Gujarat Startup Boom: Liberal Policies Fuel 900+ Patents

Gandhinagar : Gujarat, once known primarily for its traditional industries, has now witnessed a remarkable transformation, boasting over 900 patents filed by startups – a testament to the sector’s burgeoning innovation.

This phenomenal growth is no accident. In 2015, Gujarat harbored only 25 fledgling startups. Today, that number has ballooned to over 9,000, a 360-fold increase in just seven years. The state’s startup policy, lauded for its ease of doing business and generous incentives, has played a pivotal role in attracting and nurturing this entrepreneurial wave.

On the second day of the Vibrant Gujarat Global Summit 2024, a seminar titled “Startups Unlocking the Infinite Potential” was held on the prospects of growth of industries in Gujarat.

Rajesh Kumar Singh, Secretary of the Department of Commerce and Industry, Government of India, discussed the impact of startups, noting that they have generated employment for over 25,000 people, including more than 15,000 women. Startups have been initiated in state schools through the i-Hub platform, with a sanctioned fund of one crore rupees. The new policy, effective post-2020, aims to extend its reach to rural areas. Additionally, he highlighted that India has now become the third-largest country globally in terms of startup initiatives.

The CEO of i-Hub, Hiranmay Mahanta, has made significant progress in the startup sector in Gujarat. In 2015, there were only 25 startups in the state, which has grown to over 9,000 startups today. The Gujarat government’s startup policy is proving to be effective in accelerating startups. New jobs are being created in every sector due to these startups. During the COVID-19 pandemic, one unicorn was being created annually, which has increased to one unicorn per week. Five unicorn companies have started in Gujarat, the first of which is a student led startup.

The Gujarat government’s startup policy is working on the 3M policy of money market and mentorship. Our goal is to reach startups in every district and taluka of the state. We are encouraging women leaders in startups through policy-led innovation. Investment in startups will give a boost to the state’s economic growth and usher in an era of technology in the state’s trade and business.

The topic of making India an ‘Atmanirbhar’ nation through startups was discussed in an open dialogue. The panellists included the Department of Commerce and Industry along with DPIIT’s Joint Secretary Sanjeev Iyer, Switzerland’s JPEG Convener Prof. Dr. Touradj Ebrahimi, United States – IBM Security Specialist Mr. Krishna Yellepedyi, Former Vice President of the United States Dr. Piyush Desai, Portland’s ClearVisits’ Gregory Maurer, NITI Aayog Chairman, and Mission Director of Atal Innovation Mission (AIM) Dr. Chintan Vaishnav, along with other experts. In the second session, a lecture was held on creating the necessary ecosystem for nation-building, with the presence of notable figures such as Additional Industries Commissioner (IAS) of the Gujarat Government, Shri Kuldeep Arya, and Managing Director of GMDC, Shri Rupvantsinh, alongside students and entrepreneurs.