ET Startup Awards 2023: Passing storm will make our startups stronger, better, says Satyan Gajwani

The last year has brought its share of challenges, yet at the same time, it has brought out the best of the startup ecosystem, said Satyan Gajwani, vice-chairman, Times Internet in his welcome address at The Economic Times Startup Awards. That’s because leaders who were earlier pushed to just keep growing, and worry about profitability and sustainability later, are now in a position where they have to demonstrate the ability to build real, lasting, sustainable and responsible companies. And ultimately, the companies that come out of it will be stronger, weather-tested and better, as a result of all of it, he felt.

At the ninth edition of the flagship event of India’s entrepreneurial ecosystem, Gajwani spoke of the remarkable journey charted by the startup ecosystem in India: when the ET Startup Awards were launched 2015, the vision was of one day having 10,000 startups in India. “Today, we have over one lakh startups. Cumulatively, the startup ecosystem in India has raised just about $100 billion and we have over a hundred unicorns resulting out of this,” he said.

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Gajwani also highlighted a significant shift in the business landscape where traditional companies have not just started to recognise the relevance and give real respect to the startup ecosystem; but they are also seeking to imbibe the spirit of entrepreneurialism, of disruption, challenging the status quo, using new technology, and reinventing themselves.

“What makes me excited and proud is to see that what started as an event to celebrate these young companies is now celebrating a spirit of change that affects not just new-age companies, but the overall Indian ecosystem as a whole,” said Gajwani.