Hyderabad: India’s largest incubator, T-Hub is fostering innovation and startup culture in the State. It has set a benchmark for other States to replicate the model.
So far, four States including Delhi, Goa, Assam and Tripura have taken support from T-Hub to draw out plans to encourage entrepreneurship. T-Hub is all set to come out with the world’s largest incubator by end of next year. In a fresh move, the government is planning to come out with a series of initiatives to encourage women entrepreneurs including creation of a women startup incubator ‘WE Hub’, a first such incubator in the country.
Sharing specific plans that the government has in order to encourage women entrepreneurs, Telangana Industries and IT Minister KT Rama Rao on Thursday said at GES, “To make a difference in the women entrepreneurship space, Telangana will come out ‘Women Entrepreneurs Hub (WE Hub) soon. The modalities will be worked out soon to create this incubator. The State will also launch a dedicated fund for women entrepreneurs with a corpus of Rs 15 crore investing about Rs 25 lakh to Rs 1 crore in each company. As we have already mandated 20 per cent of government procurement to come from MSMEs, it will ensure that one-fourth or more of it will go to women-run enterprises this year. We will strengthen the government procurement policy to enable more and more women entrepreneurship.”
He stressed, GES has rightly focused on the need to boost women entrepreneurship. The State which has already been encouraging women entrepreneurs through three women-only industrial parks and its country’s largest incubator T-Hub will in future come out with specific incentives and subsidies for women entrepreneurs.
KTR emphasised, “We should realise that the top 100 companies of the world are not going to be major job creators as they have reached saturation and it’s the small and medium businesses and startups which will create jobs in future. And these have to be nurtured. To strengthen the entrepreneurial efforts, the State government will work with NITI Aayog in creating a road map to tap the future potential to make the promises made to the entrepreneurs turn into tangible outcomes.”
India is making strides in the ease of doing business and with a focus on quality index, the country can achieve greater progress in the coming years. India should complete globally and so should be its States. Unless States do not compete with others, the nation will not achieve its full potential, the Minister pointed out.
The summit is expected to create entrepreneurial dynamism and drive all the efforts of the Central government-Make in India, Startup India and Digital India to a next level. This is the first time that GES had about 53 per cent women participation, said, NITI Aayog CEO Amitabh Kant.
He said the GES app that was used through a wearable device enabled identification of 42,679 contacts, 75,000 contacts made, 12,000 business cards exchanged, 11,356 meetings requested, 89,000 tweets made, 1,000 GB of upload/donwload happened at the GES. This is a testament of how a platform like this can bring entrepreneurs and investors connect and enable fruitful networking.
The eighth edition of GES has created a distinction by enabling 53 per cent women entrepreneur participation, women representation from 127 countries, all-woman delegations by 10 countries, 33 per cent of women participating the summit who are under 30 years of age and the youngest woman entrepreneur who participated being 13 years old, representing Israel.
KTR said, the road to GES has fetched rich dividend by providing access to the abundant talent available in the entrepreneurial ecosystem. Speaking about the strengths of Hyderabad as a host to the summit, the Minister said, the city has emerged as an attractive meetings, incentives, conferences and exhibitions (MICE destination).
“It’s time to realise that India is beyond the four metros and cities such as Hyderabad are emerging as new growth centres. The city has showcased its strength by hosting the GES successfully, further boosting its efforts to nurture and support entrepreneurs,” KTR said.
Niti Aayog’s plans
Kant said, “As part of the Atal Innovation Mission, we will ensure that the tinkering labs set up in schools will include girl schools across the country. This will lead to disruption. We will support the incubators that will encourage women entrepreneurs. There are plans to create a women cell that will help entrepreneurs with legal, IPR and financial guidance.”
Niti Aayog will fund the funds to support entrepreneurs. As Indian entrepreneurs focus on solving the nation’s problems, the government can facilitate growth by playing a catalytic role, he added.