Minister of State (Independent Charge) for the Ministry of Commerce & Industry and Minister of State for Finance and Corporate Affairs under the Ministry of Finance, Nirmala Sitharaman launched Startup India Hub on Monday afternoon. The launch took place at the Le Meridien Hotel in New Delhi in the presence of many incubators, investors and startup founders. Startup India Hub comes under Invest India, the official Investment Promotion and Facilitation Agency of the Government of India, mandated to facilitate investments into India. The initiative was announced by Prime Minister Narendra Modi on 16th January 2016.
Speaking at the event, Nirmala Sitharaman said the government is trying its best to create a better environment for the startups in India. “Although the startup hub has been initiated today, I would want the engagement to be a lot more dynamic, so that we are able to respond and correct our course at every stage. We are trying to expedite the disbursement of funds and tax services, reducing the time lag between the inception of the idea and creating success. I invite all of you to come forward with us and brand India, brand Indian projects and bring uniformity and novelty to our approach. Join us,” she said.
The Government believes that the Hub will help the startups in India to discover and connect with other startups and enablers of the entrepreneurial ecosystem including investors, mentors, incubators, accelerators and government bodies.
A panel discussion was also held before the official launch with the topic – ‘Navigating the startup ecosystem’. It was moderated by Rajat Tandon, President of IVCA who was also a part of the leadership team at NASSCOM. The panel included T-Hub founder Srinivas Kolipara, Sheroes founder Sairee Chahal, Abhishek Prasad from Reliance GenNext Hub, Executive Director of TiE Geetika Dayal and Blume Ventures Principal Arpit Agarwal.
During the discussion, Abhishek Prasad said when they entered the startup system, they hired a lot of people through references and walk-ins but with time they have matured and are now smarter when it comes to hiring. He added that the criteria for hiring now are passion for work and determination to learn.