Prime Minister Narendra Modi on Friday said that research and innovation undertaken today would form the intellectual property of the future, as he underlined the government’s push to create a supportive ecosystem for startups by removing outdated regulations and trusting innovators.  

Speaking at an event marking 10 years of the Startup India initiative at Bharat Mandapam in New Delhi on National Startup Day, Modi said the gathering reflected the promise of a “new and developing India”. Addressing startup founders and innovators, he said entrepreneurship in the country had undergone a fundamental transformation and was no longer limited to a privileged few.  

Multiple schemes to provide seed funding 

The Prime Minister said the government had introduced multiple schemes to provide seed funding and institutional support to startups, enabling innovation-led growth. He urged entrepreneurs to focus on innovation, problem-solving, and the creation of quality products, stressing that strong research today would translate into valuable intellectual property tomorrow. 

People from middle-class and weaker backgrounds are launching startups 

Highlighting the changing social profile of entrepreneurs, Modi said people from middle-class and economically weaker backgrounds, including those from rural areas, were now launching startups—an opportunity that had earlier been largely confined to wealthy business families. He said the founders from Tier II and Tier III cities were increasingly contributing to India’s startup journey. 

Risk-taking has become mainstream and essential for national progress 

Referring to evolving attitudes among the youth, Modi said risk-taking, once seen as unconventional, had become mainstream and essential for national progress. He noted that India’s younger generation was stepping out of its comfort zones to pursue new ideas and chart independent paths. 

Citing the scale of growth in the ecosystem, the Prime Minister said over two lakh startups had been recognised across the country, emerging as major employment generators. “In 2014, there were just four startups. Today, India has more than 125 active unicorns,” he said. 

Indian startups are increasingly focused on solving real-world problems 

Describing Startup India as a “revolution”, Modi said Indian startups were increasingly focused on solving real-world problems. He reiterated that India is now the world’s third-largest startup ecosystem, with several unicorns going public and generating jobs, and added that the time was right for startups to place greater emphasis on manufacturing. 

He also highlighted the rising participation of women in entrepreneurship, noting that 45% of startups now have at least one woman director or partner. In his concluding remarks, Modi said countries that adopt a forward-looking approach to artificial intelligence would enjoy a significant competitive advantage in the future.