India, Ms Kripi Singh, Member, CII National Startups Council and Founder & Chief storyteller, AVW Storytellers stated, “The Indian startup ecosystem has grown exponentially due to an increasing number of unicorns and a steady rise in venture capital inflow. Since 2014 annual VC funding to Indian startups has grown eight folds from $5 billion dollar in 2014 to $42 billion in 2021. Meanwhile, India's unicorn population has grown around 18 folds from six to 105. ICONN will not only increase the chance of success of startups multifold and generate more employment opportunities but will also create a robust culture of corporate-sponsored startups leading to the creation of new ideas and innovations at each other's disposal. In Chandigarh, CII has become a startup catalyst. Its proactive approach and initiatives have created an innovation-friendly environment.”
Today’s session had three-panel discussions, one on ‘Tapping Multiple Funding Sources for Your Startup: The Art & Science of fundraising for Startups’, second on ‘Government Initiatives, International Outreach and Role of Incubators & Accelerators’ and the third one on ‘Empowering Startups for Long Term Success & Reshaping Approach’.
About Chandigarh’s Startup Ecosystem
During the session, Mr Dharam Pal, Advisor to the Administrator, UT Chandigarh mentioned that with over 7,70,000 registered startups, including more than 100 unicorns, the combined valuation of these startups exceeds $400 billion. In 2022, Indian startups created 2,30,000 jobs showcasing their significant role in employment generation. Chandigarh administration has been proactively supporting startups through initiatives like Entrepreneurial Development Center, situated in Rajiv Gandhi Chandigarh Technology Park. This centre is designed to enhance software exports from Chandigarh and assist young professionals in establishing their entrepreneurship ventures by providing them with state-of-the-art facilities. This initiative aims to bolster and support infrastructure thereby contributing to employment and overall prosperity.”
As stated by Mr Pal, some of the successful startups based in Chandigarh including Pumpkart, Jugnoo, Jumbo Basket, Robo Champs and many more have contributed significantly to the region's landscape. As we entered in 2022, India continued to witness the emergence of new unicorns reinforcing the potential of our startup ecosystem, MEMA followed by Fracture Analytics, Lead school, Drawinbox, Elastic Run, Commerce IQ, Games 24/7, Open physical wala, Purple One card and many other joined this union unicorn club. This signifies a bright future for India's intrapreneurial Spirit and the thriving startup scene in Chandigarh.
About ICONN 2023
To create a platform to facilitate the engagement between Corporates and Startups through a stakeholder engagement framework, CII has conceptualized a special initiative titled ICONN, the Industry Connect Platform for Startups. ICONN - the first of its kind virtual platform, an Industry-led 360-degree exercise that aims to catalyse strategic interactions between the Corporate Sector, Startups and other key stakeholders to create an integrated, inclusive, and vibrant entrepreneurial ecosystem in the country. The key objectives of ICONN are to promote Corporate - Startup Connect, strengthen the startup ecosystem in India, and strengthen international engagement.
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