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The much-awaited SummitUp 2024, hosted by NSRCEL - IIM Bangalore's entrepreneurship and innovation hub, has come to a successful conclusion, delivering crucial insights and reflective discussions in shaping the future of entrepreneurship in India. SummitUp focussed on the themes of Tech & DeepTech, Governance, Impact, Funding and the Gender Lens.
SummitUp 2024 was characterised by its depth of engagement and wide industry reach. The event brought together 300+ startup founders, industry experts and entrepreneurship enthusiasts - signalling its significance in India’s entrepreneurial ecosystem. SummitUp 2024 has further solidified its position as a driving force supporting innovation and growth for the nation.
One key highlight of the event was the launch of the ‘India Incubator Kaleidoscope 2024’ report, jointly developed by NSRCEL, IIM Bangalore, and IIT Madras. The report emphasizes the vital role incubators play in fast-tracking startup growth, driving accelerated funding, intellectual property creation, and greater robustness. As per the report, key findings show that incubated startups are 2.5 times more likely to secure funding and significantly boost job creation and economic growth. The report is expected to influence both policy and practice in the startup ecosystem.
Kicking off Day 1 of SummitUp was a keynote address delivered by Shri Amitabh Kant, G20 Sherpa, Government of India, and ex-CEO of NITI Aayog. He emphasized India’s journey towards becoming a $30 trillion economy and the need to encourage entrepreneurial disruption to solve challenges like governance and funding - further fuelling entrepreneurial ambitions.
The second day also featured a keynote address by Vipul Parekh, Co-Founder of bigbasket.com. The address, titled “Founding the Vision: Navigating Milestones, Challenges, and the Journey of Building a Startup,” equipped audiences with actionable insights on building customer-focused products, refining core ideas, and fostering a strong, team-driven culture - areas that are key to a startup’s growth.
Among the key panel discussions was "Cracking the Code: Key Reasons Why VCs Walk Away," led by leading venture capitalists Piyush Bansal of Aditya Birla Ventures, Parag Dhol of Athera Venture Partners, Ashish Fafadia of Blume Ventures, and Krishnan S. Iyer of NDR InvIT. The session elicited fundamental reasons why some startups fail to get funded through insights on building strong business fundamentals and realistic growth models that appeal to investors.
Swadesh Srivastava, CBO, Emerging Mobility BU, and Chair, Innovation Council at Hero MotoCorp, also joined the conversation at SummitUp. He discussed the evolving landscape of mobility and shared key insights on the sector's future, emphasizing the growing demand for hyper-personalization and connectivity among consumers.
Also featuring sessions led by experts like Prof. Srivardhini K Jha - Professor, Entrepreneurship, IIM Bangalore & Chairperson, NSRCEL, Prof. Thillai Rajan - Professor, Management Studies, IIT Madras and Head, Centre for Research on Startups and Risk Financing, Poyni Bhatt - Member, Investment Committee, Maharashtra Innovation and Technological Development Fund, and Prof. Ashok Jhunjhunwala - Institute Professor, IIT Madras and Former President IIT Madras Research Park - the track equipped participants with the tools to enhance their incubation programs, drive impactful change and strengthen India’s startup ecosystem.