Even Karnataka chief minister Basavaraj Bommai said that he was happy to see physical events of the scale of ET Startup Awards 2021 return to big hotels, in a reference to the business challenges they faced during the Covid-19 pandemic.
For the entrepreneurs and investors attending, it was a welcome return to networking and bonding, albeit with some changes. “I was event-ed out,” before the pandemic struck, said Gautam Mago, general partner, A91 Partners, whose birthday was incidentally on the same day. But two years in, he said it was great to be back at an in-person event and reconnect with the ecosystem.
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A year of heightened deal activity, with startups raising over $40 billion in funding in 2021 (according to venture capital and private equity data provider Venture Intelligence), was all about closing deals and virtual pitches. At the event, the investors and founders came together to go beyond that.
“The last two years were busy for investors and founders with conversation largely centred around fundraising. But the startup awards gave the opportunity for the community to come together and have candid, no agenda conversations,” said Ashish Dave, CEO, Mirae Venture Asset Management (India).
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Multiple investors and policymakers were overheard expressing their frustration and tiredness about seeing each other only on Zoom for many months. And some Startup Awards regulars admitted that they’d found it difficult to recognise their peers this year, with a combination of changes in physical appearance and the ubiquitous masks. For those whose friendships had faded because of less contact during the pandemic, the awards presented a great opportunity to reignite those bonds. “The vibe and richness of in-person interaction especially at an awards function can’t be replicated online,” said Klaas Oskam, MD of DC Advisory.
The two-year hiatus also saw the emergence of several young founders. First-time attendee and founder of Zepto Aadit Palicha, 19, said, “I really love the environment here. It’s great to see and meet people at this event. From a maturity point of view, from being a founder to participating in ET awards is a big milestone achieved.”
While welcoming the emergence of new companies, one leading investor pointed out that business leaders of the old economy should also have a space at the event, considering the investments being made in the space by heavyweight traditional companies.
