Addressing the inaugural StartUp Mumbai Challenge, on Thursday, at the Bombay Stock Exchange (BSE) as part of the Mumbai Festival 2024, Fadnavis said that the Maharashtra government recognises that startups are the catalysts for positive change.
“Maharashtra is now hailed as the startup capital of India and not just startup capital, it is also the unicorn capital of India. As the startup capital and unicorn hub of India, Maharashtra is at the forefront of fostering new business ecosystems. By transitioning to distributed solar power in agriculture, we not only empower our farmers but also cultivate a new ecosystem of opportunities,” the deputy CM said.
He further added, “Today’s startups are not just shaping ideas; they are transforming lives, contributing to a greener and more prosperous tomorrow. In the face of climate change, our collective innovation is the key to ease of living and a better tomorrow.”
With the bell-ringing ceremony at BSE marking the pinnacle of the event, the challenge titled ‘Forever Planet’ proved to be a resounding success, amplifying Mumbai’s stature as an innovation hub.
The challenge focused on concepts prioritizing eco-friendly living and environmental preservation. This transformative initiative signifies a bold step toward nurturing early-stage startups, specifically concentrating on sectors crucial for the city’s evolution – sustainability, entertainment, media, sports, and lifestyle enhancement.
It is pertinent to mention that the initiative aligns with Prime Minister Narendra Modi’s Mission LiFE- Lifestyle for Environment and India’s commitment to the UN Sustainable Development Goals.
During the grand finale of the StartUp Mumbai Challenge, 10 startups and entrepreneurs showcased their groundbreaking ideas.
Anand Mahindra, Chairperson of the Mumbai Festival Advisory Committee, said that connecting with the startups is in his legacy right starting from his grandfather.
Sharing his excitement in connecting with people who have a noble vision to enhance the world, Mahindra said, “In a world where our gaze shifts not only to market indices but also to the skies each morning, this exploration holds significance. In an era where our focus extends beyond market indices, Mumbai, the city where dreams come true, and now the fourth-largest capital market in the world, is the ideal stage for acknowledging and supporting these transformative endeavors. Acknowledging this evolution, we stand poised for an event that transcends market dynamics, aligning with the transformative spirit of our times.”
Supported by the United Nations India, the Mumbai Festival has embraced the UNSDGs and Global Goals, finding inspiration for themes and execution across various initiatives. The StartUp Mumbai Challenge, organised by Wizcraft Entertainment Agency as a part of the Mumbai Festival 2024, aligns with environmental goals, focusing on businesses and ideas contributing to a planet-friendly future through the “Forever Planet” theme.
In the panel discussion ‘Breaking Barriers, Building Sustainability: Thinking Beyond ROI’ featured the eminent mentors, Ronnie Screwvala, Chairperson and Co-Founder, upGrad; Vikas Agnihotri, Director, InMobi and GlobalBees; Kaustubh Dhavse, Joint Secretary and OSD to the deputy CM; Harsh Jain, CEO & Co-founder, Dream11 and Dream Sports; and Venkat Raju, Global CEO, Turbostart. The event was moderated by Ayesha Faridi, National Editor ET Now.
The three winners of the StartUp Mumbai Challenge are Xovian Aerospace, Kabadiwala and Livprotec.
In this panel discussion, the focus shifted from startup challenges to a broader exploration of India’s evolving entrepreneurship landscape. Emphasizing the need to redefine the startup concept, the speakers highlighted understanding consumers, building strong teams, and a clear problem-solving focus.
Topics included the startup ecosystem’s evolution, Maharashtra’s government support, and the importance of patient funding. The overarching message was clear: success lies in meticulous planning, a deep understanding of the consumer, and a commitment to solving real-world problems while showcasing the dynamic nature of the ecosystem and the importance of sustainable growth.
Shedding light on the government’s startup initiatives, Dhavse said, “As the Government of Maharashtra, our primary objective is to act as a catalyst and facilitator by implementing effective policies and principles that nurture the entrepreneurial spirit. To propel India towards becoming a 5 trillion-dollar economy, with Maharashtra serving as the gateway, startups assume paramount importance. Hence, the government plays a crucial role, primarily as an enabler.”
“In response to the ever-evolving startup landscape driven by new technologies and ideas, government policies must remain dynamic. Through the Maharashtra State Innovation Society, we have introduced a Rs 100 crore startup fund, recognising the significance of supporting startups lacking essential access. While our fund aims to benefit every deserving startup, its predominant focus lies in reaching out to startups in tier two and tier three cities, providing them with the necessary impetus and mentorship,” he added.
Screwvala while speaking about his entrepreneurial journey, said, “Mumbai, a cof city of dreams, marked the beginning of my path as a first-generation entrepreneur. This opportunity allowed me to dream with my eyes wide open. The essence lies in the background shaping you, the choices defining you, and the imperative notion that dreams extend beyond mere fiscal aspects. In today’s Startup challenge, the focal point transcends mere ROI and investment; it involves spearheading transformative changes in society. For startups, comprehending your consumer in this price-sensitive market and addressing their needs takes precedence. Contrary to the notion that funding should top your list of priorities, it deserves the fifth spot for those seeking a successful venture.”
Detailing his entrepreneurial journey from ideation to implementation the CEO of Dream11 and Dream Sports, conveyed, “Within the realm of any startup, one encounters novel challenges daily, spanning from recruiting talent and pitching ideas to growing and ensuring profitability. These facets collectively embody the essence of the struggle for an entrepreneur. Despite these challenges, facing each obstacle head-on and striving for superior outcomes becomes paramount. In the trajectory of our startup, we too grappled with numerous challenges. After navigating through 3 to 4 years of pivoting, we eventually discovered our path, and since then, our trajectory has been one of continuous scaling. As an entrepreneur, a profound passion for your work is indispensable.”
While Agnihotri shared his perspective and said that the present scenario is more favorable than in the past; the current ecosystem is significantly improved. He also said that they are witnessing early-stage founders with immense talent contributing to the landscape.
“In today’s dynamic startup environment, the collaborative spirit among entrepreneurs cultivates an atmosphere where knowledge-sharing and mentorship are highly valued,” he added.
Reflecting on the evolution of the startup ecosystem, Venkat Raju, Global CEO, Turbostart, said, “Over the past decade, I’ve observed the dynamic phases of growth and saturation within startups. What holds significance is not just the quantity but the quality of startups —entrepreneurs and their ideas, particularly the emphasis on originality, steering away from replicated concepts borrowed from the West or China. The key is aligning with the unique needs of India. Notably, there’s a rising trend of startups dedicated to supporting sustainability in the ecosystem. The progress within the entire startup sector in India has been truly remarkable.”
On the occasion of the StartUp Mumbai Challenge, these mentors ceremoniously rang the bell at the Bombay Stock Exchange, symbolizing the triumph of the StartUp movement in Mumbai.
About Mumbai Festival:
The Mumbai Festival from 20th January to 24th January 2024, in its inaugural edition, emerges as a grand celebration spanning nine days, taking center stage across diverse locations in the heart of Mumbai. With a mission to showcase the city’s lifestyle-kaleidoscope, the festival brings together a tapestry of events, performances, and experiences. Spearheaded by the dynamic Mr. Anand Mahindra, serving as the Chairperson of the Mumbai Festival Advisory Committee, and curated and event managed by Wizcraft Entertainment Agency, the cultural phenomena aims to capture the essence of Mumbai’s rich heritage and indomitable spirit. This festival promises to become an iconic annual celebration, uniting communities and celebrating the vibrant cultural mosaic that defines the city of Mumbai.
About Directorate of Tourism:
Directorate of Tourism, the flagship body of Maharashtra Tourism, looks after introducing and implementing various tourism schemes, promotions and publicity to boost tourism in the State. Since the inception of the Directorate of Tourism, Government of Maharashtra, the State has attained several milestones and bagged numerous accomplishments with the help of various initiatives.
