New Delhi, Mar 17 (KNN) President Pranab Mukherjee today launched the online platform 'SIDBI-Start-up Mitra' which would act as a one-stop solution to meet the financing and other needs of early stage and start-up enterprises.

A roundtable discussion on funding for innovations was organized today in Rashtrapati Bhavan on the sixth day of the ongoing Festival of Innovations today in association with NABARD, SIDBI and National Innovation Foundation. 

The President that the 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. 

Union MSME Minister Kalraj Mishra along with other Union Ministers including Nitin Gadkari, Suresh Prabhu also participated in the discussion.

Key recommendations emanating from the discussions were presented to the President Pranab Mukherjee. 

Speaking on the occasion, the President said innovation is a harbinger of socio-economic development. It 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. 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.

The President said focused attention by the government, and public and private organizations, has seen several initiatives being launched for the promotion of innovation and entrepreneurship in India.

The Atal Innovation Mission (AIM) is being set up as a platform involving academics, entrepreneurs and researchers to foster a culture of innovation and promote a network of world-class innovation hubs. The Micro Units Development and Refinance Agency Bank (also called MUDRA Bank) has been set up to provide fillip to entrepreneurship in India through the funding of non-corporate small business sector. (With PIB Inputs)