Startup India: Need to strengthen domestic venture capital in India, says Jayant Sinha

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New Delhi | Updated: January 16, 2016 6:36:06 PM

Live: Hours before the launch of an action plan on 'Start-up India',the government on Saturday envisaged for itself the role of only a "facilitator" for investments, promising to cut the maze of red tape...

The launch of the event is aimed at celebrating the entrepreneurship spirit of country’s youth, and will be attended by CEOs and founders of top Start-ups from across the country and abroad. The launch of the Startup India event is aimed at celebrating the entrepreneurship spirit of country’s youth, and will be attended by CEOs and founders of top Start-ups from across the country and abroad.

Hours before the launch of an action plan on ‘Start-up India’,the government on Saturday envisaged for itself the role of only a “facilitator” for investments, promising to cut the maze of red tape that has hampered the country’s economic growth for decades and squeezed employment opportunities.

Paytm founder Vijay Shekhar, speaking during Startup India event, said, “India will leapfrog plastic into digital money faster than any other country!”

Uber CEO Travis Kalanick, while addressing the session, gave many lessons on entrepreneurship saying one should be ‘AlwaysBeJugaading’ and added “adventure, doing the impossible is all entrepreneurship”.

“The role of the North Block (which houses the finance ministry) is finished. There are no files pending, no files to be pushed. Even the Department of Industrial Policy and Promotion is more of an enabler (of investments) now….The government will be totally at an arm’s length,” finance minister Arun Jaitley said, addressing a large gathering of angel investors and Venture capitalists from the Silicon Valley and the who’s who of Indian start-up space and entrepreneurs here.

Jaitley said the government and the banking system will try to make available the required resources for setting up start-ups. He added that an entrepreneur-friendly tax regime will be ensured, hinting at possibilities of some easing of tax rules or concessions for start-ups in the upcoming Budget.

Echoing the sentiments, commerce and industry minister Nirmala Sitharaman said the government is also working on ways to make “exits” easier for start-ups in case the business models fail.

On Friday, the Silicon valley leaders invited to inspire local start-ups asked the government to ensure the ease of not just starting but also shutting a start-up and raising money,and incentivising investments.

Most of the 40-odd angel investors and venture capitalists who will be attending the programme–including Venktesh Shukla, president of TiE, Kanwal Rekhi, partner of Inventus Capital, Ram Reddy, founder of Global Industry Analyst and Vinod Dham, managing director of Indo-US Venture Partners–met President Pranab Mukherjee on Friday and will meet Prime Minister Narendra Modi on Saturday.

As many as 14 sessions of discussions will be held throughout the day on Saturday before Modi unveils the action Plan in the evening. Interactive sessions with global business leaders, including SoftBank founder and chief executive Masayoshi Son, Uber founder Travis Kalanick and WeWork founder Adam Nuemann, will be a key part of the event.

PM's own idea was that start ups need to be encouraged. Both the banking system and Govt will make the resources available: Arun Jaitley. (ANI)PM’s own idea was that start ups need to be encouraged. Both the banking system and Govt will make the resources available, said Arun Jaitley. (ANI)

Live updates:

5:28 pm: “We need to strengthen domestic venture capital in India. Could that change the nature of innovation in India?”, says Jayant Sinha #StartupIndia

5:17 pm: “One of the most successful countries have gone a major casualty before building an empire!”, shares Ritesh Agarwal @oyorooms #StartupIndia

5:13 pm: “The larger picture is that, India will undergo a major technology transition!”, says @_sachinbansal, founder @Flipkart #StartupIndia

5:08 pm: “In the long term, solving a real problem matters a lot in success of a #startup”, shares Ritesh Agarwal, founder, @oyorooms #StartupIndia

4.42 pm: “People with passion will eventually survive & create great things!”, @nikesharora from @SoftBank shares. #StartupIndia.

4.40 pm: “A tip for #startup founders: Stay focused on solving customer’s problem instead of money”, says @nikesharora @SoftBank #StartupIndia

4.35 pm: Fireside chat with Mr. Nikesh Arora, President & COO @SoftBank and moderated by Mr. Srivatsan Rajan. #StartupIndia.

4.32 pm: “India will leapfrog plastic into digital money faster than any other country!”, says @vijayshekhar, founder @PayTM. #StartupIndia.

4.30 pm: “We might switch to paperless money in next four years!”, suggests Sharad Sharma, co-founder @Product_Nation #StartupIndia

4.20 pm: Kabir Kumar from @WorldBank says, “India is one of the most exciting markets in the world for financial services innovation.” #StartupIndia.

4.15 pm: “We have been shocked by how fast digital payment took off!”, shares Vijay Shekhar Sharma, Founder, @Paytm #StartupIndia.

4.10 pm: Abhishek Sinha CEO, Eko Financials says “50 years of payment patterns will get disrupted by digital in India” #StartupIndia.

4.05 pm: ‘Had there been no GPS or @googlemaps, there would have been no @Uber”, shares Sharad Sharma, Co-founder @Product_Nation #StartupIndia

4.00 pm: “Lesson 8: Adventure, doing the impossible is all #entreprenership is all about!” shares @travisk, CEO @Uber #StartupIndia.

3.54 pm: “Lesson 7: Selling & Storytelling, that is #AlwaysBeJugaading!”, laughs @travisk, CEO @Uber at #StartupIndia.

3.53 pm: “Lesson 6: Make magic! Do things which astounds people & makes them talking!”, says @travisk at #StartupIndia @Uber.

3.52 pm: “Lesson 5: Perception & reality, an #entrepreneur makes them meet with innovation!”, tells @travisk, CEO @Uber #StartupIndia.

3.51 pm: “Lesson 4: Be analytic but also creative!”, shares the @Uber CEO, @travisk #StartupIndia.

3.50 pm: “Lesson 3: How bad is the problem you are solving? Ask yourself”, shares @travisk CEO @Uber at #StartupIndia.

3.49 pm: “Lesson 2: Find a problem. We wanted to get a ride in Paris but couldn’t”, says @travisk @Uber #StartupIndia.

3.48 pm: “Lesson 1: Find something broken, something that will be your passion”, shares Travis Kalanick @travisk, CEO @Uber #StartupIndia.

3.41 pm: Stage is all set for the next session of ‘Presentation on 8 lessons to entrepreneurs and Q&A’ at #StartupIndia.

3.40 pm: Cardiac Design Labs, winners of the entry to @google launchpad are felicitated by @amitabhk87 & @nsitharaman at #StartupIndia

3.36 pm: @amitabhk87 & @nsitharaman felicitate the winning #startup of @google launchpad, Guru-G at #StartupIndia

3.34 pm: Audience begins voting for the @google launchpad at the #StartupIndia, one lucky #startup will receive a $50,000 equity free.

3.24 pm: Startup Pitch 5: Cardiac Design Labs  India has 64M people w/ cardiac diseases,only 500K operated/yr #StartupIndia.

3.23 pm: Fourth competing #startup, Reap Benefit takes the stage to present their product to jury & the audience. #StartupIndia.

3.22 pm: Third #startup for the contest, Guru-G takes the stage to talk about their tool. #StartupIndia.

3.21 pm: Startup Pitch 2: SlamDunq  Wearables to improve sports performance #StartupIndia.

3.20 pm: Startup Pitch 1: @Kaalink  Checking pollution levels in cities like Delhi #StartupIndia.

3.19 pm: #startups compete for the coveted title, innovations like making ink from polluted air & putting technology in sports coming. #StartupIndia.

3.18 pm: “We have turned our attention to mentoring early-stage companies through mentoring.”, says @RajanAnandan of Google at Startup India.

3.15 pm: Ravi Gururaj, CEO, @QikPod takes the stage to introduce, ‘Stand-up India, Launch Pad-presented by @google’ session #StartupIndia.

02.00 pm: Lunch break has been announced.

01.40 pm: The ladies sign off from the session & the lunch-break is announced #StartupIndia.

01.38 pm: “Do you fight the old, or do you build the new! And I think its time to build the new!”, shares Ms. Chahel from @SHEROESIndia #StartupIndia.

01.32 pm: “The woman consumer is underserved in India today. Good opportunity is for women who understand this gap” says Ms. Nidhi #StartupIndia.

01.27 pm: “Women need to be on all panels, not just women entrepreneur panels!”, says Ms. Shanti Mohan, founder, @letsventurein #StartupIndia.

01.26 pm: “When I started I realised that many women need clarity as to how to go about a #startup!”, says Ms. Anisha, founder @mydala #StartupIndia.

01.25 pm: “Women #entrepreneurship needs to be more immersive in nature as it grows”, says Shanti Mohan, founder @letsventurein #StartupIndia.

01.15 pm: “India produces highest number of women graduates & we have high potentials for value creation” shares Ms. Chahal @SHEROESIndia #StartupIndia.

01.12 pm: “It is the best time for India seeing the global innovations happening here!”, shares Ms. Pranshu Patni, founder @CultureAlley #StartupIndia.

01.05 pm: “It’s not economics that keep people together but camaraderie does!”, shares Vinod Dham #StartupIndia.

01.00 pm: Rather have a 100 customers that love you than a million customers that like you: @Airbnb’s @varsharao #StartupIndia.

12.56 pm: “I think getting to know new competitors help us stay on toes & keep doing good job!”, said @1kunalbahl & Bhavish Aggarwal #StartupIndia.

12.48 pm: “We wanted to solve the problems of small local sellers & the consumers”, shares @1kunalbahl, founder @snapdeal #StartupIndia.

12.40 pm: Mr Shukla, President, TiE says, “Startups are like redwood trees, Indian startups are like banyan trees. Needs focus!”

12.32 pm: “Many of the small businesses working with us don’t have resources to make a basic tech base,” said Bahl of @snapdeal #StartupIndia on problems faced by them.

12.30 pm: Bhavish Aggarwal from @Olacabs answers, “Lack of skilled manpower was one of the biggest challenges we faced.” #StartupIndia on problems faced by them.

12.24 pm: “Globalisation for a startup is exciting, you have to learn so fast about the different cultures of the world” @WeWorkAdam (Adam Neumann) #StartupIndia.

12.15 pm: “When we will come here, we will build a local brand with a global playbook!”, says Adam Neumann of WeWork at the #StartupIndia.

12.08 pm: “When we will come here, we will build a local brand with a global playbook!”, says Mr. @WeWorkAdam at the #StartupIndia.

12.05 pm: “If your business is the right business, then money will never be an issue.”, shares Neumann at #StartupIndia.

12.02 pm: “Success is not just making money. Success is happiness, success is fulfillment, it’s the ability to give.”, says Adam Neumann.

12.00 pm: “India has the power of community which defines the strength of this country”, says Adam Neumann from We Work.

11.58 am: “The good thing about India is that they believe about something great about themselves.”, says Adam Neumann at #StartupIndia.

11.42 am: Vijay Raghavan, Secretary, Biotechnology says, “Startups should address domestic market; keep an eye on genomics and IP” at Startup India.

11.35 am: “We are looking forward to develop a system which will help #startups register within 24 hrs.” said Tapan Ray of Corporate Affairs at Startup India.

11.28 am: Mr Saran from SEBI says “We have done away with many problems of #startups, the documentations have been made simple” at Startup India.

11.24 am: “In next few months, we will bring out the support in small towns which is much needed.” answers Mr Oberoi from @HRDMinistry when asked what will govt do to ensure that #startups don’t just come up in big cities but also in small towns?

11.22 am: Shaktikanta Das, Secretary, #DEA says, “we are very positive about #StartupIndia & have something really nice in the package.”

11.20 am: “We have been able to launch funds with the help of #GOI & #RBI”, said K Shivaji, Chairman & MD, SIDBI at #StartupIndia’s third session.

11.15 am: The second session is nearing its end. Third session will begin in short while.

11.04 am: “You can’t burn money mindlessly, make smart investment”, said SoftBank CEO Masayoshi Son.

11.00 am: “Infrastructure, mobile connectivity and electricity need maximum attention for India’s growth!”, said SoftBank CEO Masayoshi Son.

10.56 am: “Trends to watch in future: artificial intelligence will surpass human intelligence in many domains”, shares Masayoshi Son at ‘Startup India’.

10.54 am: “This is the beginning of Big Bang of innovation in India”, says Masayoshi Son.

10.48 am: “5-10 Years after starting up the focus should be on customer satisfaction, said Masayoshi Son at #StartupIndia.

10.47 am: Softbank founder &a CEO Masayoshi Son said, we will accelerate “seriously” our investments in India.

10.45 am: “Everytime I visit India I become more convinced. This is the country!”, said Masayoshi Son, Japanese businessman and CEO of SoftBank Mobile.

10.32 am: The Vigyan Bhawan hall is completely occupied with entrepreneurs. First session ended and second session is about to start.

10.30 am: Startup friendly tax measures will be announced in the forthcoming Budget: Arun Jaitley.

10.28 am: Govt, RBI in next few months will add to banks’ ability to lend more: Finance Minister Arun Jaitley.

10.23 am: “Amongst the potential entrepreneurs we have some world-beaters and we will create the environment for them,” said Arun Jaitley.

10.22 am: “We are fully conscious of the adverse situation in which we are struggling to keep respectable growth rates in Indian economy,” said FM Jaitley.

10.21 am: “Government has to explore new areas. The Mudra scheme is one of the new areas; to target 25% of bottom of India,” said Jaitley.

10.20 am: “The world recognizes us as the fastest growing economies but we have our own challenges,”, said Jaitley.

10.18 am: PM’s own idea was that start ups need to be encouraged. Both the banking system and Govt will make the resources available: Arun Jaitley

10.16 am: Standup India to be launched separately, said FM.

10.14 am: “We have increased the public spending and foreign investment has also increased,” said FM Jaitley.

10.12 am: The traffic (Queue of businesspersons) to the North Block has reduced drastically, said Finance Minister. “We will end license raj for startups”, said Arun Jaitley.

10.10 am: “Startup India is a program where the government will be at an arm’s length to entrepreneurs,” said Jaitley.

10.08 am: “With very little or negligible interventions, govt. will be a facilitator for the #StartupIndia campaign!”, says Arun Jaitley.

10.06 am: Finance Minister Arun Jaitley addressing the entrepreneurs now.

10.03: “Financing Has Become A Lot Easier In India Now,”, said Nirmala Sitharaman.

10.00 am: Commerce Minister Nirmala Sitharaman addressing the gathering now.”We will understand the issues & recognize you for what you are,” said Sitharaman.

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