No shortage of funds for good startups with strong business models: Amitabh Kant
India's G20 Sherpa Amitabh Kant has asserted that there is no shortage of funds for good startups with strong business models. He said the innovation and startup ecosystem is strongly positioned to find solutions to challenges facing the world today. He advocated a multi-pronged approach of 'fund of funds', credit enhancement schemes, and a sharp focus on good governance for a robust startup ecosystem.
Kant stated that Indian startups have successfully demonstrated the power of population-scale solutions at low cost. He said that there is no funding winter in startup space, and pointed to ‘spring’ of capital availability for good startups. The world is flushed with funds looking for well-structured good projects. He underlined the importance of self-regulation and good governance for startups and entrepreneurs.
He further said startup innovators start innovating and lose out on good governance. Today's startup is tomorrow a Fortune 500 company. So issue of financial propriety and governance is important. He also said ‘We must build culture of great, good governance among startups, which must be done by startups themselves’. He pointed out that Indian start-ups must give priority to good governance and financial management since inception, and not consider these as an afterthought.
