World’s largest virtual entrepreneurial summit, The IndUS Entrepreneurs (TiE) Global Summit-2020 (TGS 2020) was held virtually from December 8-10, 2020. It was hosted by TiE Hyderabad. Vice-President(VP) Venkaiah Naidu virtually inaugurated the TGS 2020.
i.Theme of TGS 2020 – ‘Entrepreneurship 360’
ii.The summit focused on issues faced by Entrepreneurs, Funding Platform, pitching tactics to help start-ups.
i.Union Minister for Micro, Small and Medium Enterprises (MSME) & Road Transport & Highways, Nitin Gadkari, Arvind Kejriwal, Chief Minister of Delhi, N Chandrababu Naidu, Leader of Opposition, Andhra Pradesh and others.
ii.25 TiE Chapters from America, Europe, Africa, India and APAC (Asia-Pacific) participated in the summit.
Address by Nitin Gadkari:
i.Union Minister Nitin Gadkari stated that India is set to increase MSMEs contribution to the Gross Domestic Product (GDP) of India by 50 % from the current 30%.
ii.At present, MSME contributes 48% of total exports from India, and the government is planning to increase it to 60% in the future.
iii.MSME sector has generated around 11 crore jobs and government is planning to generate 5 crore jobs in the sector.
iv.Village industries like handlooms, handicrafts, Khadi Gram Udyog which generate around INR 80, 000 Crore Revenues will be scaled up to increase revenue to INR 5 Lakh Crore in the future.
Green Highway projects:
Nitin Gadkari stated that the Government will take up around 22 new green highway road projects across India.
Hydrogen Fuel Cells:
Research works are going on to use hydrogen fuel cells as alternative sources of energy for automobiles.
Delhi to roll-out Startup Policy:
During the summit, Delhi Chief Minister Arvind Kejriwal stated that the Government of Delhi is in an advanced stage of launching its Startup Policy.
i.In September 2019, TiE’s report noted that Delhi is home to around 7, 000 start-ups.The total value of these startups comes to around USD 50 Billion making Delhi a region with a vast number of active startups in India.
ii.He stated that between January and June, 2020 109 startups were established in Delhi which is the highest in India.
iii.Delhi is home to 13 unicorns in India some of them are PayTM, Oyo and Zomato.
iv.To further improve the ease of access, Delhi Government is planning to set up a business park which is a few minutes away from Delhi airport. It will be the 1st of its kind establishment.
Aarogya Setu app:
Ajay Prakash Sawhney, Secretary, Ministry of Electronics and Information Technology (MeitY) cited “Aarogya Setu” app as an example of growing infrastructure in India for Cloud computing services.
i.Noting that, India is in a top position in designing and manufacturing digital products which can cater to the demands of the Global market.
ii.Software as a Service (SaaS) will rise in India through growth of Cloud based services.
Anil Agarwal Foundation & Bill & Melinda Gates Foundation:
Anil Agarwal Foundation has partnered with Bill & Melinda Gates Foundation to end all forms of hunger and malnutrition by 2030.
i.The foundations will work together on Project Nand Ghar, an initiative of Anil Agarwal Foundation & Ministry of Women and Child Development (MoWCD) to achieve United Nations Sustainable Development Goal 2 (abolishing all forms of hunger and malnutrition by 2030).
ii.The projects aim to modernize infrastructure and focus on service to eradicate child malnutrition, access to quality healthcare and to empower women by providing skill development.
TiE Lifetime Achievement Award:
i.Bill Gates, Founder of Microsoft Corporation was presented with TiE Life-time Achievement Award for contribution to the computing world and also for co-founding the Bill & Melinda Gates Foundation which funds global health and development programs.
ii.F.C. Kohli (Posthumous), father of Indian Information Technology (IT) Industry, Founder and First Chief Executive Officer (CEO) of Tata Consultancy Services (TCS) was awarded 2020 TiE Lifetime Achievement Service award.
iii.Lifetime Achievement family business transformation was conferred on Bill Marriott of Marriott International.
iv.TiE presented 10 awards under different categories – 6 outstanding entrepreneurs and 7 ecosystem players.
|Best Government Agency Support Startup ecosystem||Singapore Government|
|Best Corporate Supporting Entrepreneurship||Google/Alphabet for Start-ups|
|Best University promoting Entrepreneurship||Stanford University|
|Best Accelerator award||Y Combinator|
|Best Performing Global VC (Venture Capital) Fund||Sequoia Capital|
|Most Active Angel Network in the World||Tech Coast Angels|
|Bootstrapped to Billions award||Ben Chestnut|
|Rapid Listing Award||VIR Biotechnology|
|Lightning Unicorn Award||Indigo Agriculture|
|Most Innovative startup||DataRobot|
The prizes were announced by a jury consisting of a committee chaired by N. R. Narayana Murthy, Founder of Infosys Technologies. The other members are Professor Jagdish Sheth, Charles H. Kellstadt Professor of Business, Emory University, Gururaj Deshpande, President and Chairman, Sparta Group LLC, Ping Fu, Co-founder Geomagic.
i.It is a non-profit Agency from Silicon Valley.
ii.It supports start-ups through networking and raising of capital for new and experienced entrepreneurs.
iii.It was established in 1992 by Indian-American businessman and angel investor, Kanwal Rekh, Suhas Patil an MIT professor and founder of Cirrus Logic, Prabhu Goel founder of Gateway Design Automation.
About The IndUS Entrepreneurs (TiE):
Chairman – Mahavir Pratap Sharma
TiE has 60 chapters (offices) in 17 countries.