‘Startup ecosystem is strong in Telangana’
Raghuveer Kovuru, Senior Programme Manager, Startup Innovation, T-Hub, said India has the third largest startup ecosystem in the country with about 42,000 registered startups.
Hyderabad: Now is the best time to invest in an enterprise. The rate of innovation is fast, there is availability of funds and technology. Also, there is a change in the mindset of parents who are viewing entrepreneurship as a possible career for their children, according to startup ecosystem stakeholders.
Ravi Narayan, Chief Innovation Officer of Department of Information Technology, Electronics and Communications, overseeing T-Hub and Telangana State Innovation Council (TSIC), said the Government of Telangana is supporting the startup ecosystem with various initiatives.
It has been working to support entrepreneurs at various levels including by patronising the services and products from startups, he said moderating a session ‘The Angel Investor Masterclass- Karimnagar Edition’, organised by Startup Telangana, Telangana State Innovation Council and the T-Hub.
Srikanth Pakala, Co-founder and Chairman of Suneratech company and an entrepreneur from Karimnagar, said the new generation of entrepreneurs are devising products and services that find acceptance in the peer groups. Ecosystem enablers like the T-Hub, TSIC and others are there to support them, he said.
“The role of parents is important. They are now accepting failures in the entrepreneurial journeys. In many cases, they are the first investors in the enterprises of their children. They are showing their belief in them by investing in their ideas,” he said about the change in the mind set happening, which is enabler for the startups.
Raghuveer Kovuru, Senior Programme Manager, Startup Innovation, T-Hub, said India has the third largest startup ecosystem in the country with about 42,000 registered startups. They have created about 4.7 lakh jobs. Startups in 2020, despite the pandemic, have succeeded in getting funds to the tune of $ 3.5 billon in about 680 deals.
Angel investments, done in the early stages after due diligence, have the potential to convert an idea into a big product or service. While $ one million (about Rs 7 crore) investment is the most sought after one, many investors are finding a sweet spot in about $ 0.5 million (Rs 3.5 crore) investments. About 41 per cent of the investments that happened in the second half of 2020 were first time investments.
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