The President of India, Shri Pranab Mukherjee said today thatto achieve centre-stage in innovation, we need to work relentlessly in aspects such as creation of a favourable business atmosphere; improving the quality of education and skills training; and expanding the IT infrastructure including high speed internet connectivity. Public and private sectors both have to play a catalytic role in further developing such an eco-system.

He was addressing theconcluding session of Pitch@RBheld in Rashtrapati Bhavan as part of the week-long Festival of Innovations.

Pitch@RB is a unique programme organized by Rashtrapati Bhavan in partnership with CII to provide a platform for innovators and potential start-ups to sell their ideas to select members of the angel investing and venture capital community for funding. Twelve MoUs of value Rs. 84 crores were signed between VCs and start-ups in presence of the President during the event. (List attached)

Addressing the gathering, the President said it is pertinent that we adopt a focused strategy to support new, talented, curious and creative minds for pursuing innovative solutions to present-day challenges. 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. We need to provide a facilitative environment to our youth to give wings to their imagination and take forward new ideas. That would mean support, in fine-tuning of ideas, company registration, easy access to funding, or finding a mentor.

The President saida dynamic and robust entrepreneurial eco-system is an asset to every economy.Specifically, innovation-led entrepreneurship has significant potential to stimulate industrial growth. Entrepreneurs, as the key drivers of industry and business, bring together the factors of production including labour and capital, channelize economic activity, and generate employment. Due to their foresight and risk-taking ability, new and innovative products and services are introduced into the market. Often, an innovative product is brought into the market platform through a start-up.

The President said our investors must have an eye for sifting good ideas from the ordinary ones. They must have the risk taking ability and appetite to nurture innovative ideas into successful products and services. He was sure the investment community is up to the task to match the ingenuity and enterprise of our young innovators. He called upon the start-ups present there to be courageous; to look forward; venture out; and make their own success story. He called upon them to contribute to the spirit of creativity through determination, positive attitude and hard work.

Earlier in the day, aworkshop aimed at mobilizing of innovative and creative children to address unmet social needs was also organized by the National Innovation Foundation as part of the Festival of Innovations.

This release issued 2100 hrs.