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First-ever ASEAN-India Start-up Festival 2022 bolsters ASEAN-India cooperation
The launch of the first-ever ASEAN-India Start-Up Festival today marked the 30th anniversary of ASEAN and India’s relationship. It was hosted by the ASEAN Committee on Science, Technology, and Innovation (COSTI), in collaboration with the Indian Department of Science and Technology (DST), via the Indonesian National Research and Innovation Agency (BRIN) and the IIT Kanpur Start-up Incubation and Innovation Centre (SIIC).
The ASEAN-India Startup Festival is a flagship initiative that aims to strengthen cooperation and collaboration in science, technology, and innovation between ASEAN Member States and India, as outlined in the ASEAN-India Partnership Plan of Action for Peace, Progress, and Shared Prosperity (2021-2025).
This festival provides an opportunity for participating delegates from ASEAN and India to connect with businesses and investors from around the world, as well as further strengthen cross-border ties with ASEAN countries in the field of science and technology.
In his remarks, Deputy Secretary-General for ASEAN Economic Community Satvinder Singh mentioned that ASEAN has a dynamic and promising startup ecosystem. “Despite the pandemic, last year we welcomed 25 new unicorns as the largest startups to emerge in ASEAN, with their combined valuation of US$55.4 billion. This is a testament to the enduring investor confidence in our local startups. The successful holding of the 1st ASEAN-India Start-up Festival see opportunities to further strengthen ASEAN-India cooperation to accelerate the startup economy,” he said.
DST Secretary Dr. Srivari Chandrasekhar noted, “India is now seeking to capitalise on breakthrough innovations for comprehensive socio-economic growth and the ASEAN India partnership will support the real impact of these efforts.”
According to India’s Ambassador to ASEAN, Jayant Khobragade, India has emerged as the world’s third largest startup ecosystem, with over 77,000 recognised startups across the country. The startups aims to provide collective solutions in 56 different industry sectors, with 13% coming from IT services, 9% from healthcare, 7% from education, and so on. This has resulted in an exponential increase in the number of unicorns in India. India has 107 unicorns with a total value of US$340 billion as of September 2022. Out of the total number of unicorns, 44 were born in 2021 with a market value of US$93 billion. Further, 21 unicorns have been born so far in 2022 with a market value of US$26.99 billion. As a result, India has become a breeding ground for thriving startups.
The ASEAN-India Startup Festival 2022 brought together key players in the startup ecosystem development, including government officials, start-ups, research institutes, universities, inventors and innovators, and other financial institutions.
Participating start-ups will compete in a ‘Pitch Battle’ – a pitch deck competition – on the third day of the festival, with a total winning prize of US$7,500. SIIC and BRIN have begun the application process to select 30 Indian and 30 ASEAN startups to participate in the festival.