Innovations and collaborations take centrestage at SUFALAM 2024 organised by Ministry of Food Processing Industries and NIFTEM
Start
Up Forum for Aspiring Leaders and Mentors (SUFALAM) 2024 concluded with a take
home message that Innovations, Collaborations and advanced technologies in
different facets of Food Processing are the key drivers for transforming
Start-ups in food processing domain to established food businesses.
The two day event held on
13th and 14th February 2024 at New Delhi was inaugurated by the Union
Minister of Food Processing Industries, Pashupati Kumar Paras in the august
presence of Shobha Karandlaje, Minister of State for Agriculture and Farmers
Welfare and Food Processing Industries, Anita Praveen, Secretary, Ministry of
Food Processing Industries, Dr Harinder Oberoi, Director, NIFTEM, Kundli and Minhaj
Alam, Additional Secretary, Ministry of Food Processing Industries.
The event witnessed participation from over 250 stakeholders,
comprising of start-ups, senior executives from Food Processing companies, MSMEs,
financial institutions, venture capitalists, and academia. Spanning over two
days, the event consisted of three knowledge sessions, two pitching sessions,
two panel discussions, networking sessions and an exhibition. During the
knowledge session on Start-up - overview and benefits, the participants were
apprised about the role of Startup India, different programmes for mentorship
and innovations under Startup India and how the initiative is helping to foster
the start-up ecosystem in India.
During the other knowledge session on Food Regulations, the
participants got a fair idea about various regulations, certifications and
compliances in domestic, import and export of different food products as per
FSSAI and EIC regulations. Newer insights about different schemes under APEDA
for promotion of export of fresh as well as processed food products were
Business and Financial Modelling for Start-ups”, various tips were given to the
start-ups on preparation of the business plan showing viability and
sustainability in each aspect of the business, importance of free cash flow in
financial planning in any business and proper cash flow management.
The panel discussion on transforming food systems focused on
diversification of raw materials, climate-resilient options like algae and
millets, and creativity in entrepreneurship. Designing of processing machinery,
raw materials, and innovative Agri-Tech solutions were highlighted to meet food
safety standards and optimize supply chains. Interventions in raw material
sourcing, exploring opportunities in protein-rich foods and sustainable
packaging, and collaboration for sustained innovations were also touched upon.
During the session on
Start-up Conclave for Food Processing Entrepreneurs, India's potential as a
food innovation hub, stressing the need for convergence among industry,
start-ups and institutions were discussed. Key discussions centred on the
importance of sustainable packaging aligned with consumer preferences and
compliance standards. Start-ups were urged to play a proactive role in sourcing
quality raw materials, collaborating with farmers, and venturing into
protein-rich foods and affordable nutrition-based products. The session
concluded with a strong emphasis on collaboration across sectors for sustained
innovation, particularly through credit innovation and cross-industry
partnerships.
The two pitching sessions,
scheduled on each of the two days saw twelve selected start-ups pitching their
ideas to a panel of food technologists, top banking officials from SBI and HDFC
Bank, VCs, NIFTEM faculty and industry professionals. Six start-ups were
offered mentoring support in product refinement, market linkage as well as
investor connect. The panellists welcomed this initiative and offered support
in such future endeavours for guidance and mentorship to promising small
ventures.
Overall 38 exhibitors including 26 start-ups, nine PMFME
beneficiaries and three Government agencies showcased their products, schemes
and technologies during the two-day event. Besides, there were separate
networking sessions between the Start-ups and Industry where discussions
revolved around the hand holding and technical support to the start-ups.
SUFALAM 2024 has served as
a catalyst for transformative discussions, shaping the trajectory of the food
processing industry towards innovation-driven growth, fostering collaborations
among the start-ups and start-ups, Industry and Academia.