Telangana Minister Eyes 50 Unicorn Startups and USD 1 Trillion Economy at ISF 2024

Hyderabad, Sep 27 (KNN) The International Startup Festival (ISF) 2024 commenced on Thursday with Telangana Information Technology and Industries Minister D. Sridhar Babu emphasising the pivotal role of startups in the state's ambitious journey towards becoming a USD 1 trillion economy over the next decade.

The three-day festival, themed "Innovation and Entrepreneurship in the AI Era," is set to bring together key players from the global innovation and investment community.

Speaking at the inauguration, Minister Sridhar Babu highlighted the Telangana government's commitment to fostering startup growth through strategic partnerships with both national and international companies. "Many innovators struggle to find the right market or to scale up.

Our goal is to create the necessary infrastructure to support startups in accessing both Indian and global markets," he stated. The state aims to nurture 40-50 unicorns in the coming years, propelling its economic growth.

Among the state’s initiatives, the Minister pointed to the proposed AI City, a 200-acre hub near Hyderabad designed to boost the technology ecosystem. He also discussed plans for the Young India Skills University, which will focus on training youth in emerging technologies such as artificial intelligence (AI).

Organized by the International Startup Foundation, ISF 2024 has attracted over 5,000 delegates from 15 countries, including the U.S., Canada, UK, and Australia.

More than 250 CEOs, 300 venture capitalists, and 800 angel investors are participating in the event, which aims to connect innovators with global investors and markets.

On the opening day, ISF signed 12 Memorandums of Understanding (MoUs) with prominent organizations such as Singularity University, the U.S.-India Chamber of Commerce, We-Hub, and the Research and Innovation Circle of Hyderabad (RICH).

These partnerships aim to bolster the startup ecosystem by providing mentorship, funding, and market access to the next generation of entrepreneurs, with a special focus on empowering women innovators.

The event also saw the announcement of the winners of the ISF Pitch Fest, while over 200 startups showcased their innovations at the ISF Expo, inaugurated by Member of Parliament D. Shetkar Suresh Kumar and IT Secretary Jayesh Ranjan.

Chairperson J.A. Chowdary praised ISF 2024 as a platform for igniting creativity and transforming ideas into viable solutions, solidifying Hyderabad's role as a global startup hub.

(KNN Bureau)