The government on Tuesday started a 7-day Startup-India Innovation Week to celebrate the National Startup Day across the country with several events to reach ecosystem stakeholders and enablers. The department for promotion of industry and internal trade (DPIIT) organised a workshop on Alternative Investment and their central role on Tuesday, chaired by Anurag Jain, Secretary, DPIIT, as part of the Startup India Innovation Week 2023 at Vanijya Bhawan, New Delhi.
According to the statement from the ministry of commerce and industry, DPIIT worked closely with the ministry of finance (MoF), Insurance Regulatory and Development Authority of India (Irdai), and the ministry of labour and employment to allow Alternative Investment Funds (AIFs) to invest in startups. Investment schemes that allocate their funds to financial instruments other than traditional investment options are called alternative investment funds. According to the statement, the workshop focused on sensitising representatives from SIDBI, Insurance Regulatory and Development Authority of India (Irdai), Employees’ Provident Fund Organisation (EPFO), Pension Fund Regulatory and Development Authority (PFRDA), Life Insurance Corporation of India (LIC), SIDBI to mobilise domestic capital into the startup ecosystem through AIFs.
The two-hour workshop began with an overview of the startup investment landscape in India followed by sessions on Investments in AIFs, Regulatory Framework for AIFs, and opportunity by these organisations to invest in AIFs. Thereafter, Indian, and Global success stories were shared. According to the ministry of commerce and industry, DPIIT organised the Ascend (Accelerating Startup Calibre and Entrepreneurial Drive) Samagam on Tuesday as part of the Startup India Innovation Week 2023. The objective of the workshop is to capacitate and augment knowledge on key aspects of entrepreneurship and continue efforts towards creating a robust startup ecosystem in Northeast, it said.
Ascend Samagam is being conducted as a follow-up to Ascend workshops organised by DPIIT for the entrepreneurs, aspiring entrepreneurs, students, and ecosystem enablers in all eight states of Northeast India during November and December last year, the ministry said on Tuesday. The Ascend Samagam conducted in virtual mode witnessed the active participation of over 110 participants across all states in Northeast states including stakeholders such as state officials, startups, and aspiring entrepreneurs.
Startup India hosted a webinar — Founders of Today, Leaders of Tomorrow — on Tuesday. The session was led by three experts, including Surya Kumar, Dean for Innovation, Translation and Startups, IIT-Hyderabad, Chris Cander, Schulich Business School, Canada, among others. Association for Scientific Pursuits for Innovative Research Enterprises (Aspire) in Hyderabad hosted a conference on two topics: IT (Information Technology) strategy for startups and Startup Valuation at Aspire, University of Hyderabad. The conference was organised in a hybrid mode with participation of over 20 startups offline. These are among the various events that was organised for start-ups today. (ANI)
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