New Delhi: The Start-Up Forum for Aspiring Leaders and Mentors (SUFALAM) 2024 concluded on February 14th with a resounding message that innovation, collaboration, and advanced technologies are pivotal in transforming start-ups in the food processing domain into established and successful ventures. The two-day event, held in New Delhi, brought together key stakeholders from the food processing industry, including start-ups, industry leaders, financial institutions, venture capitalists, and academia.
The event was inaugurated by Sh. Pashupati Kumar Paras, Union Minister of Food Processing Industries, in the presence of Sushri Shobha Karandlaje, Minister of State for Agriculture and Farmers Welfare and Food Processing Industries, Smt. Anita Praveen, Secretary, Ministry of Food Processing Industries, Dr. Harinder Oberoi, Director, NIFTEM, Kundli, and Sh. Minhaj Alam, Additional Secretary, Ministry of Food Processing Industries.
Over 250 stakeholders actively participated in the event, which featured three knowledge sessions, two pitching sessions, two panel discussions, networking sessions, and an exhibition. The knowledge sessions covered a range of topics, including an overview and benefits of start-ups, food regulations, and business and financial modeling for start-ups.
During the knowledge sessions, participants gained insights into the role of Startup India, mentorship programs, and innovations fostering the start-up ecosystem in India. The food regulations session provided a comprehensive understanding of various regulations, certifications, and compliances in domestic and international trade, aligning with FSSAI and EIC regulations.
A crucial session on business and financial modeling equipped start-ups with valuable tips on business plan preparation, showcasing viability and sustainability, emphasizing the importance of free cash flow in financial planning, and efficient cash flow management.
The panel discussions delved into transforming food systems, emphasizing diversification of raw materials, climate-resilient options, and creative entrepreneurship. Designing processing machinery, innovative Agri-Tech solutions, raw material sourcing, exploring opportunities in protein-rich foods, and sustainable packaging were key highlights.
The Start-up Conclave for Food Processing Entrepreneurs showcased India’s potential as a food innovation hub. Discussions emphasized the need for convergence among industry players, start-ups, and institutions. Sustainable packaging, sourcing quality raw materials, collaborating with farmers, and venturing into protein-rich foods were key topics, urging start-ups to play a proactive role.
Two pitching sessions provided a platform for twelve start-ups to present their ideas to a panel of experts, including food technologists, banking officials, venture capitalists, and industry professionals. Six start-ups received mentoring support for product refinement, market linkage, and investor connections.
The exhibition featured 38 exhibitors, including 26 start-ups, nine PMFME beneficiaries, and three government agencies, showcasing products, schemes, and technologies. Networking sessions facilitated discussions on hand-holding and technical support for start-ups.
SUFALAM 2024 has been a catalyst for transformative discussions, steering the food processing industry towards innovation-driven growth, and fostering collaborations among start-ups, industry players, and academia. The event has set the stage for sustained innovation and growth in the dynamic landscape of food processing.