PremiumThe Union minister said start ups should focus on these cities in order to avail venture capital funding, capacity building and creating awareness about government schemes that promote startups in those regions.
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NEW DELHI : Piyush Goyal, the union minister for commerce and industry, while chairing the fourth meeting of NSAC (National Startup Advisory Council) in Delhi asked start-ups to focus on tier-2 and tier-3 cities.
The Union minister said start ups should focus on these cities in order to avail venture capital funding, capacity building and creating awareness about government schemes that promote startups in those regions.
"He urged them (council members) to focus on tier 2 and tier 3 cities where limited VC (Venture Capital) funding is available," the commerce ministry said in a statement.
Goyal further emphasised on the need for capacity building and creating awareness about various initiatives of the government to promote startups in such cities.
The council, it said, deliberated upon matters related to the startup ecosystem, including protecting ownership of startups with original promoters, incorporating in India, listing in India and developing innovation hubs.
The minister also launched NavIC Grand Challenge which aims at promoting adoption of NavIC as a geo-positioning solution.
NSAC was constituted by the Department for Promotion of Industry and Internal Trade (DPIIT) to advise the government on measures needed to build a strong ecosystem for nurturing innovation and startups in the country.
The meeting was attended by key stakeholders, officials and existing startups in the country. Some of them included Manoj Kohli, Country Head, Softbank India; Abhiraj Bhal, Co-founder, UrbanCompany; and Kunal Bahl, Co-founder and CEO, Snap-deal.
