Setting up new venture is a big challenge, says Saket Modi

Source: The Hitavada      Date: 18 Aug 2017 09:31:26


Business Bureau

In a roadshow for the ‘National Entrepreneurship Awards 2017’, held here in the city on Thursday, the the organizers urged the young and budding entrepreneurs of the region to send nominations for the prestigious awards.

Elaborating on the awards, Uday Wankawala, Representative, SINE IIT-B for National Entrepreneurship Awards, said the objective of the awards is to recognize the efforts and achievements of exceptional entrepreneurs, individuals and organizations working in the field of entrepreneurship development.

The programme was instituted by MoSDE in association with Society for Innovation and Entrepreneurship (SINE) IIT Bombay and VNIT Alumni Association and TiE Nagpur as a Lead Outreach Partner.

The National Entrepreneurship Awards have been instituted by the Ministry of Skill Development and Entrepreneurship (MoSDE) to encourage a culture of entrepreneurship across the country.

Saket Modi,the winner of ‘Best IT Startup of India’ at the National Entrepreneurship Awards 2016, in his key note address said that setting up new venture is a big challenge. “Reputed brands show reluctance in doing business with new companies. It is a big challenge for the new comers to earn reputation in the market and win trust customers,” he said.

The young entrepreneur and Co-Founder and CEO of Lucideus Tech, said that majority of the start-ups fail during their first three years of operations which is why established companies and even new customers do not feel safe dealing with the newly set up companies. “However mentors play crucial role in the introducing budding entrepreneurs and help them face challenges. “We know that mentors do not actually close the deals for you, but they at least create favourable grounds for the startups,” he said.

Prof Milind Atrey, In-charge of Refrigeration and Cryogenic Laboratory Department of Mechanical Engineering and also Professor-In-charge of Society for Innovation and Entrepreneurship (SINE), IIT Bombay, also encouraged the participants to be innovative. He was speaking on ‘Generating entrepreneurship ecosystem in an academic institutes like IIT Bombay’.

The Entrepreneurship Awards system has been created through a partnership between MSDE and a number of reputed institutions including, Indian Institute of Technology (IIT - Delhi, Mumbai, Kanpur and Chennai), Tata Institute of Social Sciences (TISS), Mumbai and XLRI, Jamshedpur. Every year, one such institution will play the role of the lead institution to anchor the awards. For 2017-2018, the lead institution is Tata Institute of Social Sciences.