The Centre and the state need to resolve regulatory issues if startups are to thrive and grow, said Rajya Sabha MP and India’s Sherpa to the G7, Suresh Prabhu.

The conference was organised by the Goa startup promotion cell (SPC) and Confederation of Indian Industry (CII).

Prabhu said that legacy norms and dated laws stymie startups from doing business in India. Prabhu also said that Goa can become the startup capital of the country if it can address challenges of access to funds and markets.

“It is so easy for a startup to do business? Not really. You can always tell people to enter the business as a startup, but once you enter it is very difficult to survive,” said Prabhu.

“Therefore, regulatory issues need to be addressed properly. Regulation should also change as the startups change.”

Prabhu has repeatedly stressed the need for legislation to keep up with the changing times, as the minister for commerce and industry, and civil aviation minister.

“Regulators need to understand startups better, their challenges better. Otherwise, you will have an 11th century regulation for the 22nd-century startup. Therefore regulatory authorities need to change their thinking,” he said.

Director for information and technology Ankita Anand said that of the 116 certified startups in Goa, at least 21 have availed of ₹ 1.42 crore in incentives under the Goa startup policy.

Prabhu said that Goa offers the right platform to promote startups and an efficient way to do so will be to promote work-actions. “There needs to be a regular event in Goa for startups every December. Let this become the beginning to make goa the startup capital,” said Prabhu.