National Startup Day 2024: India Incubating Leaders Of Tomorrow

With India establishing itself as the third largest startup ecosystem globally, Indian startups have witnessed remarkable growth in recent years. The government has also been fostering entrepreneurship through initiatives such as the Startup India scheme. There was a sharp decline in startup funding from USD 25 billion in 2022 and USD 38 billion in 2021 to USD 11 billion in 2023.

On January 15, 2022, Prime Minister Narendra Modi declared January 16 as National Startup Day, marking the foundation day of Startup India. He emphasised the significance of startups in shaping the new India and highlighted their role in elevating India from 81 to 40 in the Global Innovation Index. National Startup Day aims to promote entrepreneurs, nurture a strong startup environment and transform India into a nation of job creators. The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry, has designated the entire week from January 10 to 16 as National Startup Week.

“India is the third largest ecosystem for startups with over 100,000 startups registered in 2023. A lot of credit for this goes to the start up India mission which has not only given grants and benefits but also given access to startups in tier 2 and 3 cities with incubation centers and mentorship programs, says Gamerji Founder Soham Thacker.

He adds, “Today launching and registering a startup in India is easier than it ever was and with the large pool of resources available, India has been able to produce 111 unicorns with a total value of almost USD 350 billion. Though the startup India program is beneficial, there is lack of awareness in budding entrepreneurs to make the most out of the program. There is a need for more awareness campaigns that highlight the key advantages and initiatives by the government.”

Startup Day 2024

Theme: There’s no official theme for this year’s celebrations yet, but last year it was about “Founders of Today, Leaders of Tomorrow.” This week-long event will bring together innovators, venture capitalists, entrepreneurs, and startup enthusiasts.

Inaugural Address: Rajesh Kumar Singh, Secretary of DPIIT, started off the celebrations on 11 January, 2024, at the Tenth Vibrant Gujarat Global Summit in Gandhinagar, Gujarat. The theme was ‘Startups Unlocking Infinite Potential.’

Events Across the Country: Throughout the week, various events will be held to celebrate the innovations of Indian entrepreneurs. These include workshops, mentorship sessions, round table discussions, and panel talks. Eight virtual Ask Me Anything (AMA) live sessions will also take place from 10 to 17 January, featuring various startup ecosystem experts.

Mentorship Sessions: Five sessions focused on ‘How to Start Up’ will cover topics such as business structures, entity incorporation processes and building a business plan.

India National Startup Day Summit and Awards 2024: The finale will be held on 23 February, 2024, in Bangalore. The event aims to recognise and reward outstanding startups and ecosystem enablers with significant potential for social impact.

Significance

The day celebrates Indian startups and encourages entrepreneurship and innovation among the youth. It aims to boost the country’s economy and initiatives like Make-in-India. Since its launch eight years ago, Startup India has seen significant growth, from 340+ startups in 2016 to 115,000+ in 2023.

“Startup India Mission’s efforts over the past few years has really made the Indian environment extremely conducive for early stage startups. From collaborative programs with the industry, incubation centers, to the StartUp India Seed Fund, a lot has been made available to entrepreneurs looking to startup in India. We at Raptee have been beneficiaries of some of these programs which has helped up get so far and get much needed credibility to grow and raise more capital. The focus to go deeper into Bharath and not just stay in the metros has also helped a lot of micro entrepreneurs to think big and expand into larger markets and also export. The rise of D2C brands from tier 2 and tier 3 markets is a clear example of this. I think the next frontier for startup India mission could be to support mid stage (Series A and further) companies to accelerate and have access to growth stage funds,” says Raptee Co-founder Dinesh Arjun.

Various schemes and platforms have contributed to this growth, such as the Seed Fund Scheme, Fund of Funds Scheme, Credit Guarantee Scheme, MAARG mentorship platform, National Startup Awards and State Ranking Framework.