Inculcate Responsible Financial Management Among Public: Minister

KOCHI:
The public must be made aware of responsible financial management practices so as to not fall prey to fraudulent means and, instead, create wealth through healthy ways, Finance Minister K.N. Balagopal said at an international meet today.

Hailing the Money Conclave 2024 as a timely event towards such a mission, the Minister congratulated the organizers of the two-day summit that featured a dozen sessions which provided insights into the latest financial trends and strategies across the globe.

“Today we see investors getting ditched by advertisements in the name of investments that promise easy money and profits. The Money Conclave 2024, which is conceptualised on the idea of ‘meet, learn and invest’, is a bold initiative to spread awareness on genuine wealth creation,” the Minister noted, appearing online at the December 18-19 event in Nedumbassery.

Addressing delegates at the CIAL Convention Centre, Kerala Startup Mission CEO Anoop Ambika reiterated that making money per se “is not a bad thing”. Substantiating, he highlighted the need to include startups in investment habits. “No sector enjoys governmental support on par with startups,” he said. “Today, the country’s angel investors and venture capitalists are looking forward to the startup sector in Kerala.”

A subsequent panel discussion on the topic noted that knowledge about discontinuing with a startup was as important as starting it. “Most of us launch a startup with the belief that it is the most important decision in life,” pointed out Omnivore Ventures Partner Subhadeep Sanyal. “But then, from the very beginning, we need to also have a definite idea about the time to pull off once the project becomes unviable.”

Haeal founder Rahul Mamman spoke of a general reluctance to invest in startups due to perceived high risk. “The average investment period in startups is eight years. Within it, you must steps to gain the trust of investors and increase the market value of the product,” he added. “Thus, founders should have a clear understanding of the operating model and its market potential.”

The two-day event held a Pitchathon competition for startups, where a six-member jury selected ‘One Kirana’ and ‘Fulva’ as the toppers, making them eligible for $10,000 as equity-free grant. One Kirana is involved in the packaging of agricultural products to retail outlets, distributing products at market prices to small grocery stores. Fulva, which is the sales platform Calicut Cousins, sells 26 types of halwa sweets through online platforms such as Amazon and Swiggy. Ten startups vied for the grants.

The summit, with about 10,000 delegates, features discussions on various topics including personal finance, sustainable investments, real estate, startups, fintech, and brand building. The participants include 40-plus speakers, more than 100 investors, venture capitalists, startups and stock traders.

The day-1 of the conclave hosted six sessions in all.