India is building an ecosystem for entrepreneurs and start-ups. Like elsewhere, the failure rate of start-ups is high at present in the country, but the interest in entrepreneurship is seeing an upward trend.
Various components help create a conducive environment for start-ups and Hyderabad is bringing together all the needed factors that makes the start-up journey successful.
Echoing this, Jayesh Ranjan, Principal Secretary of IT, Telangana, said, “Hyderabad has a right mix of top management schools, presence of technology industry and proactive innovation policy to nurture start-ups. The scale of entrepreneurship is going up gradually. The city will gain more momentum when it hosts Global Entrepreneurship Summit this November.”
He was addressing a panel discussion highlighting growth case studies at the August Fest, a two-day start-up festival that began in Hyderabad on August 26.
On where the start-ups can make a difference, these companies, besides other ideas and solutions, need to address the issues and challenges faced in the society or the community, he said.
Agriculture, healthcare and disaster management are some of the areas in which they can make a difference, he said, adding that the government is keen on supporting early stage companies by reducing their need to invest on infrastructure. Several start-ups in the State have gone global.
Gayam Motor Works (GMW) could make its foray into South American markets with its electric vehicles, he said.
The Telangana government, realising the importance of sectoral focus, has created an agriculture incubator with the help of top agricultural research institutions such as the ICRISAT, he said.
Also, to encourage innovation in widespread areas, the State has launched an initiative called RICH (research and innovation circle of Hyderabad) by collaborating with the other stakeholders, he said.
Highlighting that each city and location should encourage start-ups to concentrate on their unique strengths, T-Hub founder and COO, Srini Kollipara said that copying other location’s success model wouldn’t fetch any benefit.
Hyderabad, which has strengthened its position in the start-up space, has enabled the creation of over 30 co-working spaces, 20 incubators and 2,000 start-ups.
T-Hub houses about 150 start-ups that have attracted angel and venture capital funding. The incubator aims to help these start-ups to go global and support global start-ups wanting to foray into Indian market.
Technology analysts point out that it is important for start-ups to find the right talent, investors and capital to achieve growth.
Source: Telangana Today
