It's great time to be an entrepreneur in India, says Co-founder of boAt and Shark Tank India judge Aman Gupta during Start-up Fest 'Ignite 2024' at Chandigarh University

CHANDIGARH, India, Oct. 25, 2024 /PRNewswire/ -- Chandigarh University's two-day national level Start-up Fest, 'Ignite 2024', concluded on Thursday with a visionary entrepreneur, co-founder of boAt and Shark Tank India judge Aman Gupta sharing his insights on product innovation, building a brand and business strategy. This even witnessed aspiring entrepreneurs and startups from the university deliberate with Aman to transform innovative ideas into successful ventures. 

On the occasion, a felicitation ceremony, which was attended by Member of Parliament (Rajya Sabha) and Chandigarh University Chancellor Satnam Singh Sandhu among others, was held to give five Startups Excellence Awards to Chandigarh University alumni and five Business Excellence Awards were given to celebrate parents as business leaders.

35 (Thirty Five) Startups from Startup Haat, an exhibition which featured 60 internal and five external Startups and held as part of Ignite 2024, were chosen for getting access to resources, tools, mentorship, and support from Chandigarh University to develop and scale their startup ideas through the Technology Business Incubator (TBI) at Chandigarh University.

Chandigarh University's Technology Business Incubator (CU-TBI) is mobilising Rs 5 crore to catalyze growth in the startup ecosystem at CU. This initiative brings together key stakeholders from Chandigarh University and venture capital partners to empower innovative startups and foster entrepreneurship.

Interacting with Chandigarh University students during 'Unfiltered with Aman Gupta' session, the chief guest and Shark Tank India fame judge, spoke on the buzzing Start-Up eco-system in India which is evident from the student startups which are generating revenues. The Shark Tank India judge said, "So many good courses are coming up (to promote entrepreneurship) and so many things are going in India, so I think it's a good time to be an entrepreneur in India. So, if you can start as soon as possible, it's good for the country also that we have more entrepreneurs. PM Modi also says that start-ups will play an important role in making Viksit Bharat."

Giving tips for creating a new brand, Gupta said, "When we started boAt, there were lots of foreign brands in the market, but still we made our name in the industry which had so many brands. We should not fear any brand because at some point of time it too must have started from a scratch and made a big brand. So don't fear anyone. No matter which industry you join (as an entrepreneur) don't fear anyone. You will not succeed till you try. We too tried and succeeded in making our brand. So don't think that there is competition, make a mind how to beat the competition."

"Unlike earlier, loans and RBI policies and environment for start-ups and entrepreneurship is quite conducive now; its very favourable to young entrepreneurs. If you have any great idea, execute it immediately don't wait. Unlike in the past, there is no dearth of funds or finances for good business ideas today. For entrepreneurship, an idea is no sufficient, you have to do a lot of hustle, struggle before becoming successful. But do what you like. Self-confidence is must because its drives confidence. Everybody has their role in an organisation, so one should work to his or her strengths. For competing in the market, one must not be fearful, you try it and give best shot and see how you can go about beating the competition."

Responding to a question from a student, Gupta said, "If we see, there are many influencers, creators and content creators who have created their own brands. If we want to do something, then we have to create your own story to increase demand of our product or service. After this, send it to your ten friends and ask them to promote it. Work has become very easy in today's time."

Member of Parliament (Rajya Sabha) and Chandigarh University Chancellor Satnam Singh Sandhu, said, "Ignite 2024 is a great platform for aspiring entrepreneurs and it will bring out very good results. This event will benefit all in getting valuable insights for doing something worthwhile in life which is must for each individual.

"All those who are getting formal education always dream big and you need to take big initiative to realise these dreams. Each one of you have lots of options in life. You can become a bureaucrat, a politician, businessman, a CEO and join a company or even become a farmer which too is an option. There are lots of options in life. But as far I am concerned, I feel having your own business is the best option as thus one can become his own boss. There is no comparison if you have your own business, and you work as per your own command and you earn as per the hard work you put in. I believe an entrepreneur leads a good life because you can do anything you want, and it gets you good results."

Another panel discussion on 'Policy and Industry Perspective', was attended by Dr Sanjeev Majumdar, Senior Manager, NRDC, Pankaj Setiya, General Manager, RBI, Ritika Singh (TiE Chandigarh), Ishita Thaman (IES) General Manager, MSME – DFO, Balbir Singh, General Manager, SIDBI.

Pankaj Setiya, General Manger RBI, said, "India has made significant improvement in Global Innovation Index (GII) in last few years, India was at 80th position decade ago and now it has come in the 30s and the way we are moving forward soon we will be the top 10. RBI has introduced several fintech initiatives which can be instrumental in transforming start-ups into successful ventures. With robust digital public infrastructure, deep mobile penetration, UPI, Jan Dhan bank accounts and world-class digital payment infrastructure India's business landscape has transformed completely in recent years. These developments can be used by start-ups to their advantage; this would make things more efficient, easy, quick, accessible, affordable and efficient. RBI organizes an annual event 'Hackathon' to solve real-world financial problems; we need to strengthen digital lending regulation. RBI also has Regulatory Sandbox that allows new financial products and services (start-ups ideas) to be tested in a controlled environment."

Balbir Singh, GM SIDBI, said, "The vision of Viksit Bharat can only be achieved with women-led development and entrepreneurship. There are number of schemes for women entrepreneurs and start-ups especially in MSME sector. If there is viability for an idea there is absolutely no hindrance to it becoming a successful venture. Capital is the most important factor for starting a business so if you have an idea there is no dearth of government schemes. There are different types of loans on low interest and angel investors are also there."

Ishita Thaman, (IES) MSMEs, Assistant Director NITI Aayog, said, "MSME Ministry has been playing a major role for entrepreneurship and start-ups. Infact ministries like Science and Technology, NITI Aayog and Commerce Ministry all are contributing in that direction. The goal of Atmanirbhar Bharat and Viksit Bharat can only be achieved with proper nurturing of entrepreneurship in our country.

"Prime Ministers Employment Guarantee Programme provides financial assistance in form of loan upto Rs 50 lakhs for a great business idea. And in this scheme women entrepreneurs can avail subsidy benefit of upto 15 to 35 per cent while male entrepreneurs can avail subsidy benefit of upto 15 to 25 per cent. MSME Idea Hackathon scheme provides Rs 15 lakh in financial support for approved business ideas to the host institution to help innovators bring their ideas to life. Chandigarh University is one of the host institutions who have got ideas approved under the scheme."

A session on 'Punjab's success stories' was also held during the event which was attended by Harjinder Singh Cheema, Managing Director, Cheema Boilers Limited, Manipal Dhariwal, Co-Founder and CEO of Netsmartz and Somveer Anand, Mission Director, IM Punjab and Pind Pipes.

Business Excellence Award for Best entrepreneur was given to Ishpinder Singh. In the Start-Up Excellence Award, Best Social impact Startup was bagged by Jai Chachra, Best Fintech Startup was bagged by Lovelesh Dutt and Best Tech Startup was bagged by Kartik Bhalla and Best Edutech Startup was given to Kunwar Nabh. In the Startup Haat competition Sakhi, Monk Design, Cyberforge Academy and Beyond Demis were adjudged as winners.

About Chandigarh University

Chandigarh University is a NAAC A+ Grade University and QS World Ranked University. This autonomous educational institution is approved by UGC and is located near Chandigarh in the state of Punjab. It is the youngest university in India and the only private university in Punjab to be honoured with A+ Grade by NAAC (National Assessment and Accreditation Council). CU offers more than 109 UG and PG programs in the field of engineering, management, pharmacy, law, architecture, journalism, animation, hotel management, commerce, and others. It has been awarded as The University with Best Placements by WCRC.

Website address: https://www.cuchd.in/

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