Subhechcha Ganguly 
For the first time in India, with only a few parallels globally, the Electronics and Computer Export Promotion Council (ESC) and Software Technology Parks of India (STPI) are jointly organising “Startup Summits – Building The Next Unicorn” in select states to promote and strengthen startup culture in the country, recognising the best among them so as to create an architecture for the proliferation of unicorns.
Global expansion is not only a key priority and milestone for startups and young businesses, but it is also a significant challenge in their growth path. Establishing a cross-border footprint has become critical for Indian startups looking to expand globally. However, in order to grow effectively in cross-border markets, Indian startups must understand the economic landscape in which there are strong investment incentives and a thriving ecosystem.
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. This will also help them build relationships with the venture capital and investor communities in an effort to find ways to bolster their financial stability.
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 US$ 5 trillion economy in the conceivable future.
The states which have shown interest in hosting the State Summits in physical mode include Andhra Pradesh, Rajasthan, Gujarat, Punjab, Tamil Nadu, Odisha, New 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.
“ESC’s “Startup Summits” should be seen from the perspective of the great role being played by technological excellence in scripting economic development and toning up governance structures. It will have three main components. Foremost is recognising local talents going on their tempo of growth, technology absorption capacity, and innovation.
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 for selecting the most innovative startups will be more stringent, and the scale and range to zero 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.
“The mission to the US will be a unique initiative of the Council,” avers ESC’s Eastern Committee Chairman, Ashwini Kumar Rath, adding that it will be a rich experience for the Indian participants to meet creators of unicorns, investors, VCs, etc. The finale, to be held in the United States, will have an assemblage of the best startups leading to building new unicorns in India.
Lacing the spin-offs of this unique initiative for the Indian IT sector, Gurmeet Singh, Executive Director of the Electronics and Computer Software Export Promotion Council (ESC), said it would be a forum for sharing experience at every level, locally, nationally, and internationally. Also, it would enthuse more and more Indian startups to focus on getting themselves transformed into Unicorns and establishing their credentials globally.
Manas Panda, Director, STPI Odisha, highlighted that this unique initiative would nurture the tech start-ups and strengthen their foothold on global shores. He mentioned that Odisha is progressing phenomenally in cementing the state on the global ICT map. This initiative of both ESC and STPI will lead to the building of new tech unicorns.
The pioneering effort of ESC & STPI is supported by the Ministry of Electronics and IT (MeitY) and the Department of Commerce. Grant Thornton (GT) is the Knowledge Partner for the Summits.
