Experts are diagnosing the local ecosystem and trying to identify sectors where Gujarat has and edge.
Next three years will be critical for the startup ecosystem of Gujarat, after which genuine startups will emerge, Parag Amin, co-founder and chief mentor of iCreate said on the sidelines of startup event in the city on Saturday. Experts are diagnosing the local ecosystem and trying to identify sectors where Gujarat has and edge.
"Slowly the startup ecosystem in Gujarat is shaping up. This was the idea when we conceived iCreate about a decade ago. We were aware that one institution is not enough, but we need a flagship body to showcase," Amin told DNA on the sidelines of a 'Panel Discussion on Ecosystem Development and Vision Development' organized by Federation of Indian Chambers of Commerce and Industry (FICCI) at LJ College Campus in the city.
"We are now witnessing emergence of stakeholders and it will take another three years for things to shape up. Then we will witness a few success stories to showcase. There may not be many, but a few for sure and investors will be running behind them," said Amin. Icreate is Gujarat government funded startup incubator.
The discussion aimed at chalking out a road-map for creating a self sustaining ecosystem and rectify the shortcomings. Players are identifying sectors for which Gujarat is conducive. They also want legal framework that allows startup founders to continue the control over their companies in spite of having minority shareholding in the company. "Mark Zukerberg has only 20% share in Facebook. Jack Ma has less than 10% share in Alibaba, but they continue to be in control of their companies as they have a condition that investors will have lesser voting rights compared to their quantum of investment," said Sunil Parekh, chairman of a sub-committee on Start-Ups at FICCI – Gujarat. He believes that waste management, water management, Internet of Things (IoY), Fintech and Healthcare are some of the sectors where Gujarat can make it big.
Ketna Hirji, a startup consultant based out of UK cautioned against blind competition among states. "Rather than competing for the same pie, they should mutually identify sectors and then carve a niche as per their own USPs," she said.
AIM OF DISCUSSION
The discussion aimed at chalking out a road-map for creating a self sustaining ecosystem and rectify the shortcomings. Players are identifying sectors for which Gujarat is conducive. They also want legal framework that allows startup founders to continue the control over their companies in spite of having minority shareholding in the company.
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