India stands as a leader in digital public infrastructure, says Krishnan
The LEAP AHEAD initiative will be a game-changer for tech Startups that are in the scaling stage, growth stage, product diversification or planning expansion into new geographical locations through funding support of up to Rs.1 crore.
These startups will also benefit from a comprehensive three-month mentorship program that combines virtual and in-person sessions for a well-rounded learning experience, Ministry of Electronics & Information Technology (MeitY) said at the launch of LEAP AHEAD initiative on 6 Nov 2023.
Furthermore, the initiative will provide start-ups with access to an extensive network and personalized guidance through one-on-one mentorship sessions with seasoned investors and industry experts.
“This LEAP AHEAD initiative is very timely in terms of emphasizing the opportunities that lie for entrepreneurship in India,” said MeitY Secretary S Krishnan as he launched the initiative, a joint collaboration of Software Technology Parks of India (STPI) and The Indus Entrepreneurs (TiE) Delhi-NCR.
“Today, India is no longer known as a BPO destination, it has evolved into a global capability centre and R&D centre. India stands as a leader in digital public infrastructure and this can now be used in multiple ways by entrepreneurs to build successful enterprises.
“Youth in smaller cities have the hunger to do and achieve more. That’s the fire in the belly we need to build on. We would like to also see more women and people from tier 2/3 cities coming as entrepreneurs.”
Also speaking at the launch of LEAP AHEAD summit in New Delhi, STPI DG Arvind Kumar said, “With this initiative, technology startups will gain entry into the market, experience rapid growth and diversify into new horizons.
“This program is focused mainly on two things – mentorship and co-investment. Besides Delhi, LEAP AHEAD Startup Summit is also planned to be held in Bhubaneswar, Vijayawada and Chandigarh.”
“Our startups have been a great success story for our country and have seen exponential growth in the last couple of years,” added Sushil Pal, Joint Secretary, MeitY.
“Through the collaboration with STPI, TiE Delhi-NCR is not only providing funding but also providing mentoring and market access,” added Dr Saurabh Shrivastava, Chairman Emeritus, TiE Delhi-NCR.
“These are people who build successful companies and know the mistakes they have made. We will help these companies to scale and grow,” he said at the summit.
“We’ll mentor 75 companies over three months, aiming to secure funding for about 15. We’ll also take these showcases to over 30 cities, expanding the impact,” assured Alok Mittal, President, TiE Delhi-NCR.
“TiE’s mission has always been to foster ecosystems, and this program aligns perfectly with our goals,” he srtressed.
This initiative will enable the startups to establish a product market fit, identify customer segments, grow hacking strategies, business compliance, leadership recruitment and fundraising.
With a strong focus on nurturing startups and fostering entrepreneurial brilliance, this event represented the first step in an exciting journey that will extend the LEAP AHEAD Accelerator Program to cities like Vijayawada, Chandigarh, and Bhubaneswar.
The launch was followed by three pivotal panel discussions on Path to a Product Oriented Nation, Accelerating Innovation and Funding Insights: Navigating the Investment Landscape. Esteemed panellists from the industry shared insights with young entrepreneurs in the audience.
The event also served as a platform for invaluable networking, connecting entrepreneurs with peers, potential investors, and influential thought leaders within the entrepreneurial ecosystem.
A knowledge report on “From Startup to Scale Up: The Role of Digital India and Opportunities Ahead” was unveiled during the event. The report is a comprehensive resource that showcases success stories of startups that have harnessed the potential of Digital India to create innovative solutions that address societal challenges, while also driving economic growth and job creation.
The event also saw seven MoUs exchanged between STPINext and ecosystem enablers, felicitation of Build for Bharat IoT Challenge winners and 20 startups cumulatively received Rs.6.1 crore from NEXTGen Technology Fund1, the fund established under NGIS scheme with STPINEXT as anchor investor and other investors.
Ashok Singh, Executive Vice President, Investor Relations, Mumbai Angels; Prem Bharthasarathy, Managing Partner, Pontaq Ventures India LLP; Devesh Tyagi, Senior Director, STPI; Subodh Sachan, Director, Innovation and Startups, STPI and Manjusha Chourasia, Scientist ‘E’, MeitY also participated in the event.
STPI is an organization under Ministry of Electronics and Information Technology engaged in promoting software exports, nurturing tech startup ecosystem and working for the dispersal of the IT/ITES Industry. STPI has been actively involved in strengthening the startup ecosystem in India through its Next Generation Incubation Scheme (NGIS) and 22 domain-specific Centers of Entrepreneurship innovation by providing requisite support and resources to the startups.
TiE Delhi-NCR has continuously taken the lead in creating an increasingly positive ecosystem for entrepreneurs and investors. TiE Delhi-NCR conducts a wide range of programs to help entrepreneurs. These include TiEcon, Startup Expo, TiE Institute, TiE Young Entrepreneurs along with Special Interest Groups (SIGs) across sectors. fiinews.com
