This article is part of Inc42’s Year-End Stories for 2017 where we’ll highlight the major developments, issues, controversies of 2017 and their impact on the Indian startup ecosystem. Find all the stories of this series here.
“You don’t learn to walk by following rules. You learn by doing, and by falling over.”
― Richard Branson
The year gone-by, if brought some correction measures in the Indian startup ecosystem, new platforms, new verticals, new investments and big exits ultimately appeared to have set the tone for 2018 — “It doesn’t matter where you came from. all that matters is where you are going.”
This year marked the increasing significance of startup ecosystem among the various state and central governments. Karnataka, Kerala, Rajasthan, Maharashtra, Andhra Pradesh, Telangana, Tamil Nadu and Punjab are some of the states which announced a number of pro-startup policies to lure startuppers and entrepreneurs.
Leading the policies from the front, the Indian government introduced GST enacting a historical tax reform bill. This year, the government released $15.6 Mn funding to SIDBI under fund of funds. Though the amount is significantly lower than $78.4 Mn released for 2015-2016. The government also informed that 75 startups have successfully raised a cumulative funding of $52 Mn.
The Karnataka government, out of 1700 applications it received, shortlisted 112 startups for the state-sponsored Elevate 100 incubation programme.
The newest state in the country, Telangana is hyperactive in nurturing the startup ecosystem. Besides the T-Hub activities, the state government created a draft policy on electric vehicles. Which only Karnataka has done so far. Telangana also announced the launch of an early-stage fund for entrepreneurs looking to establish their startup in the state.