Innovation is harbinger of socio-economic development: President

Innovation was a harbinger of socio-economic development, President Pranab Mukherjee said on Thursday while launching a national portal for start-up entrepreneurs.

On the sixth day of the ongoing festival of Innovations at Rashtrapati Bhavan, the president launched the national portal for start-up entrepreneurs -- SIDBI Startup Mitra -- developed by the Small Industries Development Bank of India (SIDBI).

Recommendations emanating from the discussions were presented to the president.

"The online platform 'SIDBI Startup Mitra' will act as a one-stop solution to meet the financing and other needs of early stage and start-up enterprises," said Mukherjee.

He said integration of start-ups with investors, angel funds, mentor funds, and other service providers will help create an inclusive innovation eco-system in the country.

"Innovation facilitates growth and creates job opportunities. Innovation holds great promise in uplifting the living standards of people. A novel idea if transformed into a useful product can usher in progress for the society.

"But the path to convert novelties into new products or services is riddled with challenges. Any new business venture require resources for investing in factors of production like capital, workforce and technology," he added.

"New-age financing options like angel investors, venture capitalists, crowd funding, seed finance, and 'innovation on technology' funds can meet the special requirements of innovation projects at formative stages," he said.