India has seen a significant spurt in entrepreneurial activity. There are 3,100 startups in India, which is the fourth highest number, globally. This is according to a Nasscom report, which also predicts the number to rise to 11,500 by 2020. Moreover, India’s economy has 50 million micro, small, and medium enterprises (MSMEs), according to the Ministry of Micro, Small and Medium Enterprises. It’s worth mentioning here a recent report of World Bank on ease of doing business. India jumped up 30 notches to rank itself at 100th position on the World Bank’s ‘ease of doing business’ index. All thanks to major improvements in indicators such as resolving insolvency, paying taxes, protecting minority investors and getting credit. Also there are a number of initiatives that have been taken by the Government towards providing an impetus to the sector and facilitate a boom in startups.
One such initiative is the 2017 Global Entrepreneurship Summit, to be held at Hyderabad International Convention Centre. On November 28-30, 2017, NITI Aayog and the Government of the United States of America host the 8th annual Global Entrepreneurship Summit (GES). It is being jointly held by India and the USA. The Summit will bring together entrepreneurs, educators, investors, government officials and startup ecosystem to the world’s biggest event on entrepreneurship. GES 2017 presents an opportunity to establish meaningful partnerships among entrepreneurs, investors and ecosystem supporters.
The summit will be addressed by Prime Minister Narendra Modi and Ivanka Trump, Advisor to President Trump, and many more luminaries from the world of innovation and entrepreneurship.
With the theme of the event as Women First, Prosperity for All, the aim is to celebrate and acknowledge the contribution of women entrepreneurs. GES 2017 seeks to create the environment to empower innovators, particularly women, and take their ideas to the next level. Women hold great potential for economic growth as well as prosperity of a nation.
The GES is a platform for emerging entrepreneurs, investors, as well as business leaders from around the world. Through networking, workshops, and mentoring, the GES seeks to empower entrepreneurs to pitch their ideas, secure funding, build partnerships, and create innovative goods and services that can transform the society.
In the words of Amitabh Kant, CEO, NITI Aayog “India, the oldest civilization, welcomes civilizations world over to the GES 2017. We need to harness technology to solve some of the most pressing problems in healthcare delivery, energy, safe drinking water and agriculture, among others for the benefit of communities at large. Innovation and entrepreneurship will play a decisive role towards this end. I am sure this will be a unique opportunity for entrepreneurs to interact with the best.”
India this year will focus on four innovative, high-growth industries:
1) Healthcare and life sciences
2) Digital economy and financial technology
3) Energy and infrastructure
4) Media and entertainment
“Startups can’t operate in vacuum; they need a supporting ecosystem for nurturing. Entrepreneurs need a sustainable eco-system for their businesses. There are several factors that are there at the core of this eco-system such as investors, robust business models, incubators, mentors, etc. Incremental innovation, along with successful prototypes need to be developed, tested, and marketed to vendors and distributors. Business mentoring is also an important aspect,” said Shashank Dixit, CEO, Deskera.
GES participants will be global, with equal representation from all regions of the world. Entrepreneurs will represent a wide range of industries, geographies, business size, and scalability. Investors as well as representatives from organizations that support entrepreneurs will be hand-picked to spur investment, mentoring, networking, and activities. The emphasis will be on empowering young and women entrepreneurs and the role that they can play in making communities prosperous and secure.