Diplomatist Magazine Oman 2018 - Special Report | Page 35

on developing products and solutions based
on innovative technology. A number of
startup incubation centres set up in academic
institutions like the Indian Institutes of
Technology (IITs) and startup accelerators
based in tier-I and tier-II cities can be a source
for developing disruptive technologies and
acquiring entrepreneurial talent. India offers
a great opportunity for companies and their
R&D centres to partner, invest,’ or acquire
talent and disruptive technologies that are being
developed by these startups.
To foster startups, nurture innovation and
promote an enabling startup ecosystem which
can foster entrepreneurship, the Government
of India launched its fl agship initiative Startup
India on 16 January 2016. Through this
initiative, the government plans to empower
startup ventures to boost entrepreneurship,
economic growth and employment across
India. The government’s Action Plan focuses
both on restricting hindrances and promoting
faster growth by way of - a) Simplifi cation
and Handholding; b) Funding Support
and Incentives; and c) Industry-Academia
Partnership and Incubation. The government
has also launched a ‘Startup Hub India’ to
act as an online platform for entrepreneurs to
connect with other entrepreneurs, advisers,
consultants, mentors, guides, angel investors,
incubators, accelerators, and venture capital
firms. This platform helps entrepreneurs
connect, collaborate, learn, seek advice
and network with fellow members. The
government has already launched iMADE, an
app development platform aimed at producing
1,000,000 apps and PMMY, the MUDRA Bank,
a new institution set up for development and
refi nancing activities relating to micro units
with a refi nance Fund of ₹200 billion ($3.1
billion). There are about 44 schemes run by
various arms of the government, all of which
provide tax breaks, incentives, grant money
and other forms of assistance to wannabe
‘technopreneurs’.
Startups and entrepreneurs in India are
maturing and looking deeper into specific
problems and fi nding solutions for the people.
For them, the next big opportunities lie in
pockets which have so far been untouched by
technology. These involve the use of machine
learning and artifi cial intelligence technology
to solve ineffi ciencies in logistics, healthcare,
education and financial services. Global
attention is turning to India’s rich talent pool, its
advancements in disruptive technology, a robust
innovation network and alliances, and its ability
to drive customer-centric models. This refl ects
India’s strengths as an innovation enabler and
its emerging role as a promising destination for
technology innovation.
India is willing to share with Oman its rich
experience in incubation and the promotion of
entrepreneurship. India and Oman can build a
partnership where the StartUp Ecosystem in
India can look at opportunities in Oman and
participate in Oman’s development as a hub
of Tech-Entrepreneurship, with an ecosystem
which promotes SMEs to look at Technology
Solutions. Also, co-operation between India
and Oman in the fi elds of higher and technical
education, skill and vocational training, and
development of SMEs will benefi t both the
countries in generating employment and
strengthening their economies.
2018 • INDIA-OMAN • 35