Govt launches SETU in the US; aims to connect Indian startups to US investors: Here are the details, funding and more
- SETU will coach and guide Indian startup leaders in a number of areas, including funding, market access, and commercialization, according to Union Minister Piyush Goyal.
- We’re also looking at a program that the startup advisory council started, Goyal said, where mentorship is offered in remote and tier-2, tier-3, and tier-4 towns.
- In effect, SETU will eliminate distances between the US and India, allowing US-based mentors to assist and finance Indian entrepreneurs.
Goyal said after the start-San up’s Francisco launch that it will assist entrepreneurs in gaining new skills, revamping their businesses, and utilizing the success stories of the Indian diaspora in the US.
The minister urged business people in the US to participate in the program, saying doing so would give them a chance to encourage talented Indians while also giving back to their own nation.
The minister prompted corporations to invest in India, adding that they gain access to a market of over a billion “ambitious Indians” as well as a high level of competition. Goyal highlighted the country’s immense market potential and emphasized the benefits of economies of scale and the availability of a large skill pool.
After outlining the initiatives taken to encourage investment in India, Goyal stated that the government would progressively bring forth 5G services throughout the country commencing from October.
Furthermore, USD 2.5 billion has been approved by the government for the installation of 4G towers and systems in these locations. The government was installing fibre optic cables at the same time for broadband connectivity.
Goyal is in the US for six days to attend a number of engagements, including the Indo-Pacific Economic Framework ministerial session in Los Angeles (IPEF).
The US Startup SETU – Supporting Entrepreneurs in Transformation and Upskilling programme was introduced by Minister of Commerce Piyush Goyal in the Bay Area of San Francisco with the goal of connecting start-ups in India to investors and start-up ecosystem leaders in the US and providing mentorship and assistance in various areas.
The programme aims to assist aspiring entrepreneurs in the areas of commercialization, market access, and capital. The project would provide mentorship and support in a number of areas, including funding, market access, and commercialization, by connecting businesses in India to investors and startup ecosystem leaders in the US.
The mission of SETU is to eradicate geographical barriers between early-stage businesses in India and mentors in the US who are ready to invest in entrepreneurship. The mentoring portal for Startup India’s MAARG program—Mentorship, Advisory, Assistance, Resilience and Growth—which serves as a one-stop shop for businesses in India—will support the engagement.
The portal was established with the aim of enabling mentor connections from any part of the country. The human intelligence of a mentor will help startups.
The main goals of MAARG are to make things easier for people to access, use AI for matchmaking, schedule meetings virtually, host master classes, offer a personalised dashboard with valuable data, analytics, and features, and host cohort-based programmes that will let startup ecosystem enablers participate, and enable outcome-driven activities.
The minister met numerous local business titans and entrepreneurs and had fruitful chats with them. Investors, including venture capitalists, expressed optimism about India’s business prospects.
One of the main conclusions is that the Bay Area has high hopes for India and is highly enthusiastic about the prospects that India, Indians, and Indian entrepreneurs and startups have to offer. I’m really proud of the talent in India. “After the sessions, Goyal noted. India’s massive market of 1.3 billion aspirant Indians is viewed as having immense potential.
The SETU programme, which we have just started, aims to support enterprises through initiatives for upskilling and transformation. We’re also taking a look at a programme that the startup advisory council started in India, which focuses on starting mentorship programmes in smaller, more rural communities in tiers 2, 3, and 4. Many great suggestions have been offered, the minister continued.
Over half of well-funded businesses and 90% or more of startups typically fail within the first five years.
The importance of receiving the proper advice at the appropriate time cannot be overstated as India strives to become the premier startup destination. The Indian government invites veterans, seasoned experts, and business moguls to enhance the growth of startups and contribute to the nation.
MAARG encourages mentors from all over the world to apply. At the time of writing, MAARG had more than 200 mentors.
People want to know how SETU will connect Indian start-ups with US investors, who can apply, the program’s eligibility requirements, funding information, and other specifics because there has been a lot of talk about it.
SETU: What is it?
A government project in India called SETU, or Supporting Entrepreneurs in Transformation and Upskilling, aims to provide mentorship and support in a variety of areas to aspiring business owners and start-ups in India while they seek funding from US-based investors and ecosystem leaders.
Purpose of SETU:
To remove geographical obstacles between US-based mentors who are eager to invest in entrepreneurship and Indian firms that are just getting started.
How will they communicate and interact with Indian entrepreneurs?
Under the Startup India initiative MAARG, or the Mentorship, Advisory, Assistance, Resilience, and Growth programme, all interactions can be conducted through the mentoring site. This one-stop shop for finding solutions for startups in India was created with the intention of being reachable from any region of the nation to connect with a mentor.
The government claims that a mentor from MAARG will provide human intelligence to help the startups. Throughout the world, more than 200 mentors have been successfully onboarded on MAARG.
MAARG core capabilities:
a) Make access easier.
b) Utilise artificial intelligence in dating
c) Arrange meetings online
d) Hosting master courses
e) Offer a unique dashboard with features, analytics, and other information that is pertinent.
f) Host cohort-based activities that will enable enablers of the startup ecosystem to participate in the programme.
g) And support efforts that are motivated by results.
Who can apply:
Any aspiring entrepreneur or Indian startup that wants to expand its operation.
Although the government has not yet clarified how the funding problem will be resolved, mentors are expected to help aspiring entrepreneurs and startups approach investors for funding.