Empresario 2016 asserted that there is no looking back for start-ups now
Indian start-ups received funding of Rs. 50,000 crore last year and the number is growing with each passing day. After US and U.K, maximum numbers of start-ups are emerging from India. Even Chinese investors have invested 3 million to 7 million dollars in Indian startups during last few months. Govt. of India and the state government are introducing start-up friendly policies. The start-up wave is taking our nation by storm and Empresario, an inter-collegiate entrepreneurship fest held on 26th and 27th February at EDII campus asserted that there is no looking back now.
The institute in association with Gujarat CSR Authority and Gujarat Seeds Corporation Ltd. held Empresario-2016, a state wide start-up hunt in the month of February. In order to shortlist ideas for the final round, boot camps were held at 10 different locations of Gujarat including Ahmedabad, Gandhinagar, Rajkot, Surat, Baroda, Mehsana and Anand. The final round of Empresario-2016 was held at the institute on 26th and 27th February. From every nook and corner of the state, 135 start-up ideas were submitted out of which 30 ideas were selected for the final round. Out of these, 17 ideas were shortlisted for fund of Rs. 40,000 under the sponsorship of GCSRA for developing a prototype. Most of them belonged to Agribusiness, renewable energy, art, craft and digital initiative. The finale of Empresario was accompanied by a start-up fair at EDII campus in which 50 start-up ideas were displayed.
While inaugurating the start-up fair, the Chief Guest Shri Sanjay Prasad, IAS, Principal Secretary of Labour and Employment Department, Govt. of Gujarat said, “There is a start-up surge in the country. Entrepreneurs are becoming more ambitious and investors are getting bolder. Most importantly the consumers are more receptive than ever to these new local offerings. We are now seeing more acceptances from India’s market.”
As a nodal institute, Entrepreneurship Development Institute of India (EDII) will invite and motivate innovators for innovation and will allow innovators to utilize facilities available in the institute. The institute will also provide mentorship to potential start-ups.
The Director, Dr. Sunil Shukla also said that, “The culture of entrepreneurship was never this inspiring and motivating before inside and outside of EDII. I am glad that EDII is contributing to the state and country’s ‘Start-up Movement’ and has taken an initiative to organize such Start-up fair.”
Shri Sunil Shah, the Chairman of All Gujarat Innovation Society and Shri Sunil Parekh, Corporate Advisor of Zydus Group marked their eminent presence at the inauguration of the start-up fair.
According to a survey, the failure rate in start-ups is as high as 70 percent and 66 percent entrepreneurs go back to their salaried jobs. Shri Parekh said, “Start-ups fail because they develop products for which there is no market and thus cannot connect to the customers. Another reason for failure is they run out of fund and they are not good at money planning. Third one is they do not develop right team.” He asserted that innovative ways of delivering solutions are much needed.
Remarking one of the chief reasons of failure, Shri Sunil Shah, the Chairman of All Gujarat Innovation Society said that, “Start-ups begin with great idea but couple of months later they are confused and thus lose their way. Start-ups should always confine to their core ideas and it will work.” He suggested entrepreneurs to rethink every time, “What are we into?”
A survey conducted on 4000 startups suggests that the biggest concern start-ups are facing is existing tax laws and complicated system of regulatory compliance. Apart from that, access to fund for developing idea is difficult for start-ups in India. But the experts suggested that Government at both Central and State level is promoting start-ups and is coming up with entrepreneur friendly start-up policies which will increase ease of doing business.
EDII Ranked 45 across India and 3rd in Gujarat by NIRF
As per the National Institutional Ranking Framework (NIRF) evolved by the Ministry of Human Resource Development (MHRD), Government of India, Entrepreneurship Development Institute of India (EDII), Gandhinagar, ranked 45th (overall rank) among India’s top 50 National Management Institutions. In all 3500 plus ranking applications were received by NIRF, of which 609 were from the Management domain. EDII stood at 3rd position among Management Institutes in Gujarat. Moreover, EDII was ranked 30th for its Research and Professional Practices (RPC) and scored 73.95 for the same. All participating Institutes were ranked on basis of five broad parameters ‘Teaching, Learning and Resources’ (TLR), ‘Research and Professional Practices’ (RPC), ‘Graduation Outcomes’ (GO), ‘Outreach and Inclusivity’ (OI), and ‘Perception’ (P).
Expert Committee Constituted by AICTE for Preparing Start-up Policy
Dr. Sunil Shukla, Director, EDII has been appointed as a member on the special committee constituted by AICTE (All India Council for Technical Education) for preparing start-up policy for students of technical institutions. National Policy for Skill Development and Entrepreneurship 2015 has emphasized upon the need for entrepreneurship education in 3000 colleges. In line with it, AICTE has constituted a five-member committee of experts to prepare start-up policy for students of technical institutions in the country.