The Indus Entrepreneurs (TiE) Bangalore’s Madan Padaki is on cloud nine as TiE Global Summit 2024 heralds a new journey in India’s stellar growth to become a global technology and economic superpower.
In an interaction with TheNFAPost Editor-in-Chief N V Vijayakumar, Madan Padaki said the summit’s theme is ‘Putting Entrepreneurship First’ and event partners from the state of Karnataka and India, from Karnataka Digital Economy Mission (KDEM) to Software Technology Park of India (STPI), are focused on democratizing access to resources, knowledge, and opportunities. Excerpts from the interview.
TiE Global Summit (TGS 2024) is happening after months of preparation. How do you view TGS in the current scheme of the Indian entrepreneurial ecosystem and from Karnataka/Bengaluru’s perspective?
It is true that TGS is a culmination of one year of hard work by TiE Bengaluru and our ecosystem partners. It is important to note that the event coincides with the 25th anniversary of TiE Bengaluru, symbolising the collaborative effort with other TiE chapters in Karnataka. We are always supported by the Government of Karnataka and the Digital Economy Mission (KDEM) in flourishing the startup ecosystem in the state and the country as a whole.
The state is always ranked as a top performer in the Union Government’s assessment on various parameters and is the third-largest startup ecosystem in the world. Karnataka is the top performer in the DPIIT ranking and is home to over 14,000 DPIIT-registered startups and more than 4,000 active tech startup investors. It is a fact that Karnataka has more than 45 tech unicorns, which further cements our reputation as a premier hub for technology and innovation.
What is the role of TGS 2024 as a whole in the current scheme of entrepreneurial activities in the state?
Our vision for TGS 2024 is clear: we would like to champion ‘Entrepreneurship First’ as the leading force behind global growth and social advancement. By advocating for the democratisation of entrepreneurship with governments and ecosystem partners, we aspire to inspire thousands of young minds to pursue entrepreneurial careers and to position entrepreneurship as a powerful catalyst for change.
We are bringing together global leaders, entrepreneurs, investors, policymakers, and students across sectors, to collaborate and be part of this change. TGS 2024 is further enhancing the culture where ideas prosper, innovation thrives, and unites the global entrepreneurial community.
The summit offers a significant opportunity, akin to the Olympics of Entrepreneurship, to experience the vibrant energy of innovation and entrepreneurship in Bengaluru. TGS 24 is expected to host over 25,000 delegates, including 5,000+ startups, 750+ investors, 300+ corporates, 150+ speakers, and 10,000+ Futurepreneurs from across India and more than 50 countries.
Can you share some insights on the TGS 2024 events and how it will help the Indian ecosystem?
The TiE Global Summit 2024 is anticipated to be the largest entrepreneurial gathering with over 10,000 delegates. TGS 2024 will host a range of events, challenges, and networking events like Future Sparks: Leaders in Conversations, the TGS 100 Challenge that brings together the brightest emerging startups globally, the Rural Student Innovator Conclave, the TiE Global Women Pitch Competition & Conclave, the Futurepreneurs Conclave, the VentuRISE Challenge by Invest Karnataka, EdVentures for Academia, the Cultural Entrepreneurship Conclave at Mysuru, SpiritofTiE Global Awards, and various sectoral tracks across Deeptech, AI, Biotech, Agritech, Fintech, Climate-tech, MSMEs, Circular Economy, Social Enterprises, Startup Ecosystems, Incubators/Accelerators, Mentoring Clinics & Pitch Sessions, Networking Evenings, Art & Music Experiences, and a large pavilion that will host booths and learning zones.
The summit will be supported by an advisory board of renowned leaders, including Kris Gopalakrishnan (Co-Founder, Infosys), Prashanth Prakash (Accel), Ankit Nagori (Curefoods), Pavan Ranga (NR Group), Mayurnath K S (Kairos Family Office), Mohit Dhawan (Hero Enterprise), Manish Choksi (Asian Paints), Jai Rupani (Hinduja Family Office), Arihant Patni (Patni Family Office), and Lakshminarayana K R (Azim Premji Foundation).
Why do you want to portray that TGS 2024 is more than a gathering, as is the normal norm in the country?
This summit is more than just a gathering; it’s a catalyst for ideas to meet opportunities and ignite possibilities that can shape the future of our societies. We are delighted to be supported by the Government of Karnataka as the State Host Partner.
The event will also host, for the first time in its history, the Family Office Summit in collaboration with Chiratae Ventures and Entrust Family Office.
According to the latest study by PwC India, the number of family offices in the country has increased from 45 in 2018 to more than 300 in 2024. We can utilise their capital accessibility for investment in startups in the country, especially deep tech startups, which require sustained funding to reach an impactful scale.
The summit offers an unparalleled opportunity to experience the vibrant energy of innovation and entrepreneurship and celebrate India’s journey toward becoming a globally leading startup ecosystem. Through panels, awards, and meaningful discussions, we aim to create an environment where Indian capital supports Indian innovation, aligning with India’s vision of becoming a ‘Viksit Bharat’ by 2047. By facilitating this shift, we hope to see a robust, sustainable ecosystem that prioritizes domestic capital.
How are you bringing a unique proposition for startups in the country via TGS 2024?
Besides the participation of women entrepreneurs through the TiE Women Global Pitch Competition, startups in the country will get an opportunity to be part of the pitch competition, TGS100.
We have selected startups to showcase their products and services. The TGS 100 initiative highlights early-stage technology and tech-enabled startups with notable business models and market traction. The selected startups will have the opportunity to connect with angel investors who have already pledged investments into the TGS100 startups.
TGS has already received applications from 1,310 startups representing over 17 countries and 36 cities in India. TGS100 offers exposure and a prize pool of Rs 50 lakh equity-free, distributed as Rs 35 lakh for the winner, Rs 10 lakh for the runner-up, and Rs 5 lakh for third place.
We have also received applications from 3,100 women-led startups from 62 countries covering Ed-Tech, Health-Tech, AI, SaaS, Agri-tech, Retail, D2C, Greentech, and Sustainability sectors.
The top 10 startups will present their pitches at the TiE Global Summit 2024 on December 11. A jury comprising Sudhir Sethi from Chiratae Ventures, Venk Krishnan from Nu Ventures, Subrata Mitra from Accel Partners, Vani Kola from Kalaari Ventures, and B V Jagadeesh from SVQuad will evaluate these pitches. This panel brings together seasoned investors to assess innovative ideas.
For any innovation ecosystem to thrive, there is a need for industry-academia collaboration. What is your comment on this from the perspective of TGS 2024?
It is a reality that for any innovation ecosystem to thrive, there is a need for industry-academia collaboration, and it should be supported by government policy initiatives. India is going through such a phase with StartupIndia, StandupIndia, MakeinIndia, Digital India, the Semiconductor Mission, Quantum Mission, innovation programs led by ISRO, and various defence establishments, among others.
Likewise, in Karnataka, we have the Karnataka Digital Economy Mission, which has come up with Beyond Bengaluru and the Nipuna Scheme. The TiE Global Summit 2024 is anticipated to be the largest entrepreneurial gathering with over 10,000 delegates. We emphasise on industry-academia collaboration, as various industry think tanks will share their requirements with entrepreneurs, and academia can implement them at their innovation and startup innovation labs.
The summit will also feature sessions with celebrities such as Andre Agassi, Deepak Chopra, producer Siddharth Roy Kapur, and actors Vidya Balan and Arvind Swami. These sessions are expected to add a unique dimension to the event by blending entrepreneurship with insights from diverse fields.
Can you share your journey as an entrepreneur to inspire our startup ecosystem?
After becoming an engineer, like any student, I also picked up an MBA degree and started hunting for a job. After working at Wipro and for a year at Infosys, I started selling software to Japanese customers in Tokyo at the turn of the millennium. During my visit back to Bengaluru, I had a firsthand experience of my friends either writing business plans, talking to VCs (venture capitalists), or thinking of some idea. This really changed my perception and prompted me to think differently.
My friend and I made our own plan, which led to the founding of MeritTrac, one of India’s first skills assessment providers. The business did well enough to assess tens of millions of youngsters, and it was eventually acquired by the Manipal Group in 2011. The company has today cumulatively assessed more than 50 million people.
MeritTrac’s success gave me the chance to think about what I should really work at, from the point of “if money was taken out of the equation.” That was the genesis of the Head Held High Foundation (HHH), a non-profit, of which I am a co-founder and managing trustee. HHH has focused on training rural youth, and over the last 15 years or so, it has touched about 30,000 youth. I am deeply inspired by Nobel laureate Amartya Sen’s view that poverty is about deprivation of capability and opportunity. My entrepreneurial journey brought me to a point where I found a way to bridge solutions to both, and 1Bridge was born. My approach is very clear: along with philanthropy, which should be one face of a coin, I want to nurture entrepreneurship as the other side.
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