Speaking at the ninth edition of The Economic Times Startup Awards (ETSA) in Bengaluru, the minister said that occasional roadblocks would only help the startup ecosystem mature and come of age.
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“We will see a churn in the industry but cash flows and profits are finally becoming relevant … My business experience says that whenever you have too much cash you tend to make mistakes,” he said.
The minister added that a tight-fisted environment would always be good for those running a business. “You will manage money better and control expenses. Occasional roadblocks will only help our startup ecosystem mature,” Goyal declared.
“There is enough money for good ideas,” he said, and called upon Indian investors, including unicorns, to set up a homegrown fund to support the startup ecosystem.
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The minister highlighted government initiatives such as the ‘Fund Of Funds’, credit guarantees and mentorship programmes to generate opportunities for the startup sector.
Responding to a question on insurance companies or banks not investing in startups, Goyal said: “The public mindset is not yet mature enough to accept greater risk, even if it comes with a greater reward.”
He also said if anyone in the startup world felt that the laws of the land were becoming detrimental, they could provide feedback on the difficulties they faced complying with the law.
“We can come up with more laws on consumer protection that will help startups,” he added.
Insisting that the data protection law for the protection of users is not hurting anyone, Goyal said: “We’re not interfering in anyone’s business; for instance, with consumer affairs, all we want to ensure is that the consumer is protected and not coerced into something detrimental.”