ASEAN, India launch Start-Up Festival

Jakarta: ASEAN and India celebrated 30 years of relation with the launch of the 1st ASEAN-India Start-Up Festival today. 
 
It is hosted by the ASEAN Committee on Science, Technology and Innovation (COSTI), in partnership with the Indian Department of Science and Technology (DST), through the National Research and Innovation Agency (BRIN) of Indonesia and Start-up Incubation and Innovation Centre (SIIC) IIT Kanpur.
 
ASEAN-India Startup Festival is a flagship initiative that aims to strengthen cooperation and collaboration in science, technology and innovation between the ASEAN Member States and India as highlighted in the Plan of action for the ASEAN-India Partnership for peace, progress, and shared prosperity (2021-2025).

This festival presents an opportunity for participating delegates from ASEAN and India to expand the national startup ecosystem to a global network, connect with businesses and investors from the international arena and 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," said Singh inn a media release on Thursday.
 
According to DST Secretary Dr. Srivari Chandrasekhar, 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.
 
Ambassador of India to ASEAN Jayant Khobragade pointed out that India has emerged as the 3rd largest ecosystem for Start-up globally with over 77,000 recognised startups across the country. 
 
"The startup aims to provide collective solution in 56 diverse industry sectors with 13% from IT service, 9% healthcare, 7% education etc. This has led to exponential growth of unicorns in India. As on September 2022, India is home to 107 unicorns with a total value of US$340bn. Out of the total number of unicorns, 44 were born in 2021 with a value of US$93bn and 21 unicorns so far in 2022 with a value of US$26.99bn. India thus has become a ground for flourishing startups," the Indian Ambassador explained.
 
According to BRIN Chairman Laksana Tri Handoko, research and innovation, especially in start-ups and small and medium enterprises, play a key role as the main engine of the economy during the post-pandemic. 
 
"BRIN and collaborative partners are committed to strengthening their mutual collaboration in bridging invention with innovation through global engagement," he added
 
The ASEAN-India Startup Festival 2022 brought together key players involved in the development of the startup ecosystem, namely government officials, start-ups, research institutes, universities, inventors, and innovators, as well as other financial institutions.
 
On the third day of the festival, participating start-ups will compete in a 'Pitch Battle' – a pitch deck competition, with a total winning prize of US$7,500. 
 
SIIC and BRIN started the application process to select 30 Indian startups and 30 ASEAN start-ups to take part in the festival. 
 
The festival is set to return next year.

 
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