Startups: Sector-specific start-up hubs needed, say entrepreneurs

Pune: Home to several big investors and a network of over 60 incubators, Maharashtra has now emerged as a fertile ecosystem for startups. As of March, Maharashtra has the highest share of 19% in startups recognized by the Government of India. The state announced the Punyashlok Ahilya Devi Holkar Mahila Startup Yojana to promote entrepreneurship among women. This will encourage small women entrepreneurs to start and develop their businesses. Deputy CM Ajit Pawar said in his budget speech that an all-India startup convention will be organized in the state. The state has allocated venture capital funds of Rs 500 crore for startups and small and medium enterprises through three venture capital funds. By March 2024, of the 113 unicorn startups (companies valued at over $1 billion) in India, 26 are operating in the state. Aakrit Vaish, co-founder and CEO of Haptik, who is also co-chairman of Tech Entrepreneurs Association of Mumbai (TEAM) said, “We believe that the emerging infrastructure, vast entertainment options and safe work environment will make Mumbai the preferred access destination for future start-ups. According to the latest economic survey, the state had over 21,000 startups operating at the end of March, generating employment of 2.37 lakh. “Like economic zones, the state government should introduce sector hubs to develop industry-specific clusters (e.g. fintech, healthtech) to encourage collaboration and innovation,” said Shivkumar Borade, CMD at Mytek Innovations, an engineering-based startup on artificial intelligence. Siddharth Ugrankar, co-founder of blockchain startup Qila.io, said the state government has been at the forefront of supporting innovation and leveraging technology to cultivate the startup ecosystem in the state. “The state stands out for its thriving startup landscape in finance, solar energy and agriculture. The government must prioritize the integration of blockchain technology, especially in the real estate and healthcare sectors,” he added.

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