Call to Start-up Community: Prioritize Innovation and Stakeholder Value over Enterprise Valuation
- ISF 2023 sets a new Record with 30 Investors pledging a total of 125 term sheets.
- MoUs signed with key partners to boost the start-up ecosystem and create an enabling platform to foster growth and sustainability.
- 10,000+ start-ups registered for ISF 2023.
- Industry Leaders emphasize on the need to focus on making sustainable enterprises that create value by solving real problems at the bottom of the Pyramid which is an opportunity of more than $1 Trillion.
- 8 Industry Stalwarts were presented with Life Time Achievement Awards at ISF 2023.
- 10 Junicons were recognized at ISF 2023 to nurture and encourage the next generation of innovators.
- More than 100 start-ups displayed their innovative solutions at ISF Expo.
- WHub & Angel Hub invites ISF to Hongkong Fintech Fest 2023 in November
Bengaluru, NFAPost: The India Startup Foundation orchestrated a triumphant event in the form of the Indian Startup Festival, a platform designed to foster the growth and advancement of the Indian startup ecosystem. The culmination of the festival was marked by a prestigious closing ceremony, graced by the presence of esteemed individuals including Sri. N. S. Bosseraju, Hon’ble Minister for Science & Technology and Minor Irrigation of Karnataka, and Sadguru Sri Madhusudan, Founder of Sathya Sai University for Human Excellence, Karnataka. Notable personalities like Sri. J. A. Chowdary, Indian Tech Industry Chairperson, and Convenor of the India Startup Festival, as well as Dr. Siva Mahesh Tangutooru, Deenanath Harapanahalli, and Achyut Yerragangu, Co-Founders of India Startup Foundation, added to the event’s grandeur. Dignitaries, industry leaders, CXOs, investors, and startup founders converged to celebrate the event’s success.
Sri. N. S. Bosseraju lauded the organizers for orchestrating the India Startup Festival 2023 within Karnataka, emphasizing its role in harnessing the nation’s entrepreneurial potential. The festival’s mission, aligned with the Government of Karnataka’s vision, aimed to revolutionize the startup landscape, offering a conducive environment for entrepreneurs to thrive. The government’s focus on Education, Employment generation, Economic robustness, and Ecological sustainability (4E) was highlighted, along with plans to establish the Karnataka State Research Foundation (KSRF) to boost R&D spending to 3% of the state’s GDP. The Minister assured the startup community of Karnataka’s unwavering support to foster sustainable economic growth.
The festival featured over 30 industry leaders who engaged the startup community through roundtables and keynote addresses. Their discussions encompassed domain-specific challenges while encouraging startups to address bottom-of-the-pyramid issues, recognizing the immense potential of India’s rural economy worth US$ 1 trillion. The emphasis on stakeholder value creation for sustainable business development was a key takeaway.
The spotlight shone on the top ten startups of ISF 2023: Arakruthu 3d Private Limited, Hiringhood, Rennaissance Superfoods, Game On, Brewed Games, Endimensions, Metabrix, Flying Duck, Medyseva, and ICATT. These startups secured cash prizes and the invaluable opportunity for mentoring by industry leaders. Additionally, the Junicons contest offered a stage for 600 students aged 14-21 to present innovative ideas, with 10 standout ideas receiving recognition and mentorship from India Startup Foundation.
Panels delved into sustainable and profitable growth strategies for the startup ecosystem, providing budding entrepreneurs a platform to interact with CXOs and industry leaders. The event also witnessed the signing of 11 MoUs between ISF and global companies and investors, signalling a drive to scale up the startup ecosystem and boost economic impact.
Sri. J. A. Chowdary, a driving force behind the Indian Tech Industry and Chairperson of ISF, expressed delight over ISF 2023’s response. Notably, 125 term sheets were pledged by 30 investors, infusing the startup landscape with newfound vigour. Global collaborations through MoUs promised mentoring and international market access, solidifying ISF’s contribution to nurturing innovation at the grassroots level. Future iterations of the festival will channel their focus towards rural sectors over the next five years.
The event honoured eight distinguished individuals with lifetime achievement awards, acknowledging their innovation and contributions to the country. These luminaries included Mr. Sivakumar Surampudi of ITC Limited, Dr. D. Nageshwar Reddy of Asian Institute of Gastroenterology & AIG Hospitals, Mr. Lalit Ahuja of ANSR Inc, Mr. Vineet Rai of Aavishkaar Group, Dr. Galla Ramachandra Naidu of Amara Raja Group, Dr. P. Raja Mohan Rao of United Telecoms Group, Dr. Kazuhiro Chiba of Tokyo University of Agriculture and Technology, and Mr. Atluri of BNY Mellon.
Karena Belin, the Founder of WHub & Angel Hub, extended an invitation for ISF’s participation in the Hong Kong Fintech Fest 2023.
The India Startup Foundation, since its inception in 2022, has made an indelible impact on the startup ecosystem. With participation from over 2000 startups and the support of investors, mentors, corporate leaders, and policymakers, it has become a formidable force. Notably, 15 startups made significant strides in their journey from early to growth-stage success, benefiting from mentorship by industry veterans.
The India Startup International Festival 2023 emerges as a beacon of brilliance and creativity, elevating India’s entrepreneurial spirit. By shaping an innovative and prosperous future, the festival aims to empower every corner of the nation, bridging the divide between urban and rural India.
