Innovation, incubation, and impact: Highlights from SummitUp 2024

SummitUp 2024, hosted by NSRCEL, IIM Bangalore's entrepreneurship and innovation hub, successfully concluded, leaving behind a wealth of insights and transformative discussions that will continue to shape the future of entrepreneurship in India. With a focus on key themes such as tech and deeptech, governance, impact, funding, and gender lens, the two-day event attracted over 300 startup founders, industry experts, and entrepreneurial enthusiasts, reinforcing its status as a driving force in India's entrepreneurial ecosystem.

SummitUp 2024 delivered engaging dialogues and underscored the importance of innovation and collaboration in accelerating growth for the nation. One of the key highlights was the launch of the India Incubator Kaleidoscope 2024 report, a joint effort by NSRCEL, IIM Bangalore, and IIT Madras. The report emphasised the critical role that incubators play in fast-tracking startup growth through accelerated funding, intellectual property creation, and enhanced economic resilience. The findings revealed that incubated startups are 2.5 times more likely to secure funding, making the report an essential tool for shaping future policies and practices in India's startup ecosystem.

Reflecting on the event's success, Anand Sri Ganesh, CEO of NSRCEL, said, “We are delighted to host the third edition of NSRCEL's SummitUp, a platform that honours the spirit of innovation and collaboration driving our startup ecosystem. This milestone reflects our dedication to fostering growth and creativity among entrepreneurs, who play a crucial role in advancing economic development.”

“By empowering startups, we not only create jobs but also energise local economies and inspire future generations. Together, we have the chance to turn challenges into opportunities and make a meaningful impact. Let us come together to push boundaries and pave the way for a brighter future,” he added.

Keynotes and Panels: Insights that Matter

SummitUp 2024 kicked off with an impactful keynote by Amitabh Kant, G20 Sherpa, Government of India, and former CEO of NITI Aayog. He emphasised India's journey toward becoming a $30 trillion economy, urging the audience to harness entrepreneurial disruption to tackle governance and funding challenges, further fuelling India’s startup ambitions.

Vipul Parekh, Co-Founder of Bigbasket, also took the stage, delivering a compelling keynote titled ‘Founding the vision: Navigating milestones, challenges, and the journey of building a startup’. His insights on developing customer-centric products and building a cohesive, purpose-driven team resonated deeply with the audience, offering valuable lessons for startups aiming for sustainable growth.

One of the most talked-about panel discussions was ‘Cracking the code: Key reasons why VCs walk away’, featuring prominent venture capitalists like Piyush Bansal of Aditya Birla Ventures, Parag Dhol of Athera Venture Partners, Ashish Fafadia of Blume Ventures, and Krishnan S Iyer of NDR InvIT. The panel unpacked the crucial factors that influence investment decisions, helping entrepreneurs understand how to build strong business models that appeal to investors.

Swadesh Srivastava, CBO, Emerging Mobility BU, and Chair, Innovation Council at Hero MotoCorp, presented a keynote on the mobility landscape and shared key insights on the sector's future, emphasising the growing demand for hyper-personalisation and connectivity among consumers.

Shaping the future of innovation and incubation

Among the standout tracks was ‘The ecosystem evolution: Mastering incubation for India’s next innovation wave’, which provided attendees with actionable insights into the role of incubators in shaping the next wave of startup innovation in India. With experts like Prof Srivardhini K Jha - Professor, Entrepreneurship, IIM Bangalore & Chairperson, NSRCEL, Prof Thillai Rajan - Professor, Management Studies, IIT Madras and Head, Centre for Research on Startups and Risk Financing, Poyni Bhatt - Member, Investment Committee, Maharashtra Innovation and Technological Development Fund, and Prof. Ashok Jhunjhunwala - Institute Professor, IIT Madras and Former President IIT Madras Research Park leading the discussions, participants walked away with a deep understanding of how to enhance incubation programmes and drive meaningful change in the startup ecosystem.

Masterclasses on topics ranging from product design for global markets to business models for Gen AI and deeptech further enriched the learning experience, offering hands-on expertise from industry leaders like Ravi Kallayil, CEO, Plaeto.in, Meena Ganesh, Co-founder & Chairperson, Portea Medical, Shankar Maruwada, CEO, EkStep Foundation and Co-Chair, Centre for Open Societal Systems, and Arjun Rao, General Partner, Speciale Invest.

Looking ahead: Building on the momentum

As SummitUp 2024 drew to a close, it was clear that the event had made a lasting impact on India's entrepreneurial ecosystem. Beyond the discussions, it was the networking opportunities—where startup founders, investors, and industry leaders forged meaningful connections—that made the event truly memorable. The collective efforts to address current challenges and capitalise on emerging opportunities have set the stage for continued innovation and growth in the coming years.

SummitUp 2024 has once again demonstrated the importance of collaboration, diversity, and community in shaping the future of Indian entrepreneurship. As we look forward, the insights and connections from this year’s event will undoubtedly play a pivotal role in driving the next wave of innovation.