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PHD Chamber Innovation Summit, 2016 – Enhancing Innovative Capacities of Micro, Small and Medium Enterprises (MSMEs) (3rd June, 2016, PHD House, New Delhi)

In the blooming era of the Indian Economy, the innovation summit aimed at promoting startups by effective discussion addressing various issues faced by startups. Indian startups aim to promote entrepreneurship at scale. The startup India Summit 2016 dealt with the nuances of starting a business in terms in today’s competitive and transitional time demand. The summit aimed to bring together key stakeholders – startup incubators / accelerators, angel investors, venture capitalists, mentors and technology corporations.

 

The Summit envisaged creating self-reliance and building up of a strong startup community spirit by promoting entrepreneurship. Deliberations on technology edge using data analysis for scaling up and using strategic HR tools for work force utilisation and retention.

 

The participants consisted of Hero Mind Mine, Microsoft, Facebook, Paytm Bank, Dalmia Cement, Telr, Times of India Group and Redcliffe Capital among other companies. Esteemed Government Departments and Non-Government Organisations who were a part of the event included Khadi & Village Industries Commission (KVIC), Ministry of MSME, Govt. of India, SIDBI and Integrated Association of Micro Small Medium Enterprises of India among other esteemed organisations.

 

The Summit included three panel sessions, the agenda of the panel discussions included:

 

  • Importance of startups to boost the Indian Economy.
  • Financial avenues available to startups for funding and sustainable growth.
  • Importance of technology research and development in Innovation including.

 

The Panel Discussions on non-conventional solutions for start-ups included crowd funding, grants and unsecured loans. The way ahead as discussed in the summit is to create awareness about the non conventional solutions available to startups.

 

The Government of India’s “Make in India” scheme aimed at promoting startups has a corpus fund of Rs. 10,000 Crore. The mechanism for availing the same from Government and other banks, organisations has to be promoted for achieving the desired growth result. The Summit provided a key insight on the startup scenario in India.