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As a startup policy is ready, Chandigarh is witnessing an extraordinary surge in startup culture, positioning it as a startup hub for innovation and entrepreneurship, said Dharam Pal, Advisor to the UT Administrator, at a CII event here on Tuesday.

The theme for the session was ‘Be innovative, Be entrepreneurial, Be here’, which was organised as part of the CII initiative ICONN 2023.  

Speakers at the session shared government strategies and policies being undertaken to support entrepreneurs in the region, which enable startups to ensure more purposeful, productive, agile, and flexible ways of conducting business.

“In Chandigarh region, we are witnessing an extraordinary surge in the startup culture, positioning it as a startup hub for innovation and entrepreneurship. Its strategic location coupled with access to a skilled workforce from renowned educational institutions makes this region increasingly attractive to inspiring entrepreneurs,” Pal said.

He said the UT boasts several advantageous features for business growth, including an efficient and responsive administrative setup, a well-planned city that offers one of the best qualities of life in the country, a highly educated and skilled workforce, proximity to esteemed institutions, excellent social and physical infrastructure, a high human development index, prosperity, access to abundant educational institutions, smaller and less congested urban areas, readily available low-cost office spaces and quality of life.

“The startup policy for Chandigarh is almost ready and will be out anytime. So we are hoping that with the help specific inputs from the government and a general vibrant economy and an ecosystem which is fostering new ideas, we will all see that the startup scenario of India and Chandigarh remains vibrant,” said Hargunjit Kaur, Secretary, Industries, Chandigarh Administration.

Delivering the keynote address, Sandeep Minnie Riat, Managing Director, Akal Spring Ltd, imparted insights and essential lessons to the emerging startups.

She said, “The dilemma of an entrepreneur is that they don't have answers. We are always in that realm of ‘I don't know’. Half the game is lost when we think people are watching, you need to imagine that there is no one watching you.

“Where every day you look at your fears. Every day you value your own values, and you're glad that certain values you didn't give up. And it's a difficult journey, but it's a beautiful journey. Startups have been glamorized, if you take the word startup away from it then it's all about that fire in the belly.”

Highlighting the position of startups in India, Kripi Singh, Member, CII National Startups Council, said, “The Indian startup ecosystem has grown exponentially due to an increasing number of unicorns and a steady rise in venture capital inflow.

“Since 2014 annual VC funding to Indian startups has grown eight fold from $5 billion dollars in 2014 to $42 billion in 2021. India's unicorn population has grown around 18 folds from six to 105.”