National Startup Day 2024: How Emergence of Unicorns, and Startups are Shaping India's Path

National Startup Day 2024: Prime Minister Narendra Modi announced January 16 as the National Startup Day. The announcement was made on January 15, 2022, the foundation day of Startup India. The day marks celebrations aimed at recognizing the remarkable growth and contributions of the startup community to the Indian economy.  The Startup India initiative, launched in 2016, has witnessed a meteoric rise, with the number of startups soaring from around 340 in its inception year to an impressive over 1,15,000 in 2023. 

Key initiatives such as the Seed Fund Scheme, Fund of Funds Scheme, Credit Guarantee Scheme for Startups, MAARG mentorship platform, National Startup Awards, and the State Ranking Framework have been instrumental in propelling the spirit of entrepreneurship. These initiatives have not only provided crucial financial support to startups but also created a conducive environment for innovation and growth.

National Startup Day 2024: Theme

The theme for the previous year centred around "Founders of Today, Leaders of Tomorrow."

India has consolidated itself as a flourishing hub of startups that have been nurturing the spirit of innovation and entrepreneurship in various fields. A confluence of events, such as a large consumer base, growing internet penetration, and favourable policy environments support the growth of the ecosystem. Tejpal Singh Shekhawat, Founder and CEO, of Kalyanam Furniture noted that major initiatives such as Startup India have come into play, giving incentives and clearing regulatory barriers for emergent businesses. The residents of this catalytic environment have seen the emergence of new unicorns and startups ranging from technology to e-commerce, healthcare to renewable energy. 

He pointed out multiple suggestions to further channel growth ranging from fixing critical issues to adopting technology and digital solutions that can be scalable and adaptive in an ever-changing environment and focus on sustainability and social impact which create businesses that have more positive contributions to society.

Startup India: Roadmap for $5 trillion economy 

Boosted by robust government backing, particularly through the Startup India initiative, Indian startups secured a staggering $7 billion in funding in 2023, as reported by Tracxn data. This shows a big boost in India's ambitious pursuit of achieving a $5 trillion economy. The foundational elements of India's strategic roadmap for this economic milestone encompass inclusive growth, digitalization, fintech, technology-enabled development and a positive cycle of investment and growth.

While the government's initiatives have streamlined company registration, fundraising, and GST processes, Hariom Seth, founder, of Tagglabs pointed out the need for a shift in policy mindset from regulation to fostering creative collaboration. "Enhancing knowledge sharing through public-private mechanisms can empower startups to leverage technology and skills, paving the way for groundbreaking products," he added. 

National Startup Day celebrates the spirit of innovation, acknowledging the transformative power of entrepreneurship. Raghunandan Saraf, Founder, of Saraf Furniture explained that the day signifies the courage to dream big and take risks, creating growth opportunities, adding that the entrepreneurs, starting with a dream, navigate through difficulties, learning and evolving.

As India's startup landscape continues to evolve, the day symbolizes a commitment to fostering innovation, creativity, and economic prosperity.