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Startups should help solve society’s teething problems: Suresh Prabhu

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Indian startups should focus on building “business models” for the society, which can solve teething problems like making water available for every household or bringing healthcare to the rural masses, Union minister

"Most businesses try to earn goodwill after they succeed. But entrepreneurs must come up with a business idea, which can be a business opportunity and earn goodwill at the same time."
“Most businesses try to earn goodwill after they succeed. But entrepreneurs must come up with a business idea, which can be a business opportunity and earn goodwill at the same time.”

for commerce, industry and civil aviation Suresh Prabhu said at the grand finale of ET Power of Ideas hosted in New Delhi on Monday.

Prabhu spoke on the power of ideas to transform lives of people and why it is important to convert ideas into business models to make them work and survive. Making a reference to discussions with vice-president M Venkaiah Naidu and some ministers recently, Prabhu mentioned how the humongous African market is waiting to be exploited by Indian entrepreneurs if they can come up with the right ideas. “India’s future lies in startups,” the minister said.

“Most businesses try to earn goodwill after they succeed. But entrepreneurs must come up with a business idea, which can be a business opportunity and earn goodwill at the same time.”

Prabhu explained through the anecdote of a German friend that unlike developed countries where everything is predictable and there are no surprises, developing countries like India are ripe for new ideas since there are multiple problems to be solved.

The Power of Ideas 2017 was opened to all Indian citizens and initially got over 5,200 business summaries. It ran over four phases. In the first phase, 358 ideas were shortlisted.

Startups proposing these ideas participated in group mentoring sessions, followed by elevator pitches or brief presentations to an investor.

About 55 startups made it past the first round and underwent an intensive residential mentoring programme at IIM-A. These candidates presented their ideas to an investment committee that prepared a final shortlist of candidates who were given cash grants and seed funds worth a total of Rs 6.2 crore.



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