Startup India Current Affairs - 2019

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Goa to host 2nd edition of Startup India Global Venture Capital Summit 2019

The 2nd edition of Startup India Global Venture Capital Summit is being organized in Goa on 6-7 December 2019 for Fund Managers and Limited Partners of Top Global Venture Capital (VC) Firms. The summit is being organized by Department for Promotion of Industry and Internal Trade (DPIIT) under Union Ministry of Commerce and Industry, in partnership with Goa Government. Theme for Startup India Global Venture Capital Summit 2019 is- ‘India Opportunity- Investing in tomorrow together’.

About Startup India Global Venture Capital Summit

Background: The first edition of Startup India Global Venture Capital Summit was held in 2018 in Goa. It brought together more than 250 participants from over 9 countries and showcased venture capital opportunities in India as well as facilitated a rich exchange of ideas on various aspects of investor world.

Objective: To showcase India’s opportunity in sectors of FinTech, EdTech, E-Mobility, MedTech, Enterprise Software, Genomics and Lifesciences. Summit also aims to understand best practices for venture capital industry, identify issues faced by them for investments in India and evaluate ways to address those issues.

2019 Edition: This year the Summit focuses on mobilizing global capital for innovation in India and is aimed towards reaching new heights in both reach and scope. The Summit will bring together a series of engagements involving more than 350 representatives of leading Global Venture Capital Firms (GVCF), High-Network Individuals (HNIs), Government of India (GoI) officials, top Corporates, Limited Partners, Family Offices, and select innovative Startups. It will showcase India Advantage, diversity and scale of Indian market opportunity, as well as cutting-edge innovations originating in India.

Significance: The summit looks at increasing capital flow for Indian Startups by showcasing high-quality tech as well as non-tech startups to global investor community and fostering Ease of Doing Business (EDB) by identifying and discussing issues faced by investor community. Through this event, the Startup India is providing Indian startups an opportunity to meet Top Global Investors at event to get business guidance and to discuss investment opportunities.

DPIIT invites applications for first ever National Startup Awards 2020

The Department for Promotion of Industry and Internal Trade (DPIIT) under the Union Ministry of Commerce and Industry has announced institution of first ever National Startup Awards. The award was launched by Piyush Goyal, Union Minister for Commerce and Industry and Railways. The applications for the awards are open till 31 December 2019.

About National Startup Awards

The Awards seek to recognize as well as reward exceptional startups and ecosystem enablers that are building innovative products/ solutions and scalable enterprises demonstrating measurable social impact, with high potential of wealth creation and employment generation.

It will also recognize outstanding startups across many categories that are providing innovative solutions to solve real problems and challenges for India, delivering measurable developmental gains, products and solutions from India to world, developing innovative technologies and building businesses that are scalable, sustainable and responsible.

The National Startup Awards measures success not only as financial gains for investors but also the contribution to the social good. It will also reward exceptional Incubators and Accelerators as key building blocks of a robust startup ecosystem.

Startups will be awarded in 35 areas, classified into 12 broad sectors. These sectors include enterprise technology, education, agriculture, security, energy, finance, health, food, urban services Industry 4.0, space and tourism.  In addition, to these there are three special awards for startups from educational institutions, making impact in rural areas and women entrepreneurs.

Prize: A cash prize of Rs. 5 lakh each will be awarded to winning startup in each area. Moreover, a cash prize of Rs. 15 lakh each will be awarded to 1 winning Incubator and 1 winning Accelerator as well.

Apart from this, the winner and 4 runners-up of National Startup Awards will also be provided opportunities to present their solutions to relevant public authorities and corporates for potential pilot projects and work orders. They will also be given priority for participation in various national as well as international startup events.