OdishaLIVE Bureau
The Indus Entrepreneurs (TiE), was founded in 1992 in Silicon Valley by a group of successful entrepreneurs, corporate executives, and senior professionals with roots in the Indus region. TiE’s focus is on generating and nurturing next generation of entrepreneurs. The Government of Odisha has recognized 80 startups in the last two months under its Startup Odisha initiative. These statistics were revealed during the recently held meeting of the Task Force.
OdishaLIVE met with Mr. Debashish Patnaik (Managing Director of Dalema and the New President of TiE Bhubaneswar Chapter), where he talks about the current entrepreneurship development initiative of the Government of Odisha and the steps taken to pursue things in a positive trajectory.
What is your vision for entrepreneurship development in Odisha and of the steps taken by the government to achieve it?
The Entrepreneurship Environment in Odisha is comparatively less developed than the other states, making us one of the underdeveloped areas with respect of entrepreneurship in India. TiE aims at fostering Entrepreneurship in Odisha. For the past decade of our active presence in Odisha, our area of action is bound in and around Bhubaneswar. We are focusing primarily in expansion activities to the backward districts of the state, upgrading them from level one by nurturing the entrepreneurship at the grass root levels to successful world class business organizations.
Please elaborate on the current startup scenario in Odisha and the opportunities that we can tap in the various sectors.
In our initial two years, we realized the sparse presence of startups in the state. But gradually we have managed to multiply the numbers to 100-150 startups in the first two years itself. Presently we have almost 200-250 startups actively contributing to the state’s economy. By the end of 2018 we hope to raise the numbers to 1000 being aided by various government agencies and MSMEs in particular, that have a larger role to play in this endeavor.
The Centre and the State Governments have taken up various steps to achieve the startup vision. What is your view on it?
As we know the state government has always been supportive of all the policies being initiated by the central government. We were one of the earliest states to have on paper and in action the startup policy of the state. Even the established organizations are now able to support startups with a very clear idea on how to go forward in various stages.
How do you think TiE contributes to Odisha Entrepreneurship Conclave?
TiE has fostered and leveraged the Odia youth to start something of their own by focusing on new concepts and monetizing new opportunities. Basically TiE helps to mentor them and nurture their ideas using the following steps by developing their business proposals, categorizing their feasibility report that easily fetches them funds to implement their proposal from various financial organizations, venture capitalists and angel investors. The stages are very gradual and cohesive in nature.
How do you see the startup ecosystem and the interplay between funding and failure in the industry?
The country is offering a flourishing environment to the startups. However we must be realistic in that the rate of success would not be hundred percent. Taking into account the numbers in the past, only 5% of startups are deemed to succeed following funding. Setting a benchmark of 2-3 failures to 1 rate of success and concluding the failure of the startup system is not acceptable. At present analyzing the success of the system is too early to fetch a comment; instead it would be better to look into these statistics after a span of 3-4 years.
How do you plan to develop the mindset of the youth as the state is not seen as much reputed to foster entrepreneurship?
Odisha has always been rich in entrepreneurship. Even in the ancient times we had maritime trade connections all around the world with Bali, Sumatra to name a few. The spirit of entrepreneurship is still present and it only needs to be reignited and given a push to stand again.
