Goan startups have a chance to secure funding during the week with the state selected as the venue for the Startups Launchpad – Elevator Pitch series, on November 8 2019, Goa Institute of Management, from 3 pm. to 6 pm.
Elevator Pitch Series is a reputed platform for startups where they get to meet angel investors, private equity and venture capital companies and hopefully obtain funding. The event is organised by ASSOCHAM and supported by the Ministry of Electronics and Information Technology and the Department for Promotion of Industry and Internal Trade (DPIIT). Previous series of the Startup Launchpads were held in Jaipur, Lucknow, Pune, Chandigarh and Jammu.
According to Assocham, there are over 40,000 start-ups in India that have created more than US $130 billion of value from January 2014 to September 2018. There are about 27 Unicorns (billion dollar startups) and in fact the country is the third largest start up ecosystem in the world in terms of value and numbers, behind China and the US.
The apex chamber of commerce says that, thanks to the Startup India scheme it is good time for new units with the government and regulators formulating specific initiatives for early-stage businesses. Startups now can start business within two days, raise capital domestically or overseas and enjoy lower cost of IP protection.
The Startups Launchpad aims at supporting startups, entrepreneurs and youth with ideas or business plan. Leading investors such as the Indian Angel Network (IAN) along with accelerator and incubators will be present in the state for the event..This year the New Delhi Institute of Management (NDIM) is the incubation partner for the series.
The event offers mentoring and mutual benefits between industry and startup units with the purpose of promoting the entrepreneurship and start up ecosystem in the country. The first five series received overwhelming response from investors and young entrepreneurs.
In Goa the government is aiming to make the state a hub for IT startups. As per estimates there are over 100 technology startups already functioning in the state with most operating out of own premises and some from government promoted incubators.
The government wants to develop a ecosystem for startups by providing them with financial assistance and incubator facilities. But mostly the government is hoping that startups get private finding from investors and become self sufficient with the bigger goal of creating employment.