Guwahati: Assam Start Up - The Nest, in its fifth year of existence, has started a new journey with Incubation Cohort 5.0. Business North East recently interviewed Chief Operating Officer (COO) Rajarshi Sarma to learn about the new methodologies, opportunities, and challenges associated with the project. Excerpts of the interview are below:

Business North East: What can you tell us about Incubation Cohort 5.0?

Rajarshi Sarma: We are happy to announce the launch of the 5th batch (Cohort 5.0) of incubation program at Assam Startup - the Nest. This year, we have slightly improvised the program, with a differentiated approach based on the stage of the Startups. Instead of a single program structure which was being followed previously, Incubation Cohort 5.0 comprises of 3 programs - 1) Ignite, for idea stage entrepreneurs, 2) Nurture, for early revenue stage startups and 3) Elevate, for growth stage startups. Each of these programs have a well-structured plan of activities comprising of bootcamps, mentorship, capacity building sessions etc. to leverage the transition of the startups from one stage to the next.

BNE: Tell us about collaboration of Assam Startup - the Nest with other prominent organizations.

RS: At Assam Startup - the Nest, we believe in collaborative work. The Startup Ecosystem has various stakeholders, working towards one common goal of helping the startups. We work in close collaboration with various other startup incubators, colleges, universities in Assam and this synergy benefits the startup community to a great extent. We are also collaborating with institutions of prominence like IITs and IIMs to make their vast knowledge pool available to the startups. Additionally, we are establishing collaboration with various investors, corporate houses across the country for the benefit of startups.

BNE: Please, tell us about successful start-ups.

RS: The startup ecosystem in the state has grown phenomenally in the last few years and it will continue to grow at a much faster pace in the years to come. Irrespective of sector, many startups from Assam have been able to make their mark in the national and international markets. This is a very positive sign, and we must appreciate the startup founders for demonstrating excellent leadership skills and business acumen.

BNE: What Assam Start Up is doing to uplift the failed start-ups?

RS: Entrepreneurship is a challenging journey. Statistics show that a significant portion of the startups fail in their formative years. However, if we look at the journey of successful startups, we will see that many of them did not succeed with their first products/services. It is the process of iteration that eventually led to the product/service which became the success story these startups are now known for. Thus, looking at failure as a learning experience is probably an important perspective startup founders must inculcate. Pivoting plays a very crucial role in the success of any startup. A pivot is when a startup breaks out of its core focus and fundamentally changes direction. Sometimes it happens early on in a company's life; during other times, after one or more rounds of funding. It might mean scrapping a key product or pursuing an entirely new market, if not both. However, this process can be psychologically and financially difficult for startups. Providing mentoring support during these times is very essential. Assam Startup - the Nest provides them necessary mentoring support and guidance during such times also.

BNE: What are the current opportunities and challenges of Assam Start Up?

RS: The economy of Assam is in a robust growth trajectory and state GDP has been growing at a decent rate in the last few years, with multiple projects taken up for development of the state. This indicates an opportune time for startups in Assam. With the increase in economic activities and rise in the number of industries, the domestic consumption has been on the rise and this has led to an increase in the addressable market for the startups hailing from Assam. In addition to that, we have also witnessed an increase in private sector investors' interest in the startups from Assam. Government of Assam has been playing a pivotal part in the startup support ecosystem with the 200 crore Assam Venture Capital Fund setup last year with SIDBI, in addition to the support mechanism available under the Assam Startup Policy 2017. So, there are plethora of opportunities in Assam for startups right now. There will be challenges, but with such a strong support ecosystem, I strongly believe that any challenges can be overcome.  

BNE: Do you think start-ups in Assam will be able to cope with the numbers in the developed states like Maharashtra and Karnataka?

RS: It would be wrong to compare one state to another as every state has its own set of demographics, business environment and market dynamics. It will not be fair to compare a Bangalore start-up ecosystem with a Guwahati start-up ecosystem purely in terms of numbers. Types of industries will be different in both cases, number of startups will vary. But if we compare the evolution of the ecosystem, we have been at par with many developed states, at least in relative terms. The growth of our startup ecosystem has been very fast in the last few years. In 2019, Assam was considered as an 'Emerging Ecosystem' in the Startup India State Ranking, while now Assam is considered as a 'Leader' state in Category A (states with more than 1 crore population). 

BNE: Please tell us about Assam Start-Up Recognition. Who can apply?

RS: Assam start-up recognition is given to any start-up, either registered in Assam or having a significant operational presence in Assam. Its popularly known as MASI, which stands for My Assam Start-Up ID. Anyone with a valid registration can apply for the MASI with an innovative idea. They can go to our website that is https://startup.assam.gov.in/. There they can find the link for applying to Assam Start-Up Recognition where they can apply. There is a very simple form wherein they need to tell about their business idea and upload the supporting documents. The application is then reviewed by experts and MASI is subsequently assigned. Incubation at Assam Startup the Nest is not a mandatory criterion for obtaining MASI. Startups can get MASI even if they are not incubated with Assam Startup the Nest. 

BNE: What are the future plans for Assam Start-Up?

RS: Assam Start Up - The Nest has completed 5 years of its existence.  So, in a way, Assam Startup is also like a start-up in itself. The first five years have been like a zero to one journey wherein Assam Start up got a foothold on the start-up ecosystem. It has made a mark for itself in the Indian start-up ecosystem. As we move forward, it is a collective responsibility of all stakeholders who are associated with Assam Start-Up to take it to the next level of growth and prominence. we will continue working tirelessly for the benefit of startups and making Assam Startup ecosystem as a leading startup ecosystem in the world.

ALSO READ: Ola shuts down international operations amid rising competition, EV shift