The 8th edition of the Global Entrepreneurship Summit held at the International Convention Centre (HICC) in Hyderabad, India. It is the first time when the summit was held in South Asia. The event focused on India’s enabling environment for innovation and entrepreneurship, and ease of doing business in India.
The Theme of the GES 2017 summit was ‘Women First, Prosperity for All’. The theme showcased the need for more women participation in the businesses as entrepreneurs.
The summit was hosted by NITI Ayog in collaboration with the US government and was being attended by 1500 entrepreneurs, investors and ecosystem supporters from across 159 countries. It is a clear indication of a growing economic partnership between two countries.
The 2017 summit focused on four innovative, high-growth industries –
(i) Healthcare and life sciences.
(ii) Digital economy and financial technology.
(iii) Energy and infrastructure.
(iv) Media and entertainment.
Ivanka Trump, the adviser to and daughter of US President Donald Trump, headed the US delegation at the event.
‘Mitra’ robot greeted PM Modi and Ivanka Trump at the summit– Mitra, an indigenously-built robot greeted Prime Minister Narendra Modi and Ivanka Trump with a ‘Namaste’.
About ‘Mitra robot’ –
- Mitra is an indigenous robot made of fibre-glass developed by a two-year-old startup Invento Robotics in Bangalore in 2015.
- The robot was designed by Balaji Viswanathan (founder of Invento Robotics).
- The 5-foot-tall Mitra robot is also serving humans in a few Canara Bank branches as well as PVR Cinema outlets in Bengaluru.
Highest ever participants represented by the women delegates – About 52.5 percent of the participants represented by the women delegates which are the highest ever in Global Entrepreneurship Summit history. Afghanistan, Saudi Arabia and Israel are among 10 countries which were represented by all-female delegates.
Some of the prominent names which attended the event include – Chanda Kochhar, MD and CEO ICICI Bank Ltd; Cherie Blair, Founder of Cherie Blair Foundation for Women; Ola co-founder Bhavish Agarwal; Deep Kalra of Makemytrip.com. Miss World Manushi Chillar, actress Sonam Kapoor, Aditi Rao Hydari, and sports stars Sania Mirza and Mithali Raj.
Youngest Entrepreneur at GES 2017 – Hamish Finlayson a 13-year-old from Australia is the youngest entrepreneur at the Global Entrepreneurship Summit at Hyderabad. Studying in 7th grade is currently working on the sixth app to increase awareness about traffic rules. Till now he has developed five apps. He developed his first App when he was just 10 years old.
Some insights on the discussion held at the summit are as follows:
Entrepreneurship In India
Entrepreneurship has a wide scope in India taking into account its demographic dividend. India’s demographic dividend can be the key to the largest young workforce in the whole world by 2025. Despite its potential to change the dynamics of the business from what it is today, it lags behind its counterparts Brazil, China and South Africa.
According to a survey, less than half population sees entrepreneurship as a desirable career choice. There are so many constraints of not seeing it as a career option and various factors that attributes of such thinking are –
i) Lack of funding from government institutions.
ii) Complex tax structures and socio-cultural norms associated with it.
iii) Poor infrastructure and lack of basic services.
iv) Lack of entrepreneurial education at the primary and secondary level schools.
Although, Indian entrepreneurs have done well in IT, media and entertainment and healthcare services yet there is a significant need to harness the untapped potential of women in these sectors.
Put Indian women entrepreneurs first
BUILDING 3C’s – Women needs 3 C’s which are confidence, capability and capital access. There is so much that needs to be done to bring women to the mainstream businesses.
Education plays an important role in bringing such a change. Therefore, there is a need to develop tinkering labs where they can get a hands-on training as part of their curriculum in primary and secondary schools.
Mentoring plays an important role in promoting success in entrepreneurship. India should take a cue from the US in establishing a non-profit organization such as SCORE that is directed to free mentoring services to the entrepreneurs.
Besides book learning, Hands-on skills should be given more importance that is required to run a business. Private and public sectors must join hands to develop an integrated approach in order to harness the untapped potential of women entrepreneurs.
India ranked near the bottom of the 2017 Index of Women Entrepreneurs. India ranked at 49th positions out of 54 countries. The index was launched by the MasterCard which was based on an assessment of Women’s Advancement Outcomes; Knowledge Assets and Financial Access; and Supporting Entrepreneurial Conditions.
Indian women have brought laurels to the nation as is evident from the recent successes in the area of sports, astronomy, freedom struggle. If they are put first in entrepreneurship they are sure to change the economic scenario of the country for good and are likely to put India first.
Grand Champion of the GIST Catalyst pitch competition at GES 2017 – The entrepreneur of India Ajaita Shah has been named the 2017 Global Innovation in Science and Technology (GIST) Catalyst pitch competition Grand Champion at the 2017 Global Entrepreneurship Summit.
She is the founder & CEO of the startup, Frontier Markets which is the last mile distribution solution for energy products with a focus on solar technology that empowers women. Frontier Markets gives women in India the tools they need to teach their communities about the benefits of solar power and sell solar products.
Initiatives by the Indian Govt.
To promote Entrepreneurship
Among various classes
During the Global Entrepreneurship Summit 2017, Prime Minister Narendra Modi invited global entrepreneurs to come to India. He said, “To my entrepreneur friends from across the globe, I would like to say, ‘Come, Make in India, Invest in India’, for India and for the world”.
Important announcements made by PM Narendra Modi at GES 2017 –
1. The govt. has scrapped over 1200 outdated laws and 87 rules for foreign investment eased in 21 sectors.
2. A number of government processes have been made Online.
3. The foreign reserves of the county have crossed $400 billion which attracts large foreign capital flows.
4. Under the entrepreneurship loan scheme, MUDRA, worth Rs 4.28 trillion (Rs 4.28 lakh crore) have been sanctioned.
5. Under the ‘Atal Innovation Mission’, Tinkering Labs are being opened in more than 900 schools to promote a culture of innovation and entrepreneurship among children.
6. Under a new scheme, ‘Saubhagya’, Govt. will provide electricity connection to all the unelectrified families by December 2018.
7. To provide high-speed broadband Internet to all rural areas by March 2019.
8. With the launch of GST, the taxation system has been overhauled.
9. The Insolvency and Bankruptcy Code has been launched to ensure timely resolution for stressed ventures.
10. Unique Identification project Aadhar is the world’s biggest biometric digital database which covers over 1.15 billion people and digitally authenticates over 40 million transactions daily.
11. Unified Payment Interface App called BHIM launched to promote the cashless economy. The platform is facilitating almost 280,000 transactions daily.
12. Start-Up India scheme is a complete action plan to foster entrepreneurship and promote innovation. Initiatives like Stand up India makes it possible for women, SC and ST entrepreneurs to avail themselves a loan of up to 1 crores.
Global Entrepreneurship Summit is an initiative of former US President Barack Obama to bring entrepreneurs from across the world on one platform. The summit was first held in 2010 in Washington D.C. and subsequently, it has been hosted by Turkey, United Arab Emirates, Malaysia, Morocco and Kenya. In 2016, Silicon Valley hosted the Global Entrepreneurship Summit.