Electronics and Computer Export Promotion Council (ESC) and Software Technology Parks of India (STPI) are jointly organizing “Startup Summits – Building The Next Unicorn” in select states to promote and strengthen startup culture in the country, recognizing the best among them so as to create an architecture for the proliferation of unicorns.
The effort of ESC and STPI is being supported by the Ministry of Electronics and IT (MeitY) and the Department of Commerce. One of the most significant challenges that startups face when planning their global expansion is a lack of funding. Establishing relationships on the ground with local business growth agencies and institutions can assist startups in connecting with the local ecosystem.
Realising the wind of growth is blowing in the direction of creating a significant cross-border presence for Indian startups, the current initiative will help address the above two important points for Indian Tech startups.
“The pioneering effort of ESC and STPI billed as a trailblazing exercise is to create a strong base of startups and promote networking with their counterparts in the USA to provide flourish and impetus to the startup movement in the country to create more employment and increase the contribution of the IT sector to the national GDP;” says Sandeep Narula, Chairman, ESC, adding that the startup route is the most desirable route for taking India to the $5 trillion economy in the conceivable future.
The states which have shown interest to host the State Summits in physical mode include Andhra Pradesh, Rajasthan, Gujarat, Delhi, and Karnataka. A Virtual Screening and Selection Session is also being planned after the completion of State Summits to ensure the participation of innovative tech startups from the remaining States.
Startups selected out of the State Conclaves will be invited to join the National Conclave for the final round of selections by the eminent jury panel, which will be a forum for the best startups judged through a rigorous assessment. Criteria applied for selecting the most innovative startups will be more stringent and the scale and range to be used for zeroing in on the winners will be tougher and qualitatively different under the strict monitoring of the seasoned jury, drawn from different verticals of the IT industry.
The selected startups will be provided travel grants for the USA and pre-fixed meetings with US Investors and Venture Capitalists besides networking with Global Technology Startups in the USA.