Inspiring and seriously enabling, PMs address. Startup India, Standup India4 years ago Ramesh Loganathan
Happy I decided not to got to Delhi for PM’s #StartupIndia. To be at great session at T-Hub where a large gathering listened to the concluding session and PMs address on Startup India, Standup India. To later reflect on the announcements, what it means for startups, what it means for Hyderabad. Lot of palpable anticipation in the THub room. Much like the bursting energy at Pragati Maidan. The concluding session was nicely orchestrated- a nice cross section of founders sharing very nice summaries of their startup/journeys in 2 minutes each. Uber, Practo, MapMyGenome, InMobi, Limerod, Ola,… And then the grand finale. PMs talk…
PM had the audience in the hall and all like us watching the telecast, fully engrossed. This man’s grasp and perception of everything is truly amazing! He was talking about startups as any of the most accomplished been-there-done-that investor-mentors would do. And then more! Connecting startups to society and economy. Challenging startups to think beyond software. Dreaming of the massive social change startups can bring. How it presents an opportunity for our crores of youth.
A country of billion problems with billion brilliant minds. And how gov can help. Best by ‘not doing’ many things. Allowing startups to flourish. And then unveiled the startup action plan. Great set of policy promulgations to simplify functioning of startups. From capital gains tax exemption for investments, to eliminating the “angel-tax” when investments above FMV, income tax exempt, self-certifications thru a startup hub (mobile app), no inspections for 3 years, support for filing patents, simple form to start a company, and most importantly to ‘celebrate failures’ also by simplifying the exit process.
And then ofcourse, several enablers to actually help and accelerate startups. A 2500 crore per year fund of funds, that will work with other funding channels (details unclear.. but probably in matching grants to early stage funds & seed grants to leading incubators/accelerators). Very rightly he touched upon the significant role the incubators play in enabling new startups an dnew entrepreneur. Announced , extensive support for incubators. Strengthening all existing incubators. And setting up several new incubators. 500!
Also recognized the role research can play in bringing unique products, needing close industry-academia connect. Atal Innovation Mission. Announced that on lines of IIT-Madras research park, gov will setup 7 research innovation parks. That will bring research intensive startups working closely with academia. Specifically also setting up an extensive network for bio-tech. 5 bio clusters, 50 bio-incubators, and 150 tech-transfer offices.
A very well thought out set. Even better they have already initiated feedback mechanism nationwide. Post talk we had a panel discussion at THub. FICCI is compiling this nationwide. Good set of inputs came. Largely in support. Specific gaps were to extend self-certification to tax/RoC related and relax tds norms for startups. But otherwise, a fantastic time for starting up.
Today’s event will infuse so much energy into the ecosystem. And the Ofcourse, some very very serious enablement that will be added nationwide. Accelerating and amplifying. Hyderabad is double impact. Already THub++ started to build serious momentum. And now #StartupIndia is going to significantly multiply. So so so exciting!!!!