MSMEs are the growth engine of Indian economy. Innovation in the sector is both an opportunity and a challenge. To make innovation an integral part of the business plan at SME firms, PHD Chamber of Commerce and Industry, in collaboration with Paytm, Hero Mindmine, Ajeevi and SMEpost.com, organised a power brain storm ‘Innovation Summit 2016 – Enhancing Innovative Capacities of MSMEs’ at PHD House on June 3.
Innovation thought leaders from various business sectors shared their vision for SME sector at the Summit. The Summit featured keynote address by Khadi and Village Industries Commission CEO Arun Kumar Jha and a special address by SIDBI General Manager Satya Prakash Singh. This apart, the Summit witnessed two thematic panel discussions on making the SME sector more innovative.
In his inaugural address, Jha disclosed that the corporation was gearing up to launch Innovation & Incubation Centres for startups and standups. He announced further that one of the key policy making institutions in India – the NITI Aayog and the leading financing institution SIDBI – were engaged in the job.
Speaking on the occasion General Manager, SIDBI, Satya Prakash Singh expressed a concern saying that not many genuine entrepreneurs including start-ups and stand-ups have been approaching SIDBI for financing and therefore, asserted that crores of rupees grant and assistance already earmarked for such entrepreneurs in the Budget would be allocated through a high level of due diligence.
According to him, entrepreneurs and start-ups should first complete their homework in a meticulous manner and subsequently approach the SIDBI to support their venture that are found to be economically viable as the institutions will entertain only such requests.
Among others who were present at the summit comprised Vice President, PHD Chamber, Anil Khaitan; Chairman, Innovation Committee, PHD Chamber, Deepak Pahwa and its Sr. Secretary, Jatinder Singh.
The panel discussions at the Summit focused on two important imperatives in innovation. Panel discussion on ‘Innovative Strategies for Sustainable MSME Financing’ featured Lakshmi Energy and Foods Director V K Mishra, Hero Mindmine Head – Digital Paritosh Sharma, Catapooolt Founder Satish Kataria, Times of India Vice President Munish Sabharwal and IamSMEofIndia Chairman Rajive Chawla.
The panel discussion on ‘Technology Adoption in MSMEs for Innovation’ featured Hero Mindmine President Rajiv Gupta, Paytm Bank CEO Shinjini Kumar, Dalmia Cement Director – Innovation Sujit Ghosh, Facebook Economic Growth Initiatives India and South Asia Ritesh Mehta, Shopclues Senior Director Raunak Raheja, Telr Founder and CEO Sirish Kumar and Microsoft Director – Startups Naveen Asrani.
