Share on Twitter
From Hidden Gems to Unstoppable Forces: The Role of Awards in the Growth Story of Early-Stage Startups.
In a world where innovation drives progress, early-stage startups with the potential to disrupt industries are the hidden gems that can change the game. While running a business is never easy, it is most challenging at the early stages when startups are just getting started. These startups need to navigate through various challenges, such as limited access to resources & capital, low brand awareness, and fierce competition. However, with the right support, early-stage startups can thrive and grow into successful businesses.
Early-stage startups are businesses that are in the ideation or developmental phase of their product/service. They are often founded by entrepreneurs who have innovative ideas to build unique solutions to problems faced by them or the people around them. These startups typically have limited resources such as funding, small teams, and technical expertise. The startups start from scratch to build a business plan, hire the right people, and building a great product. Additionally, early-stage startups may face difficulties in gaining market traction and/or attracting customers.
One of the ways to overcome these challenges is through participation in various programs and initiatives organized by the Government and the private sector. Such programs can provide early-stage startups with the exposure, credibility, and validation required to build their product/service and even get them access to the required capital. Awards can further help startups gain recognition from customers, investors, and industry leaders. This also helps startups differentiate themselves from competitors and position themselves as leaders in their respective fields.
The Government of India has initiated one such initiative, the National Startup Awards, to acknowledge and appreciate fledgling entrepreneurs who are bringing about significant changes in their sectors. The awards seek to identify and honour innovative entrepreneurs who are making a mark at the early stages of their ventures.
In addition to awards, other government support can also play a crucial role in the success of early-stage startups. This support comes in various forms, such as funding, grants, incentives, and mentorship programs to help the startups navigate the challenges of building and growing a business. The National Startup Awards also comes with a year-long mentorship & handholding program which provides shared experiences and real-life exposure to the award-winning startups delivered by seasoned entrepreneurs, investors, and technical & business mentors.
One of the startups, Filmboard Movie Technologies is a DPIIT-recognised that enables producers and filmmakers to book any film related talent, crew, services, and locations. They won the National Startup Awards 2022 edition in the Media & Entertainment sector and is a beneficiary of the Seed Fund Scheme supported by JITO Incubation and Innovation Foundation incubator, with a debt-linked funding of INR 15 lakhs. The startup today has been able to raise external funding to the tune of INR 4.79 crores and has created employment for more than 17 people as per the data reported by the incubator.
Another startup,Genrobotic Innovations is also DPIIT-recognized, specializes in designing solutions that address pressing social issues by seamlessly combining robotics and artificial intelligence and is a winner of the National Startup Awards 2020 edition. The startup mentioned that after winning the awards the accessibility to their startup by various stakeholders in the ecosystem had increased four-fold and that the awards landed them opportunities to represent India at multiple international events in Europe and Japan.
The National Startup Awards is open for applications right now from budding entrepreneurs across India till the 31st of May 2023. The fourth edition of National Startup Awards - NSA 2023 - aims to recognize, reward, promote and offer exclusive handholding support to a diverse set of startups. These startups are driving sustainable transformation of the Indian economy and generating measurable impact for society.
If you are an early-stage entrepreneur, don't miss the opportunity to invest in the success of your startup by applying for NSA 2023. Apply now and unlock a world of endless possibilities! For more information and to apply, please visit the NSA 2023 portal.
