Uttar Pradesh Sets the Stage for a Vibrant Startup Ecosystem with “Amrit Kaal for UP Startups” Event

5 Dariya News

Noida 17-Feb-2024

A significant event titled “Amrit Kaal for Uttar Pradesh Startups – Roadmap for Next 25 Years” was organized at the Radisson Blu MBD Hotel, bringing together the brightest minds in the startup ecosystem. The conference, a collaborative effort by SIDBI, SIIC-IIT Kanpur, and StartinUP, aimed at deliberating the future of startups in Uttar Pradesh, emphasizing venture capital funding and the nurturing of a robust startup culture.

The event featured in-person discussions among leading fund managers, startups, and officials from the Government of Uttar Pradesh (GoUP), marking a pivotal moment for the state’s entrepreneurial landscape. Distinguished chief guests included Shri D. S. Mishra (IAS), Chief Secretary of GoUP, and Shri S. Ramann (IA&AS), CMD of SIDBI, alongside a host of senior officials and over 50 representatives from various Alternative Investment Funds and startups.

Esteemed venture capitalists such as Shri Saket Misra of SVAS Fund, Shri Sudhir Sethi of Chiratae Ventures, and Smt. Padmaja Ruparel of IAN Fund, among others, were present, highlighting the event's significance in fostering venture capital investment in the state.

Shri S.P. Singh, Chief General Manager of SIDBI, opened the event by lauding the GoUP's efforts in establishing a conducive environment for startups through policies and support mechanisms. He highlighted the UP Startup fund of ₹1000 Crore, established under the UP IT & Startup policy 2017, as a testament to the state’s commitment to promoting startup culture.

Key presentations were made by Prof. Ankush Sharma and Dr. Nikhil Agarwal from IIT Kanpur, outlining a comprehensive roadmap for the next 25 years to capitalize on the current momentum in the UP startup ecosystem. Shri Anil Kumar Sagar, IAS, and Shri Alok Kumar, IAS, shared insights on the GoUP's achievements in promoting startups, including the establishment of over 60 incubators and Centers of Excellence, providing significant financial support and grants to foster innovation and entrepreneurship.

Shri S. Ramann shared the broader impact of SIDBI's commitment to the Startup India Fund of Funds, highlighting the infusion of ₹55,000 crore of capital from global sources into the Indian economy, significantly benefiting startups and the venture capital ecosystem.The discussions also featured experiences and suggestions from startup founders and venture capitalists, unanimously recognizing Uttar Pradesh's potential to become a leading startup hub, akin to Karnataka and Maharashtra.

In his closing remarks, Shri Ravi Ranjan, IAS, reassured that the suggestions and challenges discussed would be proactively addressed by the GoUP, emphasizing the state’s dedication to developing a world-class startup ecosystem.

This event not only marked a significant step towards enhancing Uttar Pradesh's startup ecosystem but also set a forward-looking agenda for nurturing innovation, entrepreneurship, and economic growth in the state for the next quarter-century.