HYDERABAD: ‘Innovation and Entrepreneurship in the AI era’, as the theme, the third edition of the three-day International Startup Festival (ISF) started at the Engineering Staff College of India (ESCI) in Hyderabad on Thursday.
According to a press communique, as many as 12 Memorandums of Understanding (MoUs) were signed to strengthen the startup ecosystem.
The release said that over 200 curated startups demonstrated their innovations at the startup exhibition of the event, which was inaugurated by Zaheerabad MP D Shetkar Suresh Kumar. The highlight was ‘junicorn’ pavilion, an exclusive zone created for school students and undergraduate innovators to showcase and present their solutions to world leaders. Over 30 junicorns took part.
IT Minister D Sridhar Babu stated that the ISF leadership has brought into light a new concept of junicorns after unicorns and soonicorns, where ISF is encouraging the next generation of innovators.
“Currently, many startups are finding innovative solutions in domains apart from software and technology, like mechanical, agricultural, health tech etc. Telangana government wants to partner with various national and international companies and foster their growth. This is where the government would like to spend its time and focus on. Most of these innovators struggle to find the right market or struggle to scale up. We wish to create a suitable infrastructure to help the startups find the right market in India and overseas. We wish to have 40-50 unicorns propelled in the state,” he added.
‘Focus on rural solutions’
JA Chowdary, foundation chairperson, suggested startups to focus on rural India, adding that it accounts for 65% of the country’s population contributing only 46% of the national income but growing only at about 10% annually. “Solutions for the problems in rural India can play a pivotal role in transforming the lives of the majority of the population, help connect them with the rapidly growing economy of the country and be the accelerators towards change.”
A rural economic roundtable, said to be first-of-its-kind, also took place where discussion pertained around challenges and possible enablers to encourage the enhanced contribution of the rural economy in the growth of country, the release said.
Three-day trade fair begins at Hitex
The Analytica Anacon India, India Lab Expo and Pharma Pro & Pack Expo 2024 began at the Hitex here on Thursday. With over 500 exhibitors, 7,000 products and 120 new product launches, the three-day event is touted to be the largest-ever edition of the trade fairs.