Press Information Bureau

03.03.2022

Commercial

Government to support startups through better incubation centres in smaller towns

MANU/PIBU/0724/2022

The Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal today called for making IIT-Madras a symbol of Self Reliance & Self Confidence and flag-bearer of 'Startup India'. Our Startups are making India proud and the Government is also working in the Advisory Council continuously with new ideas, he said.

"90 Unicorns, by itself, is reflective of the confidence with which our Startups are growing. By and large, the Startups have created a good name for themselves, a very high level of credibility and I am fairly confident that going forward there will be more and more changes," said Shri Goyal, during an interaction with the students after delivering the Keynote Address to the "E-Summit 2022- Disruption in veins" organised by IIT Madras.

Shri Goyal said finance is no longer a constraint for Startups engaged in database-technology based solutions, besides scalable and good ideas.

"Our Startups are getting valued for their innovation far better than ever before. Similarly, there's more money on the table, whether as seed capital or initial capital or different stages of fund raising that is required for Startups, there are several possibilities. I am told, in many cases the Startups do window shopping whose money they are going to take, they chose,.. that was not something we saw a few years ago when the Startups were chasing capital," he said.

Shri Goyal said the Government is committed to support the Startups through better incubation centres in the new and emerging smaller towns and cities.

"Our quality of technology and innovation is now, in many ways, world class; we are second to none in the world! That itself is a big evolution from the past," said Shri Goyal.

Quoting famous basket ball player Michael Jordan, "I've lost almost 300 games. 26 times I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life and that is why I succeed", Shri Goyal encouraged the IIT students, "I wish all of you crack in life and even if you cup, rise and start again!"

Tags : Startups Incubation Smaller towns

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