MARCH 20238ndia has always been making an impact with fresh business concepts and unicorns that are developing rapidly. A multibillion dollar industry was founded by numerous companies, and significant foreign investments were also attracted. Also, a lot of successful Indian startups have gone global. On January 16, 2016, seven years after the Indian startup ecosystem first requested it, the Indian government would give it a big push for policy under the banner of Startup India to boost the nation's tech economy. There is hope for a new beginning after the wild journey of 2022, largely because the day has been declared National Startup Day.Startup India Innovation Week 2023 will feature pertinent stakeholders from the startup ecosystem, including government officials, incubators, businesses, and investors. Startup Day intends to involve all key players in the startup ecosystem in order to promote innovation and entrepreneurship in India. The Government of India's flagship programme, Startup India, aims to promote startup culture and create a robust, inclusive ecosystem for innovation and entrepreneurship in India. In addition, Prime Minister Narendra Modi released an action plan that includes 19 elements and covers topics like `simplification and handholding', `financial support and incentives', and `industry-academia partnership and incubation'.Rise of StartupIn India, new startups are being created every day, and in this New Year 2023, more unicorns will appear than in 2022. Let's have a look at a few fresh companies that will have a big influence in 2023. According to reports, investment in growth-stage startups surged drastically between 2020 and 2022, rising from barely $2 Billion raised in 2020 to an astounding 273 percent in 2022. However, the investment reportedly declined four percent YoY to $7.75 billion in 2022 from $8.1 billion in 2021. Additionally, even though there were fewer transactions involving growth funding in 2022 than in 2021, the average deal size climbed by nine percent YoY, which is positive according to the industry's experts.Here are some insights from few Industry Leaders on contribution of Startups to the nation's innovative ecosystem.Padmakumar Nair, Co-Founder & CEO of Ennoventure Inc - ''Indian startups have made immense contributions to the country's innovation ecosystem. As NATIONAL STARTUP DAY: AN ENGINE OF THE NATION'S ECONOMIC GROWTHIEDITORIAL EXCLUSIVEAt Ennoventure, we believe in driving global change through our futuristic technology to combat the ever-growing counterfeiting menaceBy T. Shwetha, Online Content Writer, Siliconindia
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