Union minister for commerce, industry and civil aviation Suresh Prabhu believes that the Indian startups should focus on building “business models” for the society in his speech that reflects his intent on further motivating the startup ecosystem for India’s future.
According to him, the startups should build solutions which can solve crucial matters like water insufficiency in households or bring mass healthcare solutions to the rural areas.
The Minister was speaking at the grand finale of ET Power of Ideas hosted in New Delhi.
Testifying the efficacy of startups in propelling India towards growth and development, Prabhu iterated that the power of ideas can transform the lives of the people in India. He further enumerated the importance of converting ideas into business models to make them work and survive.
“India’s future lies with the startups,” the minister said.
Addressing the startup community, the minister further 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.”