CII Tamil Nadu Startup Summit 2024 highlights 23% growth in Startups and New Initiatives aiming for trillion-dollar economy

Chennai, August 30, 2024: The Confederation of Indian Industry (CII) successfully concluded the Tamil Nadu Startup Summit 2024, an esteemed event that convened distinguished innovators, entrepreneurs, investors, and industry leaders to chart the future course of startups in Tamil Nadu. 

The summit attracted over 200+ startups, thereby underscoring the state's pivotal role as a burgeoning hub of entrepreneurial activity. The inaugural witnessed the presence of distinguished stalwarts-  Srivats Ram, Chairman, CII TamilNadu State Council and Managing Director Wheels India,  CK Ranganathan, Co-Chairman, CII National Startup Council and Chairman and Managing Director , CavinKare Pvt Ltd,  Karthik Jayaraman, Convener-Startup Panel, CII TamilNadu and Co-Founder, WayCool Foods, Vanitha Venugopal, CEO, iTNT Hub, Sivarajah Ramanathan, Mission Director and CEO, Startup TN, and Rahul Ganapathy, Co-Convener -Startup Panel, CII TamilNadu and CEO, Atsuya Technologies.
 
The inaugural session was led by Karthik Jayaraman, Convener of the Startup Panel for CII Tamil Nadu and Co-Founder of WayCool Foods who set the tone for the summit emphasizing on TamilNadu leading the charge in Startup Innovation and Growth. “ I think we are meeting together in a land that was a startup nation before the nation discovered startups. Welcome to Startup Nadu. The state’s legacy of fostering innovation and entrepreneurship is unparalleled, with a blend of private equity success stories and bootstrapped enterprises that turned vision into reality. This state’s robust infrastructure, educational prowess, government support, and commitment to emerging technologies provide a fertile ground for startups to thrive. As we set our sights on building a trillion-dollar economy by 2030, we remain committed to sustainability, diversity, and inclusiveness,” he said.
 
Adding to this, Srivats Ram, Chairman, CII TamilNadu State Council and Managing Director Wheels India said, "India's startup ecosystem is now the third-largest globally, growing at 12 to 13% annually. We have seen a 15x surge in funding and a tenfold increase in investors, highlighting the sector's maturation. One in ten unicorns worldwide comes from India, driven by our strong talent pool and educational infrastructure. Tamil Nadu, with a $28 billion startup ecosystem growing at 23%, exemplifies this progress. The state hosts over 120 incubators and about 5,000 startups in Chennai alone. This thriving ecosystem has generated nearly a million jobs in the past year, making Tamil Nadu a key player in driving innovation and employment."
 
CK Ranganathan, Co-Chairman of the CII National Startup Council and Chairman and Managing Director of CavinKare Pvt Ltd, highlighted the mission of the CII Centre of Excellence for Innovation and Entrepreneurship and Startup (CIES) to transform India's startup ecosystem by connecting visionary startups with leading corporates. He stressed the need for a fundamental shift in the education system, fostering critical thinking and collaboration with the focus on  'catching them young'. 
 
He also underscored the importance of viewing failure as a catalyst for growth rather than a setback, promoting a culture of risk-taking and learning from mistakes. He noted that implementing supportive policies to mitigate financial risks for startups and young entrepreneurs can lead to significant employment opportunities and contribute to a more innovative and resilient society.
 
In her special address, Vanitha Venugopal, CEO of iTNT Hub, said, “Tamil Nadu is focusing on global collaborations through iTNT to bring world class solutions through Research & Development & Innovation. The State is also enhancing its global reach through "International Pavilion Program by iTNT, which connects Tamil Nadu startups with global accelerators, investors, and markets. By fostering these international ties, Tamil Nadu startups gain the same global exposure and opportunities as their international counterparts. The State’s recently announced Deep Tech Policy, to be scripted by iTNT Hub, is designed to further reduce barriers, providing a conducive environment for rapid growth and scaling of startups.”
 
In addition, Sivarajah Ramanathan, Mission Director and CEO, Startup TN, stated, “We are actively working to attract more venture capitalists to invest in Tamil Nadu through initiatives like TANFUND, which has already secured over ₹80 crores and formed partnerships with 200 VC firms. Our goal is to create a vibrant startup ecosystem that drives innovation and growth. Today, we’re taking this mission further by launching a credit course for engineering students under the Naan Mudhalvan initiative and introducing the Campus Startup Circle model in collaboration with EDII. By nurturing entrepreneurship, we aim to empower 2% of our youth to become successful startup founders, shaping the future of Tamil Nadu’s economy."
 
The inaugural address concluded with Rahul Ganapathy, Co-Convener -Startup Panel, CII TamilNadu and CEO, Atsuya Technologies delivering the vote of thanks and announcing the launch of CII’s Coffee Table Book titled, The Hidden Gems of Tamil Nadu slated to release in January 2025.
 
The CII Tamil Nadu Startup Summit 2024 concluded with notable success, presenting a compelling range of sessions designed to invigorate and inspire the entrepreneurial community. The event provided critical insights on addressing contemporary startup challenges, cultivating a robust startup ecosystem in Tamil Nadu, and showcasing emerging startups making impactful strides. Participants engaged in interactive networking sessions that highlighted the importance of collaboration among startups, government, and academia to drive innovation and economic growth. This summit has set a new standard for future events, affirming Tamil Nadu's emergence as a premier startup hub. The knowledge and connections gained are poised to stimulate new ventures and foster collaborative initiatives, propelling the state’s startup landscape to new heights.