New Delhi [India], April 24 (ANI): Designing innovations that cater to the needs, behaviours, and experiences of target users, India’s agile startup ecosystem offers immense potential to enhance the delivery of public goods and services.
However, barriers such as product comparison and price discovery have often deterred government buyers from accessing disruptive products and services offered by these lean startups.
According to GeM, lengthy sales cycles, complex procurement processes, and significant time spent with vague agency contacts have further discouraged startups from participating in government tenders.
With the aim to align domestic startups with government buyers, the Government e-Marketplace (GeM) launched the Startup Runway Outlet Store on its platform in November 2019.
Recognizing global key drivers for startups such as earning recurring revenues, raising capital, boosting valuation, and finding a market fit, Startup Runway offers brand and intellectual property protection and facilitates startups to exclusively list their innovative products with minimal technical specifications under 14 globally recognized startup subsectors.
Addressing the challenge of “Access to Market,” GeM allows the listing of startups while exempting prior turnover, prior experience, and earnest money deposit (EMD).
“Subject to meeting quality and technical specifications, GeM enables Startups to establish their presence in the public procurement marketplace as a part of its initiative to promote “Make in India” products and services on Startup Runway. Driven by its core value of maximizing social inclusion, GeM is enabling small businesses in scaling operations in minimal time,” said GeM CEO P K Singh.
GeM is also focused on providing frictionless “access to finance” to startups.
Through its mobile application, GeM Sahay, it is empowering sellers/service providers to secure collateral-free loans at attractive interest rates to help them fulfil purchase orders awarded on the platform.
Presently, 13,400+ sellers have registered on GeM Sahay and loans worth INR 21.96 Crore+ have been disbursed.
The portal is soon to roll out GeM Sahay 2.0, which will facilitate disbursal of loan amounts up to Rs 10 Lakhs within 10 minutes at a sub 10 per cent interest rate.
Presently, 23,332 DIPP-recognized startups are registered on GeM and have fulfilled a cumulative total of 2.84 Lakh+ orders worth Rs 22,954 Crore in Gross Merchandise Value (GMV).
In 2020, EdgeFX Technologies, a Hyderabad-based startup engaged in Tinkering, Incubation, and InnovationLab solutions to Schools and Technical Institutions, reached out to GeM for assistance with their seller registration on the Startup Runway.
Prospective government buyers had recommended EdgeFX to list their innovative products on the GeM platform for evaluation and potential procurement.
Post-listing of product catalogues in the EdTech product category under the Startup Runway, the EdgeFX Team relentlessly engaged with government buyers to realize large orders.
Kamini Gupta, Founder & Chief Executive Officer of EdgeFX Technologies said, “GeM has been a constant companion in our growth from time we onboarded on the portal. Thanks to GeM, government buyers are now our primary customer in the education and skilling domain, both for products and services. Disruptive ideas like the Startup Runway have made a huge difference in our initial journey as an Edtech company. Also, the wide reach and excellent support from the GeM team has played a crucial role in our success story”.
During the Covid-19 pandemic, startups developed and listed groundbreaking innovative solutions for combating the pandemic on the Startup Runway.
Noccarc, a Pune-based startup, addressed the lack of life-saving ventilators by developing a ready-to-market ventilator in a record span of 90 days, thus mitigating the dependency on foreign manufacturers and realizing national self-reliance.
GenRobotics, a Kerala-based startup, developed Bandicoot, a robotic arm with four legs to grip the sides of manholes and unclog/excavate the sewage to the surface, thereby eliminating the need to work inside the manholes.
The startup was among the first startups to list their products on Startup Runway and engage with government buyers such as Urban Local Bodies (ULB) for orders through the “Single Tender Enquiry” under Rule 166 of GFR 2017, where procurement from a single source can be resorted to under specific circumstances.
A business leader and an alumni of the esteemed IIT Delhi & IIM Indore, Suman Chandrawat is the founder of Craftico Creations – a Jaipur-based startup that specializes in generating designs, making premium handmade paintings, and sculptures.
Armed with her expertise in sales, marketing, and technology, Suman is working towards enhancing the lives of young professional artists through Craftico.
Collaborating with more than 100 women for creating vibrant and beautiful art, Craftico is relentlessly working towards a more inclusive society in the field of fine arts.
Talking about her business growth on GeM, Suman said, “The GeM portal isn’t just a platform; it is our partner in growth, providing us with unparalleled access to government procurement opportunities, streamlined processes, and a wider network of buyers. It has empowered us to thrive in a competitive landscape!”
PK Singh said, “GeM champions the growth of startups by providing them direct access to all government buyers. It serves as a one-stop-shop for bids & reverse auction on products and services and also provides a mechanism for dynamic pricing where sellers can change the price of product or service offerings based on changes in the market.”
“With a strong and credible vendor rating system to recognize credible sellers, a seller-friendly dashboard for selling, and monitoring of supplies and payments, news and event sections for regular updates, and facility to suggest new product categories, GeM is transforming the way startups conduct business with the government,” he added.
To maximize outreach, awareness, and advocacy, workshops and training sessions are also organized with Startup India for the sensitization and onboarding of startups and alignment with opportunities in public procurement, thereby realizing the philosophy of the Government to turn the youth “from job-seekers to job-creators”.
GeM is serving as a true catalyst for startups by aligning them in public procurement through direct access to Govt buyers, sans intermediaries, thereby ensuring better product prices, spurring hyper-local job-creation, social impact, and wealth-generation in rural India.
Startup Runway further reinforces GeM’s commitment towards creating a diverse marketplace that is accessible to all. It also aligns with flagship initiatives of the Government of India, namely; “Vocal for Local”, and “Make in India (MII)” to promote local startups towards a self-reliant and an “Atmanirbhar Bharat”. (ANI)
This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.