CATALYST 2024: CNLU Hosts Landmark Summit on Startup Law & Policy, Paving the Way for Innovation and Growth

ON 24^TH August, Chanakya National Law University (CNLU) hosted CATALYST: Startup Law & Policy Summit 2024. Dr Md Safiullah chief secretary of the event said that the objectives of the summit are to bring together legal experts, policymakers, entrepreneurs, investors, and academicians to discuss the intersection of law, policy, and the startup ecosystem. The events will be focus on to understand how regulation and policies impact startups and explore way to create a more supportive legal environment for innovation and growth. The outcome of this summit will be compiled and a policy draft will be submitted to the government of Bihar.

The Chief Guest Shri C.S.S. Rao (I.E.D.S), Joint Director, MSME Patna said by prioritizing data protection, startups can build trust with their customers and position themselves as leaders in their respective industries.

The panelists for this summit were top-notch law firm experts who worked in policy making in the government of India: Mr. Supratim Chakraborty (Partner, Khaitan & Co. Law firm) spoke on Legal approach towards emerging technologies (Data protection/AI/Blockchain, etc.). Mr. Biplab Lenin (Partner, Cyril Amarchand Mangaldas, Law firm) spoke on Technology integration in health. Challenges and opportunities: Health-tech, Med-tech, AI in Healthcare, Challenges faced by startups. Mr. Sameer Avasarala (Principal Associate, Lakshmikumaran & Sridharan Attorneys) spoke on Data Privacy & Cybersecurity considerations around AI in startups. Mr. Shantanu Sahay (Partner, Anand and Anand, Law firm) spoke on Approaching IP issues when dealing with emerging technologies and interfaces. Mr. Raghav Muthanna (Partner, IndusLaw, Law firm) spoke on AI and Regulatory Innovation in the Startup Ecosystem in Fintech and Mr. Sudarshan MJ (Senior Associate, Saikrishna & Associates, Law firm) spoke on AI & Liability & moderated the panel.

The panel discussions included the topic of risks to investors, and why 80% of startups failed in India in its initial stage. The challenges of high taxation and interest rates in India. The panel emphasized the importance of research and development, the abolishment of the Angel Tax, and its future implications. They also discussed the implementation of regulatory sandboxes by sector regulators and the government, noting that such frameworks already exist in India.

Over 80+ research articles were received on startup law & policy issues, among these, the top 15 research papers were selected for publication, and the top four papers were invited for presentation. Where Aditya Hiremath from Hidayatullah National Law University, Raipur was declared as Winner and Smeet Sanghvi and Sashank Sarvanan (Gujarat National Law University) emerged as runner-up. The Winner and Runner Ups were awarded with cash prize of Rs. 30,000 & Rs. 20,000 respectively. Certificate, internship opportunity with Nishith Desai & Associates, and the opportunity to publish their paper in a reputed Book Bearing ISBN number were also scheme of the competition.

Prof. (Dr.) Faizan Mustafa, Vice-Chancellor of CNLU, expressed his pride in the university’s commitment to nurturing entrepreneurship through the Centre for Innovation, Incubation, and Legal Entrepreneurship (CIILE). He highlighted the significance of the pro-bono consultancy offered by CIILE & Startup cell, CNLU’s recognition as the 4th best institution in Bihar, and the pivotal role of the CATALYST summit in influencing the trajectory of startup laws.

Prof. (Dr.) S.P. Singh, Registrar of CNLU, emphasized the summit’s critical role in addressing contemporary challenges faced by startups, particularly in areas such as AI, insurance, and emerging technologies.

Dr. Kirti highlighted the summit’s mission to bridge the gap between legal academia, industry, and policymakers. She highlighted current investment law challenges, the digital economy, and the essential role of startups in today’s economy.

The Summit was accomplished under the leadership of a student body comprising Manvee (Convenor), Vincy Chanchal (Secretary), Arya Gupta (Co-Convenor) and Aarya Gurjar (Co-Secretary) of the Center.