oppn parties Recognizing & Awarding Startup Brilliance

News Snippets

  • Supreme Court holds hotels liable for theft of vehicle from their parking area if parked by valet, says "owner's risk" clause is not a shield from such liability
  • Finance Minister says she is receiving feedback from many sectors that recovery is happening as there is lower stress
  • Sabarimala temple opens, but police bar the entry of women below 50 years
  • Finance Minister Nirmala Sitharaman says Air India and BPCL to be sold off by March
  • Media person Rajat Sharma resigns as DDCA president
  • Shiv Sena, NCP and Congress postpone meeting the governor of Maharashtra
  • Shiv Sena not to attend the NDA meeting on 17th November, says break up "a formality"
  • Shiv Sena says that the confidence the BJP is showing about forming the government in Maharashtra is based purely on its expectation of getting numbers through horse trading
  • Anil Ambani resigns as director of the bankrupt Reliance Communications
  • India beat Bangladesh by an innings and 150 rums inside three days in the first Test. Indian pacers excel after Mayank Agarwal's double century
  • Sena-NCP-Congress work out a common minimum programme, will form the government soon and it will last 5 years, says Sharad Pawar
  • Income Tax Appellate Tribunal upholds the decision to withdraw the charitable status of Young India, making it liable to pay Rs 145 in income tax. Rahul Gandhi and Priyanka Vadra are the majority shareholders in the company
  • CBI raids offices of Amnesty International across India
  • Supreme Court quashes NCLAT order against Arcelor Mittal and paves the way for the company to take over ailing Essar Steel
  • Finance Minister Nirmala Sitharaman says concerns of telcos will be addressed and no company will close down
Supreme Court dismisses plea for review in Rafale case, says no need for roving inquiry, maintains clean chit to government
oppn parties
Recognizing & Awarding Startup Brilliance

By Sampriti Sarkar

About the Author

Sunil Garodia Post graduate student of Calcutta University. Aspiring economist. Budding writer.
The role of startups in the development and growth of India’s economy is immense. By the end of 20 15, India ranked third in the world in terms of number of startups in a study by industry group NASSCOM and Zinnov, considering current events and future trends. Though a huge number of Startups compete to enter the market, only few make it big. In recent time, the Prime Minister launched the “Startup India” campaign to encourage and provide incentives to the newly ventured companies. Startups face a lot of struggle and risks given the structure of the market. Most of the companies fail because of faulty business model, lack of funds, competition, mismanagement and other factors. However, a few survive and continue to thrive. The Economic Times started startup awards in eight categories to recognise India’s future ‘economic engines’ and encourage the entrepreneurs.

The most important factors for a startup are innovative ideas, strong business model and scalability. This is where the award winning companies have stood out. A company named ‘Mitra Biotech’ with a patented technology platform, Canscript, and a novel vision of personalised cancer care, won award for the top innovator. The jury consisted of some popular names in the fields of business and start ups, like Sachin Bansal (Executive Chairman of Flipkart) and Rajan Anandan (Managing Director Google-India and South East Asia). It was chaired by Nandan Nilekani. The most important factor the jury was looking for was the quality of being a role-model for young Indians dreaming to venture out. The ‘best on campus’ award, recognised some brilliant ideas coming from college campuses. The winner of this category was ‘Ather Energy’ which started in IIT Madras with a vision to build a smart electric scooter. India’s two leading entrepreneurs, Sachin Bansal and Binny Bansal backed the company as angel investors. Ather Energy came out with a prototype of the scooter also which is ready for production by a Bangalore based company. Other strong contenders included De Tect Technologies which came up with detecting gas leaks using ultrasonic waves, and Inshort mobile app for news in 60 characters. However, the winning company’s brilliance of combining mechanical engineering, computer science and battery technology grabbed the attention of both investors and the jury.

The ‘comeback kid’ award’s whole idea was to recognise the fighting spirit of some people who didn’t give up in spite of the struggle they faced. The winner of this category, Kunal Shah, is a true inspiration for young people and fits to be a perfect role model. He abondoned CEO position to attract top talents to his company. Meena Ganesh won award for the ‘Women Ahead’ category. She is the cofounder of healthcare start up Portea Medical and an ideal role model for young women entrepreneurs. The ‘startup of the year’ award acknowledges breakthrough innovative ideas and the potential of the company to make it big. The winner is cloud based customer engagement software maker ‘Freshdesk’. The company showed appetite for speedy growth and development more than other companies. Freshdesk also acquired 5 companies in the previous year.

Though the startup revolution in India is comparatively new, it will play a major role in future growth of the country. So it is necessary to create some role models for young entrepreneurs and give encouragement in various forms to the newly ventured companies. The ‘Startup India’ campaign by the government will provide incentives to young companies and awards by leading groups provide encouragement. Young startups can learn from the role models selected by the jury and not be afraid to take risks. This will help the companies themselves and the economy also in the long run.