Country. In a roundtable meeting with startups held in Tokyo, Japan, Union Commerce and Industry Minister Piyush Goyal presented a picture of India's rapidly growing startup ecosystem. He said that in the last 10 years of 'Startup India', the number of startups in the country has increased from about 400-500 to about 2.5 lakh. India has now become the third largest startup ecosystem in the world.
Goyal said that there are more than 130 unicorns in India, while almost half of the new startups are now emerging from small cities. He also stressed on increasing startup, investment and technological cooperation between India and Japan.
The youth is becoming a job giver and not a job seeker.
Piyush Goyal said that there has been a big change in the thinking of Indian youth. Today's youth is not just trying to get a job, but is also becoming a self-employed entrepreneur.
He said that the youth is moving forward with new ideas, innovation and courage to take risks. Instead of being afraid of failure, he is trying to make it a stepping stone to success. Many youth left good jobs and high salaries to start their own businesses and have set a new example of success.
Almost half of the new startups emerging from small cities-
Goyal said that entrepreneurship is no longer limited only to big cities like Delhi, Mumbai, Bengaluru. About 50 percent of the new startups starting in the country are coming from small cities.
He called it a sign of India's changing business environment and increasing entrepreneurship among the youth.
Proposal for a presentation series like 'Shark Tank' in India-Japan-
The Union Minister proposed to launch a special presentation series on the lines of 'Shark Tank' for startups from India and Japan. Through this, young entrepreneurs of both the countries will be able to present their business ideas and plans to investors.
Indian startups will be able to present their projects to Japanese investors, while Japanese companies and startups will get an opportunity to find partners and business opportunities in India.
Online pitching will increase business contacts-
Goyal said regular online presentation sessions can be organized between startups from India and Japan through internet and video conferencing. This will open new avenues of interaction and investment between entrepreneurs of the two countries.
He clarified that the objective should not be limited to just listening to ideas, but the cooperation should extend to investment, pilot projects and business expansion on a large scale.
Japanese companies invited to come to India-
Piyush Goyal invited Japanese companies and startups to come to India and work together with Indian companies. He said that the partnership between India and Japan can promote economic growth, employment and new business opportunities in both the countries.
Japan's 'patient capital' and technology welcomed in India-
Goyal suggested linking Japan's 'patient capital' with long-term investment and precision engineering expertise to Indian startups.
He pointed out the need to create a deep tech capital corridor between India and Japan, so that early stage startups can get long-term investments and convert their innovative ideas into successful businesses.
Opportunities in India from design to mass production-
The Union Minister said that a complete ecosystem exists in India from designing a new product to its large-scale production and use in the market. He said that India is not only a big market for testing products, but there are also ample opportunities to sell and implement them on a large scale.
Emphasis on cooperation between universities and investment institutions-
Goyal also suggested increasing cooperation between universities, startup incubation centers and venture capital funds of the two countries. He says that strong partnerships between such institutions can accelerate new ideas, technological innovation and investment.
This India-Japan partnership can open new opportunities for both the countries in the field of startup, investment and technological innovation in the coming times.