Startups need to be encouraged to experiment and ensure that they are not afraid of failure, Commerce and Industry Minister Piyush Goyal said on Tuesday.
“Our startups need to be encouraged to experiment and go beyond the run of the mill thinking. We need to ensure that our startups are not afraid of failure. I believe that the country should celebrate failure because it is only when somebody fails, he knows how not to do something,” he said at CII’s Global Bio India Startup Conclave.
Stressing on the need to ensure they are not afraid of failure, he said that it is only when somebody fails, he knows how not to do something, and the learning helps in the future.
He also said that our startups, young professionals, innovators, thinkers, and scientists will be at the cutting edge of technology worldwide, and at the forefront of India’s development to ensure a better future for our children.
The minister also said the need of the hour is to engage more with rural India as there is a lot of talent.
“You cannot have great innovation and invention coming up through just government initiative. We need to have all sections of the business involved. The government should act as an enabler, a service provider,” the minister added.
He emphasised that synergy between the government and the private sector is essential and the government has to be an enabler and provide support to the ecosystem.
The government is taking steps to promote startups in the country. It had launched the Startup India initiative in January 2016 to build a strong ecosystem for nurturing innovation and entrepreneurship.
During the event, the project development cell of DBT was launched. Five new technologies were also launched.
On these technologies, the Minister said that these are reflective of India’s Aatmanirbhar Bharat campaign, which would help in excelling in modern technology, and help Indians access to a better life and also healthcare facilities.
Lauding the efforts of DBT, the minister said that they have demonstrated India’s capability and prowess in research, innovation, and new technologies. He said that forward-looking, contemporary thinking and professional approach of the department has ensured that there are over four thousand startups in the country in the field of Biotechnology.
Shri Goyal assured complete support from the Ministry of Commerce and Industry to the startups, including support to the startups to get access to the funds, opportunities, and exposure to the world.
(With inputs from PTI)