The Indian Union Minister for commerce, industry, civil and aviation, Suresh Prabhu echoed that start-ups can solve problems for the country and the start-up should focus on the business models that can bring a sustainable solution for the society during the grand finale of an event hosted by ET Power of Ideas.
He said that startups could solve issues like water availability, health care to rural masses etc.The minister said in the event that African market is a potential market for the Indian start-ups or the Indian entrepreneurs and said that
He said that most businesses try to earn goodwill after they succeed. But according to him, the entrepreneurs must come up with a business idea, which can be a business opportunity and earn goodwill at the same time.
He also said that in that, unlike a developed country where surprises are very little and most things are predictable, a developing country consists of multiple new ideas because they are keen to solve various issues they are facing.
In the terms of start-ups, India is the third largest country and still looking to raise its position. The number of start-ups is expected to double by 2020, according to a Nasscom-Zinnov report.
The event consisted of the start-ups that proposed ideas and participated in-group mentoring sessions. The session was followed by the brief presentation or an elevator pitches to the investor.
Numerous entrepreneurship programmes that have been coming out in the hope of solving India's existing problems can be seen in the growing importance of the start-ups. Various institutes are helping budding entrepreneurs to realize their ambition and in turn solving the issues by filling the gaps in the society.