Earlier in the day, we reported how 12 new Indian ventures have recently got Rs 85cr in funding courtesy the Pitch@Rahstrapati Bhavan startup event organised by the Presidential Residence on March 7, 2017.

The event saw Indian President Pranab Mukherjee taking the stage and talking about the current status of the Indian Startup Ecosystem. He talked about how despite of having a "large eco-system" for maiden ventures, opening a startup in the country is still a difficult task owing to issues related to funding etc.

"In India, we have a large eco-system of 4,500 start-ups - the third largest in the world. Even then, it is not easy to start a new venture in India. Access to funding and mentorship remains a hurdle," said Mukherjee speaking at the Pitch@Rahstrapati Bhavan event.

He also talked about what all steps need to be taken to mend the situation. He said, there is a need to provide a facilitative environment to the youth of the country so as to give wings to their imagination and take forward their new ideas. He also urged the investors to have an appetite for risk and nurture more and more innovative ideas.

He talked in detail about how investors in India often shy away from investing their money in innovation startups as they are not sure if they would get their money back or earn profits. Giving them advice, he said that investors must have an eye for identifying the good ideas from the ordinary ones.

He said, "But one must understand that even though nine out of ten ventures that an investor may fund, may fail; still, the one venture that will succeed, will make good the loss incurred on the rest. Such are the rules of the game."

Mukherjee also talked about how there is an urgent need for India to adopt a focused strategy to support new, curious and talented minds so that they can pursue their talents to give birth to innovation solutions to present-day challenges.

Talking about the importance of entrepreneurship in a country, President Mukherjee said, that how entrepreneurship coupled with the zeal to solve contemporary challenges, through innovative ideas and solutions, is one of the key pathways leading to socio-economic progress in any country.

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