Lucknow: Vision Startups Accelerator has been instrumental in fostering the startup ecosystem across cities like Lucknow, Kanpur, Prayagraj, and Gorakhpur. By leveraging industry connections, pitch programs, mentorship, and a collaborative co-working culture, the accelerator provides much-needed support to emerging entrepreneurs. The growth of incubators from 18 to 63 illustrates the increasing recognition of the importance of foundational support for startups, highlighting a robust infrastructure that aids in nurturing new businesses through their formative stages.
Startup Mixer Uttar Pradesh: Fostering Collaboration
Recently, the Startup Mixer Uttar Pradesh was held at My Place Co-Working in Hazratganj, bringing together aspiring entrepreneurs to share their journeys, challenges, and innovative ideas. The event underscored the importance of collaboration in fostering startup growth—an ethos strongly championed by Sudhanshu Rastogi, President of Vision Startups Accelerator.
Rastogi highlighted that Lucknow has the potential to compete with metro cities like Bengaluru, Pune, and Hyderabad—provided it receives the right support. As an angel investor with over 32 startup investments and eight successful exits, he emphasized that 57% of Indian startup founders come from Tier 2 cities, demonstrating the immense entrepreneurial potential beyond metropolitan hubs. He stressed the need for resource collaboration to build a strong talent pool and a thriving ecosystem, citing Kanpur, Prayagraj, and Gorakhpur as examples of untapped markets.
The Importance of Acceleration Programs and Mentorship
Acceleration programs are the need of the hour for startups that are ready to move beyond the ideation phase. These programs provide a structured environment that helps refine business models, speed up market entry, and reduce startup failures. Practical sessions and ongoing mentorship from experienced entrepreneurs and industry experts play a critical role in this. They offer real-world insights and guidance that are crucial for navigating the competitive landscape of business.
Raising Awareness of Angel Investment as an Asset Class
There is also a significant need to increase awareness about angel investment as a viable asset class. Many potential investors are unaware of the potential returns and the strategic value they can add to the startup ecosystem. Educating these investors about the mechanics of angel investing, the risks involved, and the substantial impact they can have on regional economic development is vital. Promoting this can lead to a surge in available capital, providing more startups with the crucial early-stage funding they need.
Bridging the Funding Gap
The discussion also highlighted the ₹36 lakh crore investment secured during the U.P. Global Investment Summit (GIS). While funding is essential, Rastogi emphasized that sustainable growth and maturity matter just as much. He pointed out a shift in focus from chasing unicorn status to building “proficorns”—startups that prioritize profitability over high valuations.
Building a Sustainable Startup Culture
Saurabh Saha, a strategic consultant, echoed similar sentiments, stressing the need to address talent shortages and investment challenges in local startup ecosystems. Comparing Uttar Pradesh’s startup landscape to Silicon Valley, Israel, and Bengaluru, he pointed out that private sector involvement is critical in strengthening entrepreneurial ecosystems.
A recurring issue he highlighted was that many startups focus on the wrong problems. Saha emphasized that ventures must be led by experienced professionals and should prioritize outcome-driven solutions rather than hype-driven innovations. He cited global examples where technologists, rather than investors, played a crucial role in driving startup success.
Adding to the discussion, Abhishek Tiwari, Founder of Venture Mozart and a seasoned professional with experience at KPMG and government collaborations, criticized the lack of genuine innovation in Uttar Pradesh’s startup ecosystem. He observed that many incubation centers prioritize hype over commercial viability and urged startups to develop practical, scalable business ideas.
Tiwari emphasized that entrepreneurs must focus on quality, understand market competition, and work relentlessly to scale their businesses.
Kanpur’s Entrepreneurial Legacy
Sushank Arora, Founder of Nyra Kitchenware and a prominent entrepreneur from Kanpur, highlighted the city’s long-standing industrial heritage that has fueled trade and commerce for generations. He urged startups to take ownership of their growth instead of relying on government aid.
Arora emphasized that scaling and securing funding is the founder’s responsibility, driven by their vision, deep product knowledge, and customer insights. He advised entrepreneurs to focus on originality over imitation, stressing that sustainability and a strong team are the keys to long-term success.
He also noted the increasing popularity of aggregator startups, which are attracting significant investor interest. He encouraged entrepreneurs to seek the right mentorship and build focused teams, proving that even a small, dedicated team of 10 can achieve remarkable success.
The Path Forward
Both Tiwari and Saha reinforced the importance of mentorship, sustainable business models, and deep market understanding. They warned against easy access to funding, which can sometimes stifle true innovation, and instead urged startups to validate their business models rigorously and adopt customer-centric strategies.
As the event concluded, Sudhanshu Rastogi reaffirmed Vision Startups Accelerator’s commitment to supporting entrepreneurship in Tier 2 cities through targeted mentorship programs, subject-specific sessions, and strategic collaborations.
Looking ahead, Vision Startups Accelerator plans to expand these initiatives to more cities while increasing the pool of qualified mentors and angel investors. By fostering success stories and strengthening collaboration, the accelerator aims to position Tier 2 cities as key players in India’s startup ecosystem, attracting top venture capitalists and driving sustainable growth.
