Robust ecosystem in place to spur startups in Ayurveda
Dehradun / December 14, 2024
Dehradun, Dec 14: A robust ayurveda startup ecosystem is in place for fledgling entrepreneurs keen to take advantage of the growing demand for the time-tested Indian healthcare and wellness products and services around the globe, noted the speakers at a plenary session at the 10th World Ayurveda Congress (WAC 2024) here today.
Participating in a session, titled “Garuda’s Flight – Startups, Innovators and Entrepreneurs in Ayurveda,” panellists representing the ayurveda startup eco-system, including incubators, venture fund providers, educational and research institutes and policy-makers, gave deep insights into the range of support programmes available to startups.
A majority of the attendees were ayurveda graduates and students who have either started or are planning to start up their own firms.
The panellists highlighted how startups were embracing innovation and technology to redefine the global ayurveda medicine and wellness market and how young entrepreneurs can go about addressing challenges like funding and regulatory compliances.
Prof Tanuja Nesari, who was until recently Director of the All India Institute of Ayurveda (AIIA) under the AYUSH Ministry, said various Government initiatives have succeeded in spurring startup activity in the sector.
More than 150,000 startups have registered on the Startup India portal, launched by the Department for Promotion of Industry and Internal Trade (DPIIT), she said.
Prof BS Prasad, President Board of Ayurveda at the National Commission for Indian System of Medicine, elaborated on the initiatives of the National Commission for Indian System of Medicine (NCIMS) to encourage innovation in all aspects of ayurveda.
The NCISM’s Research Innovation and Entrepreneurship Development Cell has so far activated more than 60 centres around the country. These centres do pioneering research to bridge the gap between traditional Ayurveda practices and modern science with the aim of discovering new approaches to healthcare and validate traditional practices.
Dr Rangesh Paramesh, Director Intellectual Property at Himalaya Wellness Company, opined that a good ayurveda entrepreneur has to be a good ayurveda physician. He shared his take on the attributes of a successful ayurveda entrepreneur: visionary, leader, risk-taker and marketer who is also adaptable and resilient.
Shreedha Singh, Co-Founder & CEO of The Ayurveda Co (TAC), called for more government support for startups’ R&D activities. This would enable startups to devote more resources on building platforms and commercialising products.
Business incubators play a vital role in supporting startups, said Shri Aditya Prasad, Head of Business at IIM Lucknow - Enterprise Incubation Centre (IIML-EIC). As an incubator, IIML-EIC offers startups mentorship in all areas of the business, regulatory and legal compliance and to navigate global markets.
It also helps with funding, he said, adding “we have arranged funding of Rs 155 crores for 180 startups.”
The Biotechnology Industry Research Assistance Council (BIRAC) is another government agency that provides funding for Ayurveda startups. BIRAC In-charge Incubation Dr Chhaya Chauhan said they also have a mentorship network to hand-hold startups through their journey.
Venture Catalyst Vice President Anil Taneja said they have so far funded more than 350 companies, including four unicorns (startups valued at over $1 billion). He outlined the venture capital company’s startup selection process, funding not more than 10 out of about 400 applications every month. “Our success rate is about 80%,” he added.
Dr Sushrut Kanaujia, Member of NCISM’s Medical Assessment and Rating Board and Dr Kavita Negi, Founder & CEO of Kimala Naturals which owns the iAURA wellness brand, also addressed the session, moderated by Dr Shivkumar Harti, Additional Professor and In-charge IT at AIIA.
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