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Reduce "infant mortality" rate among start-ups: Prabhu

Press Trust of India  |  Panaji 

The official figure of existing start-ups in was 20,000, but their actual number is much more than that, Union today said.

The current figure of young ventures in the country is "grossly understated", he said and suggested reducing "infant mortality" rate among start-ups.

He was addressing the Start-Up and Innovation Day here. The two-day event, which ended today, was an interactive programme organised by the government to provide a platform to new ventures to explore various opportunities. State Information and was also present on the occasion.

"officially has 20,000 start-ups across the country, but this is a grossly understated number. When go around the country, see there are several more start-ups," he said, delivering the key-note address.

Recalling his recent visit to the Gujarat University, said he found young boys aged 17-18 years who have incredible ideas.

"These boys are ahead of others. They"are going to be successful of the future."

The said a phenomenon like "infant mortality", which prevails among human beings (and refers to deaths of young children), also exists in start-ups and this has proved detrimental to their growth.

"Infant mortality also exists in case of start-ups as most of the start-ups are not going beyond their first few months of activity. So we must also work on reducing this infant mortality rate," he said.

said start-ups in showed promising growth of 36 per cent during 2017.

"There has been 36 per cent growth in start-ups in the year 2017 which am monitoring every day. It (the growth) will accelerate. Start-ups is going to be an extremely important activity.

"Of the total USD 18 billion invested in start-ups, USD 14 billion were in the last year," he said.

Some of the employees of large companies have launched

their own start-ups, Prabhu said.

A total of USD 217 million has been invested in employee-driven start-ups in India, he added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, April 28 2018. 15:55 IST