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April 22, 2024 4:20 pm

Punjab pushing its startups to become unicorns with monetary system

The Fact News Service
Chandigarh, September 28

For the first time in India, the Electronics and Computer Export Promotion Council (ESC), Software Technology Parks of India (STPI) along with Start-up Punjab are jointly organising “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.

 During the conclave a consensus has been built that 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. Additionally, one of the most significant challenges that startups facing when planning their global expansion is a lack of funding. Realizing 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.

 In this occasion Chairman, ESC, Sandeep Narula said that 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. He added 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, New Delhi, Punjab 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.

Secretary-cum-Director Industries and Commerce, Punjab Sibin C said that it will be a rich experience for the Indian participants especially from Punjab. The mission to the US will be a unique initiative of the Council said 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. 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.

 Today, Punjab has around 750 startups out of which approx 80 are registered with startup Punjab who are being nurtured to be the next unicorns of Punjab. The Punjab Government has disbursed Rs. 45 lakhs among 15 tech startups to assist them in their efforts to grow phenomenally and seed money for another 15 is being processed added by Sibin C.

 Lacing the spin-offs of this unique initiative for the Indian IT sector, Director- Gurugram Paritosh Dandriyal said it would be a forum for sharing of 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. This unique imitative will help the tech startup’s from Punjab to come on Global ICT map.

Pertinently, the pioneering effort of ESC & STPI are supported by the Ministry of Electronics and IT (MeitY) and the Department of Commerce. Grant Thornton (GT) is the Knowledge Partner for the Summits.

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