start-ups from ideating their innovative thoughts into actual products, adding that many beneficiary start-ups went on to raise further capital through angel investing, venture capitalists or equity funds from overseas.
Stating that the uniqueness of the Indian start-up ecosystem lies in the strength it gives for mentoring and handholding through various stages; pointing to the success of the mentor-mentee interaction portal.
With the world's 3rd largest start-up ecosystem, India has over 97,970 start-ups as on April 25, 2023, with 108 unicorns and an average of 11 jobs per start-up.
49 percent of Indian start-ups on-boarded to the scheme are based out of Tier 2 and 3 cities, and the scheme has committed a total amount of Rs. 945 crores to be disbursed by March 2025, out of which Rs. 611 crores have already been allocated.
The scheme allows start-ups to opt for virtual incubation and apply to 3 incubators simultaneously, with a time-bound selection or rejection within 45 days.
First Published: May 2, 2023 5:26 PM IST
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