Startup India Innovation Week 2023

Tags: Economy/Finance Important Days National News

The 'Startup India Innovation Week' was organised by the 'Department for Promotion of Industry and Internal Trade' (DPIIT) under the Ministry of Commerce and Industry from January 10 to 16, 2023. 'National Startup Day' is also celebrated on 16 January.

An Overview of the news

• The main objective of organising the Startup India Innovation Week is to engage the stakeholders of the startup ecosystem in the country and to foster the spirit of entrepreneurship and innovation in India.

• In this, knowledge sharing sessions are organised for entrepreneurs, aspiring entrepreneurs. 

• The sessions also included stakeholders from the startup ecosystem such as government officials, incubators, corporates and investors.

• As a part of Azadi ka Amrit Mahotsav celebrations, various startup related events were organised at more than 75 locations across the country to foster the spirit of entrepreneurship and innovation by engaging the startup community across the country.

• These include dedicated workshops for women entrepreneurs, training of incubators, mentoring workshops, capacity building workshops, startup pitching sessions, etc.

National Startup Awards

• To celebrate the National Startup Day, DPIIT organised a felicitation ceremony for the winners of the National Startup Awards, 2022 on January 16. 

• The felicitation ceremony recognized and rewarded the excellence displayed by startups and ecosystem enablers across various sectors, sub-sectors and categories.

World's 3rd Startup Ecosystem in India

• In the last few years, India has emerged as a 'hotspot' for startups. India has the third largest startup ecosystem in the world with 108 unicorns.

• There were 471 startups in the country in 2016, which increased to 86,456 in 2023. There has been an astonishing growth of over 15,000% in the number of startups in India in 6 years. 

• There were more than 100 unicorns in the country as of 5 May 2022, with a total valuation of $332.7 billion.

Startup India Programme

• The Startup India campaign was launched on 16 January 2016. DPIIT has recognized more than 75 thousand startups to coincide with the 75th year of independence.

• DPIIT under the Ministry of Commerce and Industry recently launched the MAARG portal.

• In this portal one can get an opportunity to connect with experts, industry experts, successful startup founders, investors as well as world class mentors and experts.

• In addition, under India's G20 chairmanship, Startup20 Engagement Group has been established. The establishment of Startup20 Engagement Group will encourage innovations and recognize the role of startups in the changing global landscape.