Keeping in view of the emergence of tech Start-ups as an important pillar of economic growth, Software Technology Parks of India (STPI) in collaboration with Electronics and Computer Software Export Promotion Council (ESC) have jointly launched the Start-up Initiative, named “Building The Next Unicorn”. The initiative has been supported by the Ministry of Commerce & Industry, Government of India, Ministry of Electronics & IT, Government of India & Consulate General of India, San Francisco, USA.
Dubbed as a pioneering initiative encompassing beneficiary start-ups in establishing a cross-border footprint has become critical for Indian start-ups looking to expand globally. However, in order to grow effectively in cross-border markets, Indian start-ups must understand the economic landscape in which there are strong investment incentives and a thriving ecosystem. Innovations and new technologies are changing the world and the daily lives of each and every one of us. Many things that were mere visions of the future yesterday are now reality. Meanwhile, we are surrounded by technology at every moment and it’s important to be global.
“Realizing the wind of growth is blowing in the direction of creating a significant cross-border presence for promising Indian start-ups, the current initiative-Building The Next Unicorn will help in expanding their wings globally and also to raise funding for their expansion,” accentuated, Shri Arvind Kumar, DG, STPI.
This initiative will involve a three-tier approach as follows:
- State Level Conclaves – September / October 2022
At the first tier, state-level conclaves are being organized in association with state governments/ STPI / local Industry Bodies/ Academic Institutions and other stakeholders. Technology start-ups of the state will be invited to join the conclave that will allow them to interact with tech experts, industry veterans, and other stakeholders. This will be followed by a “Pitching Session” which will help the participating start-ups to present themselves to the Jury Panel.
Start-ups joining the state conclaves will submit their business proposition/plans. From amongst the Start-ups joining the State Conclaves, a few (up to 25) will be invited to attend the National Conclave that will be held later this year.
- National Conclave – November 2022
The second tier of the initiative will be the National Conclave of Start-ups in November this year. All start-ups shortlisted at five to six state conclaves (up to 25 from each state conclave) will be invited to join the national event. In addition, a few promising start-ups, who may not have joined any of the State Conclaves but have the potential, will be invited to join the final selection process at National Conclave. The final composition of the Start-up Mission to the USA will be finalized (around 30 to 40) out of the Start-ups selected from the State Conclaves.
Whereas the Start-ups finally selected for Mission to the USA will be provided travel assistance plus their complete engagements/meetings during the visit to the USA.
- Mission to the USA – January 2023
The delegation of selected Tech Start-ups shall visit the United States with a pre-fixed agenda with a visit to a leading Technology Event and meetings with global start-ups in the USA to understand market dynamics, marketing strategies, and potential from the export market perspective. While in the USA, visiting Indian Start-ups will also get a chance to meet some High Net-worth Individuals (HNIs), Investors, and Venture Capitalists (VCs) who have shown interest to be a part of Indian Start-ups Success Story by investing in promising Indian Start-ups.
First start-up State Conclave has been organised at Visakhapatnam, Andhra Pradesh on 6th September 2022 for selecting potential startups for National Conclave.