Early-stage startups to take centre stage at WIEF IdeaLab 2018 in India
Asia is closing in on the US as the biggest home for venture capital, with total funding of $70.8bn in 2017, to America’s $71.9bn[1]
Goa, 16 October 2018 – Goa Institute of Management (GIM) and WIEF Young Leaders Network (WYN) are organising IdeaLab 2018 in Goa, India. The objective of this year’s platform is to cultivate entrepreneurs and assist in the development of startup ecosystems with emphasis on the seed or early-stage category. The 2-day event is scheduled to be held at GIM campus in Goa, India from 16-17 October 2018.
‘This is the first time WIEF’s IdeaLab has travelled out of its home city, Kuala Lumpur. We started IdeaLab in 2015 and aimed for it to become a startup empowerment platform. Goa fits the bill perfectly for IdeaLab 2018 as Goa’s government has proclaimed to make Goa not just a national startup hub, but the top 25 startup hub in Asia, by 2025,’ said Tun Musa Hitam, Chairman of WIEF Foundation.
‘We are truly pleased to be taking a step closer in achieving the objective of serving as an incubator for startups in India. NITI Aayog (National Institution for Transforming India) has selected GIM to set up an Atal Incubation Centre (AIC) under the Atal Innovation Mission (AIM) scheme. The AIC at GIM is the third incubation center setup within the state’, said Dr. Ajit Parulekar, Director, GIM.
Startups in India are hitting new highs in terms of their valuations. Global investors are ploughing funds into the sector. In the past, the startup scene has been defined by consumer-driven ventures. Lately, there has been a shift in that ecosystem as India’s startups begin to focus on technology and product innovation.
This trend is largely being driven by India’s expanding economy, rising disposable income, and the technology boom. India has seen a wave of entrepreneurs trying to tap the market with new ventures. India’s GDP grew at 7.7 per cent in the first three months of 2018, making it the world’s fastest growing major economy[2].
According to data from Nasscom, the number of startups funded and funding deals actually went up marginally in 2016. VCs raised US$2 billion for investment in seed or early-stage startups. Student entrepreneurs formed 350 startups in 2016, a 25 percent rise from 2015. With reference to industry body, Assocham’s numbers, India ranked third in the world – just after the US and the UK – when it comes to the number of tech startups[3].
IdeaLab 2018 is designed to prepare early stage startups to move into the entrepreneurial phase with VCs, entrepreneurs and experienced startups contributing to the platform. It has attracted more than 30 speakers from Malaysia, South Africa, Singapore, Scandinavia, USA, Denmark, India and many more.
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About the World Islamic Economic Forum (WIEF) Foundation
The WIEF Foundation, a not-for-profit organisation based in Kuala Lumpur, organises the annual World Islamic Economic Forum, a world-class business platform showcasing business opportunities in the Muslim world, and runs programmes of the various initiatives of the Foundation that strengthen people partnership and knowledge exchange between Muslim and non-Muslim communities across the globe.
The WIEF has previously held forums in Malaysia, Kazakhstan, Indonesia, Kuwait, Pakistan, the United Kingdom and United Arab Emirates and aims to bring together Muslim and non-Muslim communities through the common language of business.
About WIEF IdeaLab
Established in 2015 under WIEF Young Leaders Network (WYN), IdeaLab is a boutique startup conference that connects global investors to the most promising startups around ASEAN, particularly in e-commerce, fintech, edutech, foodtech and other disruptive sectors.
It hosts a wide viariety of features such as : IdeaPad that gives an opportunity for startups to pitch to investors; Ideation Stage is where avant-garde ideas and developments are shared by industry experts and successful startups : Opportunities Marketplace is where corporations and investor pitch to startups to solve a particuar industry problem or challenge; components of Lab51 allow business founders to meet coders and technical developer. And : Startups Anonymours is where startups from different stages come together to share best practices. IdeaLab has been held annually in Kuala Lumpur since 2015.
Goa Institute of Management (GIM) : Celebrating 25 Years
GIM was established in 1993 by Rev Fr Romuald D’Sourza supported by a team of professionals and industrialists. It has risen to become an institute with offers cutting-edge management programmes designed for future jobs. B-school ranking surveys have shown a rising trend in GIM, consistently ranking among the top 10 private B-schools in India. Over the years, GIM has earned the enviable reputation of being one of the finest management schools in the country. GIM’s strength is in its diversity, be it in the academic, ethnic or social diversity. The institute presently takes pride in outstanding students, excellent infrastructure and the best talents that make up its core faculty. GIM today offers a rich bouquet of programmes that meet the challenging business needs of our nation.
GIM is celebrating 25 glorious years of imparting knowledge to the country’s future corporate leaders. In its 25th year of operation, GIM has introduced its new post graduate diploma programme in big data analytics for the academic year 2018-19.
GIM has set up the Atal Incubation (AIC) after it was selected by the National Institution for Transforming India (NITI) Aayog to set up an incubation centre under the Atal Innovation Mission (AIM) scheme. The AIC at GIM, with a team of dedicated professionals, have established world-class incubation facilities. Its very first activity is the hosting of the WIEF IdeaLab 2018.
For media inquiry, kindly contact:
- Soo Hoo Siew Kheng, siewkheng@wief.org or +603 2163 5500, +6013 280 9300
- GIM PR Contacts
[1] according to the latest PwC/CB Insights MoneyTree Report
[2] https://www.thenational.ae/business/economy/indian-startup-scene-ride-the-wave-while-you-can-1.747928
[3] https://www.techinasia.com/india-startup-scene