National Startup Day 2024: History, Significance, and Founder Perspectives under Startup India

• ByStartupStory     |    January 16, 2024

In a visionary move back in 2022, Indian Prime Minister Narendra Modi declared January 16th as National Startup Day. Under the aegis of the Startup India programme, the number of startups burgeoned from 400 to an impressive 1.18 lakh. Union Minister Piyush Goyal, expressing his admiration, shared, “Celebrating 8️ Incredible Years of Startup India! A result of PM Narendra Modi ji’s visionary leadership, this initiative is advancing our country’s startup ecosystem to greater heights.”

Goyal further extended his best wishes on #NationalStartupDay, acknowledging the hard work and innovative zeal of Indian entrepreneurs. Indian startups have flourished, embodying the spirit of innovation and entrepreneurship across diverse fields. Notably, in 2023, the theme for National Startup Day was “Founder of Today, Leader of Tomorrow.” Moving forward to 2024, Startup India designated January 10-18 as Innovation Week 2024, themed “Celebrating 8 Years of Innovation.”

In a significant update, Startup India shared on their official platform, “9,978 startups were recognised in July-September 2023.” This reflects the remarkable growth and dynamism within the Indian startup landscape.

History and Significance

The roots of National Startup Day trace back to the inauguration of the Startup India initiative by PM Modi on January 16, 2016. This initiative aimed to create a dynamic environment for startups, fostering innovation by providing financial support. Six years later, January 16th was officially designated as National Startup Day, acknowledging startups’ contribution to nation-building, socio-economic development, and self-reliance.

Empowering Entrepreneurs- Benefits Under Startup India

The Startup India programme supports government-recognized startups by offering various benefits. These include compliance self-certification for labor and environmental laws, assistance in patent applications, and tax exemption under section 80IAC of the Income-tax Act.

Driving the Spirit of Innovation

The official website of Startup India underscores the initiative’s pivotal role in shaping the startup ecosystem. Pillars like the Seed Fund Scheme, Fund of Funds Scheme, Credit Guarantee Scheme for Startups, MAARG mentorship platform, National Startup Awards, and State Ranking Framework contribute to fostering the spirit of entrepreneurship.

Government Support

Government support for startups is tangible, with 2,977 income tax exemptions granted so far. Additionally, 3,658 startups have received funds under the SIDBI Fund of Funds scheme, established in 2016 with a corpus of ₹10,000 crore. This scheme also supports Alternative Investment Funds (AIFs) registered with SEBI, known as daughter funds, which invest in startups through equity and equity-linked instruments.

Founder Perspectives under Startup India

Mr. Ankit Agrawal, CEO and Co-Founder InsuranceDekho

India’s startup ecosystem is booming, driving transformative change in the nation’s economy and society. With a government encouraging entrepreneurship, a robust digital infrastructure fueling innovation, and a dynamic workforce. Boasting over successful startups valued at $340 billion, India’s startup economy, which holds the third position globally is not just making waves but reshaping the country’s growth. The true game-changer, however, lies in the startups’ evolution as they actively build for Bharat, extending their reach beyond major urban centers to address the unique needs of previously underserved populations.”

Ms. Shreedha Singh, Founder and CEO, TAC- The Ayurveda Co

On National Startup Day, we celebrate the shift from seeking jobs to creating them—a change powered by technology and accessibility, particularly through the Internet of Things (IoT).

I am glad to witness the increasing role of the youth and the government in taking charge and fostering a conducive environment for innovation. This is crucial in nurturing a new generation of entrepreneurs and turning startups into engines of economic growth and job creation.

India now stands as a symbol of innovation and entrepreneurial spirit on the global stage. As the Founder of The Ayurveda Co., I am proud to contribute to this vibrant ecosystem. Our startups are not just local success stories; they are setting global benchmarks. Let’s continue to drive this spirit of innovation, making India a hub for groundbreaking startup developments.

Attributed to Mr. Parth Shah, Co-founder and Chief Revenue Officer at Smart Node Automations Pvt, Ltd.

As we celebrate National Startup Day, I reflect on the incredible journey of Smart Node and our commitment to shaping a smarter, connected future for all. Smart Living is not just a concept for us—it’s a guiding principle. Every challenge has been an opportunity, and every milestone a testament to our team’s dedication. Today, we not only celebrate innovation but the spirit of resilience that defines the startup ecosystem. Here’s to dreaming big, working hard, and creating a smarter, connected future for all.

Mr. Rahul Gupta, Founder and Managing Partner, ValuAble

The onset of the cold wave in the Northern part of the country presents a stark contrast to the receding funding winter in India’s startup ecosystem. Despite a drastic drop in funding numbers, the past year saw a shift in strategy, with existing and new funds raising fresh capital for to the tune of 5bn, leading to a surplus of USD20Bn lying ready for deployment in the early-stage ecosystem. This optimism emphasizes a positive upturn for the new age companies in 2024, further reinforcing the India’s capabilities in the wealth generation space.

The challenges of the previous years have forced founders to recognize the need for sustainable business models and the investors to play an active role in governance to ensure long term profitability and sustenance. Amid the dip in equity funding across all three stages – seed, growth and late, the demand for venture debt funding has gone up tremendously to USD1.2bn.

Saurav Kasera, Co-Founder, Clirnet (Creators of DocTube)

“On National Start-Up Day, we proudly celebrate the entrepreneurial spirit of India. In recent times, the startup industry has faced numerous challenges due to various factors. Despite these challenges, India remains a major hub for startups. The government’s support has played a crucial role in boosting the startup ecosystem; however, the sector continues to grapple with significant challenges, including securing funding, navigating regulatory complexities, transforming health habits, and bridging technology gaps.

At Clirnet, we recognize our pivotal role in healthcare innovation. As leaders in the sector, our primary focus should be on creating social impact and fostering continuous innovation, prioritizing these goals over financial gains. It is essential to instill a culture of perpetual innovation within our teams, ensuring that every project not only enhances the quality of life for the underserved but also showcases cutting-edge solutions in healthcare.

Giridhar LV , Founder , Nuvepro Technologies

Startups are playing an important role in furthering government missions in various sectors. Through innovation and agility, these entrepreneurial ventures are actively contributing to the achievement of diverse government objectives. Be it leveraging cutting-edge technology for efficient governance, improving public services, addressing environmental sustainability, or transforming educational reforms, startups offer tailored solutions that are in line with government goals. By collaborating with startups, governments gain access to a wealth of creative ideas, technical expertise and data-driven insights. This collaboration promotes economic growth, job creation and the establishment of public-private partnerships that enhance the overall efficiency and effectiveness of government initiatives. The dynamic synergy between startups and governments epitomizes a contemporary approach to problem-solving, demonstrating how these collaborations are instrumental in addressing the complexities of modern governance and promoting a mission-oriented agenda for social progress.

At Nuvepro Technologies, our objective is to change the way people look at skilling goals and transform the approach towards learning.

Mayank Bindal, Founder & CEO, Snap E Cabs

“As we celebrate National Startup Day on the foundation day of Startup India, it’s a moment of pride and inspiration. Under the visionary leadership of Hon’ble Prime Minister Shri Narendra Modi Ji, we recognize the power of innovation and entrepreneurship. At EV Cabs, we’re committed to driving positive change through sustainable mobility solutions. This Innovation Week, let’s continue to push boundaries, embrace challenges, and pave the way for a future where innovation propels us toward greater heights.”

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