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The startup ecosystem gets off to a great start at IdeaLab 2018

The race to set up Goa as one of the biggest technology hubs in India after Bangalore and Hyderabad is on. The Goa Institute of Management played host to the WIEF IdeaLab 2018, an international conference that saw over 300 startups participate at this distinguished event. The idea behind bringing such an event to the holiday destination of India was to create a startup ecosystem in the state.

GIM is one of India’s premier B-schools and it is an honor to be one of 13 institutes nationwide to host the prestigious, innovation-oriented Atal Incubation Centre (AIC) which has world-class facilities. It was through the AIC that IdeaLab 2018 was held. With 25 years of imparting education to bright minds in the management field under its belt, GIM has been taking all kinds of initiatives as part of their silver anniversary celebrations.

The startup ecosystem is on its way

A startup conference that cultivates entrepreneurs and assists in the development of a startup ecosystem, IdeaLab 2018 saw a vibrant audience of entrepreneurs, business leaders, investors, academia and students come together to discuss and deliberate on matters related to the country’s startup ecosystem.

Said Tun Musa Hitam, Chairman of WIEF Foundation and Former Deputy Prime Minister Of Malaysia in the opening address, “This is the first time WIEF’s IdeaLab has traveled out of its home city, Kuala Lumpur. We started IdeaLab in 2015 and aimed for it to become a startup empowerment platform. Goa fits the bill perfectly for IdeaLab 2018 as Goa’s government has proclaimed to make Goa not just a national startup hub, but the top 25 startup hub in Asia, by 2025. Our objective is to boost startup ecosystems and therefore our focus is on early-stage startups”.

Other speakers had this event included GIM’s Director, Dr. Ajit Parulekar, Nasser Munjee, Chairman, DCB Bank Ltd and Former Chairman, Board of Governors at GIM, Ameya Abhyankar, IT Secretary, Government of Goa, and many more.

Here’s what each one had to say

Dr. Ajit Parulekar, Director, GIM added, “A vibrant start-up ecosystem has three key components – the geographical location one is based in and the infrastructure it supports, business leaders who can play a mentorship role and academia. We were shortlisted by the NITI Aayog, as one of the 13 institutes nationwide to host the prestigious, innovation-oriented Atal Incubation Centre (AIC) and we chose to have a sector agnostic approach so that we can nurture start-ups across verticals. However, technology has a key role to play when it comes to scaling up a business venture.”

Speaking at the inaugural ceremony, said Ameya Abhyankar, IT Secretary, Government of Goa, “The present start-up ecosystem has some very interesting innovations driven by young individuals. From a government point of view, the role of the government is to incubate and assist young entrepreneurs to thrive, create a talent pipeline and assist in funding to early-stage start-ups. Today Goa has a Start-up Policy in place after much ideation and deliberations. We also need to encourage and support working individuals who choose to move to create an entrepreneurial venture as the experience can certainly help”.

Nasser Munjee, Chairman, DCB Bank Ltd and Former Chairman, Board of Governors at GIM recalling his early years said, “The development banks of the 50s and 60s assisted in building the business entrepreneurs of the past. Eventually, banks moved to be commercial banks. The budding entrepreneurs of today, therefore, don’t enjoy the kind of financial institutional support which was once available. In a sense, a new generation development bank is possibly a requirement for entrepreneurs.

India is one of the biggest contributors to the startup culture

According to data from Nasscom, the number of startups funded and funding deals actually went up marginally in 2016. VCs raised US$2 billion for investment in seed or early-stage startups. Student entrepreneurs formed 350 startups in 2016, a 25 percent rise from 2015.
With reference to the industry body, Assocham’s numbers, India ranked third in the world – just after the US and the UK – when it comes to the number of tech startups.

Now, thanks to IdeaLab 2018, Goa has stepped up to the plate to make a name for itself with the technology boom. IdeaLab 2018 has actually created a platform for those startups that are in the early stages to move past and head into an entrepreneurial stage. It attracted more than 30 speakers from Malaysia, South Africa, Singapore, Scandinavia, USA, Denmark, India and many more.

Information credit

Goa Institute of Management

ItsGoa/OCT/KDGP

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