SIDBI in co-ordination with the Department for Promotion of Industry & Internal Trade, Ministry of Commerce, and Industry, has organized Third Start Up Outreach Program “Prarambh 2022 Roorkee”, joining hands with TIDES Business Incubator and IIT Roorkee. The outreach event was aimed to bridge gap between the AIF and Startups and promoting the spirit of entrepreneurship in the Tier-2 & Tier-3 cities.
The event was started by the CEO of TIDES Shri Azam Ali Khan who shared his thoughts on the startup ecosystem of India and the how TIDES has helped in fostering young and aspiring entrepreneurs to showcase their technology and ideas.
Prof. K.K. Pant, Director of IIT Roorkee, welcomed guests, He stressed that start-ups must work for the Make-in-India initiative and deliver products and services that match and exceed global quality standards. He further added that Startup outreach program is a great initiative by SIDBI and DPIIT, and this would help the young entrepreneurs in scaling up their ideas and building a self-sustainable nation.
SIDBI was represented by Shri Gautam Kumar, DGM, Venture Finance and Investment Vertical. Shri Gautam Kumar welcomed the participants to the program and requested them to have free and frank discussions for mutual benefits. He said that the startup ecosystem is thriving and Incubation centers, the Venture capitalists, the Government of India, DPIIT etc. have played an integral part in this journey.
He further added that institutions such as Atal incubation centers and TIDES have been creating and promoting a culture of innovation and entrepreneurship across the country at the grassroot level. Further, Government of India has established a Fund of Fund for Start-ups with corpus of `10,000 crore, to meet the funding need of startups. The aim of this program is to promote the spirit of entrepreneurship in the Tier 2 & Tier 3 cities, to bridge the gap between the Investors and Startups and to promote the Swavalamban movement in taking a new dimension.
Around 30 startups, 3 incubators along with other buddy entrepreneurs, registered in the event. Panel discussions on various topics, including “Raising your first cheque” were organized. Further, a Pitching session was also organized where 10 Startups, selected through an open competition, were allowed to pitch their business proposals to prominent Venture Capitalists such as Orios Venture Partners, YourNest Venture Capital, and UC Impower.
Along with the pitching event a plenary session was organised in which Shri Abhishek Gupta, Partner at Trifecta Venture Capital shared his experience of scaling marquee venture capital backed start-ups in India and South East Asia.