Ample opportunity for startups in unexplored sectors: MoRTH Additional Secretary at Entrepreneur Annual Conclave 2022
New Delhi : Even as India’s startup ecosystem grows at a rapid pace, there are still immense opportunities in several sectors which have so far been unexplored by entrepreneurs, said Mr. Amit Kumar Ghosh, Additional Secretary, Union Ministry of Road Transport and Highways.
He was addressing the inaugural session of the Entrepreneur Annual Conclave 2022.
Speaking about the government’s Startup India initiative, Mr. Ghosh said that Startup India is instrumental in making India self-reliant. He noted that last year, 43 startups in the country became unicorns, against just 9 in 2020. So far in 2022 over 20 startups have entered the $1 billion valuation club.
The top official was of the view that large number startups are largely concentrated in some sectors while others miss the massive opportunities.
“Some sectors have a preponderance of startups like EdTech, fintech and SaaS. Many sectors have great opportunities but we don’t see startups there,” he said
Referring to the robust growth in the startup ecosystem and the increasing number of unicorns in the country, the official said: “We are at the beginning of the true renaissance of innovation and entrepreneurship.”
Noting that the objective of the conference is to democratise entrepreneurship, Addressing the programme, Ritu Marya, Editor-in-Chief, Entrepreneur Media (APAC & India) said “The tide of India is rising wherein the whole world is interested in India. The world wants to invest in India.”
She was of the view that several Indian startups including Paytm and Zomato are so sophisticated that they can give solutions to the world.
“Now the time has come that these organisations need to think much more globally. Because their products are really high end and they don’t need to limit themselves only to the Indian market, ” Ms. Marya added.
During a panel discussion on future proofing businesses, Ishpreet Singh Gandhi, Founder & Managing Partner, Stride Ventures stressed on the need for quality products.
“Be product-first, coming up with good products and creating the right thing at the right time are some ways to future proof your growth,” he said.
Other speakers in the panel discussion were Harsimarbhir Singh, Co-founder, Pristyn Care, Sabeer Bhatia, Co-Founder and CEO of ShowReel, Hari Krishnan, Co-Founder, Great Learning, Akshay Chaturvedi, Founder and CEO, Leverage Edu.
The two day conference aims to bring together industry veterans to interact and draw attention to best practices and promote innovation to capture consumer interest that will help grow the entrepreneur industry.