Hyderabad: Start-ups unsure they will benefit from Global Entrepreneurship Summit
Hyderabad: While the state government is celebrating the success of the eighth edition of Global Entrepreneurship Summit (GES), which was hosted in Hyderabad, Indian start-ups do not expect to see concrete results immediately. According to the government, the aim of the Summit was to nurture innovation and entrepreneurship, and participants will reap rich dividends in the future.
Though the GES has not produced any tangible results yet, it has added momentum to entrepreneurial activity in the country. Ms Ajaita Shah, a native of Rajasthan and the winner of the start-up pitching competition, said, “The GES was only about momentum. I hope that a year from now, when you ask me about the impact of the Summit, I will be able to tell you that we have scaled and reached all parts of the country.” Ms Shah runs frontier markets to empower rural women. After having seen the founders of several start-ups reach out to established panellists and speakers seeking guidance, she is optimistic that the Summit will have a positive impact in the long run.
According to the government, over 40,000 contacts were exchanged during the three days of the summit. Many entrepreneurs have established connections that would otherwise have been impossible. Ms V. Aruna, the founder of a Hyderabad-based online jewellery store, says, “I have been running my business for ten years, and I needed to take it to next level. Through the GES, I got a connection to Walmart. I want to export jewellery to the USA. Let’s see how this goes forward, but at least I have a connection now.”
Several entrepreneurs decided to make the most of the opportunity and asked some renowned panellists to pose with and endorse their products. Ms Teresa Nelson Carpenter of Reel Muzik Weks LLC, the company that has produced music for movies such as Guardians of the Galaxy and The Conjuring 2, says that she doesn’t mind endorsing start-ups. “There are entrepreneurs who can use me to propel their own brands. I love to support women in business and if they want me to endorse their products, I will,” she said.
Panellists at the GES and NITI Aayog CEO Amitabh Kant said that while other countries were trying to build products for future, Indian start-ups were trying to solve existing problems. In such a scenario, investments and partnerships are more important than expansion plans. According to IT minister K.T. Rama Rao, the GES has created excitement and aspirations among entrepreneurs. The protracted dream of turning Hyderabad into the next Silicon Valley will be propelled by the persistent impact of the Summit.
