ET Soonicorns Summit 2024: Trends in AI, Startup Ecosystem Growth, and Gender Funding Gap Solutions
Karnataka News

The ET Soonicorns Summit 2024 is currently taking place in Bengaluru, featuring a productive pre-lunch session that included the launch of the ‘ET 50 Future Unicorns of Karnataka’ report, a keynote speech by BV Naidu, Chairman of the Karnataka Digital Economy Mission (KDEM), and valuable insights into the Indian startup landscape presented by various panelists through the sessions held so far.
The event commenced with BV Naidu’s keynote, during which he extensively discussed the vibrant startup ecosystem in Bengaluru, the progressive policies implemented by the Karnataka government, and the positive trajectory of India’s economic growth.
“The startup ecosystem of Bengaluru is flourishing like none other. Out of the 115 unicorns in India, Bengaluru has produced 53—maintaining a GDP growth rate of 8.5%,” Naidu said.
He emphasized that the strong collaboration between government entities and industry stakeholders in Karnataka has been crucial in fostering the development of the startup ecosystem.
“The government has encouraged Centres of Excellence, further fostering innovation and efforts to spread the ecosystem beyond Bengaluru, including Mysore. The government of Karnataka is also supporting entrepreneurs through the Elevate programme, and has thus far funded 198 startups,” he said.
Hari Menon’s Insights on India’s E-commerce Growth and Quick-Commerce Trends
The Fireside chat featuring Hari Menon, Co-founder of BigBasket, took place after the Chairman’s keynote speech. Titled ‘Quick Commerce: A Paradigm Shift in E-commerce,’ the discussion was moderated by Digbijay Mishra, Deputy Editor of ETtech.
Menon expressed his satisfaction at being proven wrong regarding his initial views on quick commerce, acknowledging that the sector has experienced significant growth over the past few years.
“Customers are lapping it up—speed is something that customers are absolutely loving, specifically talking about grocery,” he said, adding that quick commerce was no longer verticalised and is moving into a multi-category. “As we speak, we at BigBasket have been selling three to four iPhones every minute!” shared Menon.
Mayank Kumar on the Future of Machines and Human Languages
Another Fireside chat featured Mayank Kumar, Co-founder and MD of upGrad, discussing ‘The Future of Learning: Will Future Developers Speak English to Machines?’ This conversation provided an in-depth exploration of the progression of machine learning and its implications for the future.
Kumar recounted an anecdote that the “future language of coding might be English & English!”
He emphasized that it is crucial for coders to acquire domain knowledge and understand customer dynamics to prepare for this evolving landscape, as the language of coding changes and machine communication evolves into a new realm.
A Panel Decoding the Reverse-Flipping Trend
The ‘Homecoming’ panel began and concluded on a profoundly emotional note as the speakers expressed evident pride in India’s progress in transforming its startup environment, leading to a trend where founders are returning to India.
They noted that the motivations for this shift include supportive government initiatives, readily available venture capital, a significantly larger and more skilled talent pool, and easier access to the primary market for entrepreneurs.
Abhishek Dubey, Partner at Trilegal specializing in M&A, Venture Capital & Private Equity, along with Ramakant Sharma, Founder and COO of Livspace, highlighted that there is no compelling reason for founders to relocate outside of India in the first place.
“Only move when you have a very solid reason to do so. If your whole business is India-centric, there is no point moving out,” they said, adding that the favourable policies of the government should add emphasis on staying back in India and not moving operations abroad.
Summary
During the ongoing ET Soonicorns Summit 2024, panelists have shared valuable insights regarding Karnataka’s thriving startup ecosystem, addressing critical issues such as gender funding disparities and strategies to overcome them. They also discussed the homecoming trend, emphasizing the importance of retaining startups within India. There’s still an opportunity for attendees to participate in the remaining sessions, including one focused on fundraising strategies.
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