Piyush Goyal launches US Startup SETU in San Francisco
SETU - Supporting Entrepreneurs in Transformation and Upskilling programme to connect start-ups in India to US based investors and
start-up ecosystem leaders
SETU to provide mentorship and assistance to startups in various areas
including funding, market access and commercialization
SETU to break geographical barriers between mentors based in US and sunrise
startups in India
The Minister of Commerce and Industry, Consumer
Affairs, Food and Public Distribution and Textiles, Piyush Goyal launched the
US Startup SETU - Supporting Entrepreneurs in Transformation and Upskilling
programme in the Bay Area of San Francisco. The initiative would connect
start-ups in India to US-based investors and start-up ecosystem leaders with
mentorship and assistance in various areas including funding, market access and
commercialization.
The
programme was launched at a luncheon interaction focused on specific issues
related to start-up ecosystem in India. The meeting focused on ways to
encourage domestic incorporation and mentorship of early-stage Indian startups
by successful diaspora members in the Bay Area.
SETU is
designed to break the geographical barriers between mentors based in US that
are willing to invest in entrepreneurship and sunrise startups in India. The
interaction will be supported through the mentorship portal under the Startup
India initiative MAARG, or the Mentorship, Advisory, Assistance, Resilience,
and Growth program, which is a single-stop solution finder for startups in
India. The portal has been developed with the idea to be accessible from every
corner of the country to connect with a mentor. A mentor will offer human
intelligence in guiding the startups. It may be noted that till date, more than
200 mentors have been successfully onboarded on MAARG across the globe.
The core functions of MAARG are
to improve ease of access, use Artificial Intelligence for Matchmaking,
schedule meetings virtually, host masterclasses, provide a custom dashboard for
relevant information, analytics, features, etc., host cohort-based programs
that will allow startup ecosystem enablers to be become a part of the program
and enable outcome driven activities.
The
minister held frank and fruitful discussions with venture capitalists and
industry leaders in the area during several meetings he held in the Bay Area.
Venture capitalists and other investors expressed optimism about the business
outlook in India.
“One
of the key takeaways is that the Bay Area is very bullish on India, very
excited about the potential that India, Indians and Indian startups and Indian
businesses have to offer. Very excited about the talent available in India.
They see huge potential in the large market that India is, 1.3 billion
aspirational Indians,” Goyal said after the meetings.
“There
were suggestions about mentorship. We’ve launched the SETU programme where we
are looking at supporting entrepreneurs through transformation and upskilling
intiatives. We’re also looking at a programme that the startup advisory council
had initiated in India in which mentorship is being initiated particularly in
tier-2, tier-3 and tier-4 towns and remoter areas. Lot of good suggestions have
been brought to the table,” he said.
It
is estimated that about 90% of the start-ups and more than half of the well-funded
startups fail in their early days. Lack of experience in handling the business
is a key issue, and founders require the right guidance for taking a decision
and moral support.
As
India heads towards becoming a supreme start-up destination, the right guidance
at the right time is paramount. The Government of India invites the stalwarts,
seasoned experts, and industry leaders to give back to the nation by adding
value to a startup’s journey.
MAARG
is inviting applications from Mentors across the world. Till date, more than
200 mentors have been on-boared on MAARG across the globe. The applications
have come from distinguished individuals representing the industry and the
startup ecosystem.