SRINAGAR: The much-awaited SummitUp 2024, hosted by NSRCEL - IIM Bangalore's entrepreneurship and innovation hub, has come to a successful conclusion, delivering crucial insights and reflective discussions in shaping the future of entrepreneurship in India. SummitUp focussed on the themes of Tech & DeepTech, Governance, Impact, Funding and the Gender Lens.
SummitUp 2024 was characterised by its depth of engagement and wide industry reach. The event brought together 300+ startup founders, industry experts and entrepreneurship enthusiasts - signalling its significance in India’s entrepreneurial ecosystem. SummitUp 2024 has further solidified its position as a driving force supporting innovation and growth for the nation.
One key highlight of the event was the launch of the ‘India Incubator Kaleidoscope 2024’ report, jointly developed by NSRCEL, IIM Bangalore, and IIT Madras. The report emphasizes the vital role incubators play in fast-tracking startup growth, driving accelerated funding, intellectual property creation, and greater robustness. As per the report, key findings show that incubated startups are 2.5 times more likely to secure funding and significantly boost job creation and economic growth. The report is expected to influence both policy and practice in the startup ecosystem.
Anand Sri Ganesh, CEO of NSRCEL, underscored the event's importance, stating, “We are delighted to host the third edition of NSRCEL's SummitUp, a platform that honours the spirit of innovation and collaboration driving our startup ecosystem. This milestone reflects our dedication to fostering growth and creativity among entrepreneurs, who play a crucial role in advancing economic development. By empowering startups, we not only create jobs but also energize local economies and inspire future generations. Together, we have the chance to turn challenges into opportunities and make a meaningful impact. Let us come together to push boundaries and pave the way for a brighter future.”
Kicking off Day 1 of SummitUp was a keynote address delivered by Shri Amitabh Kant, G20 Sherpa, Government of India, and ex-CEO of NITI Aayog. He emphasized India’s journey towards becoming a $30 trillion economy and the need to encourage entrepreneurial disruption to solve challenges like governance and funding - further fuelling entrepreneurial ambitions.
The second day also featured a keynote address by Vipul Parekh, Co-Founder of bigbasket.com. The address, titled “Founding the Vision: Navigating Milestones, Challenges, and the Journey of Building a Startup,” equipped audiences with actionable insights on building customer-focused products, refining core ideas, and fostering a strong, team-driven culture - areas that are key to a startup’s growth.
Among the key panel discussions was "Cracking the Code: Key Reasons Why VCs Walk Away," led by leading venture capitalists Piyush Bansal of Aditya Birla Ventures, Parag Dhol of Athera Venture Partners, Ashish Fafadia of Blume Ventures, and Krishnan S. Iyer of NDR InvIT. The session elicited fundamental reasons why some startups fail to get funded through insights on building strong business fundamentals and realistic growth models that appeal to investors.
Swadesh Srivastava, CBO, Emerging Mobility BU, and Chair, Innovation Council at Hero MotoCorp, also joined the conversation at SummitUp. He discussed the evolving landscape of mobility and shared key insights on the sector's future, emphasizing the growing demand for hyper-personalization and connectivity among consumers.
"The Ecosystem Evolution: Mastering Incubation for India’s Next Innovation Wave” track at SummitUp 2024 provided key insights into driving innovation through incubation. Attendees explored how incubators are shaping India’s startup landscape.
Also featuring sessions led by experts like Prof. Srivardhini K Jha - Professor, Entrepreneurship, IIM Bangalore & Chairperson, NSRCEL, Prof. Thillai Rajan - Professor, Management Studies, IIT Madras and Head, Centre for Research on Startups and Risk Financing, Poyni Bhatt - Member, Investment Committee, Maharashtra Innovation and Technological Development Fund, and Prof. Ashok Jhunjhunwala - Institute Professor, IIT Madras and Former President IIT Madras Research Park - the track equipped participants with the tools to enhance their incubation programs, drive impactful change and strengthen India’s startup ecosystem.
With masterclasses held across a wide range of topics including Product Design for Global Markets by Ravi Kallayil, CEO, Plaeto.in, Women Leaders: Changing the Landscape of Indian Entrepreneurship by Meena Ganesh, Co-Founder & Chairperson, Portea Medical, Business Models for Gen-AI & Deeptech Companies by Arjun Rao, General Partner, Speciale Invest and the Theory of Change: For Scale by Shankar Maruwada, CEO, EkStep Foundation and Co-Chair, Centre for Open Societal Systems - SummitUp 2024 yet again proved to be an essential platform influencing the startup ecosystem, where connections made between founders, investors, and industry leaders are truly valuable. It is not only the discussions and workshops but also the networking opportunities during the event that have brought current challenges to the forefront and shown ways to capitalise on them moving forward.
As the event draws to a close, expectations run high, and it remains to be seen how India's entrepreneurial landscape shall transform further. SummitUp 2024 garnered significant momentum and attention by focusing on a clear agenda that prioritizes incubation, diversity, and the power of community for the future of startups in India.
