Minister of Commerce and Industry Piyush Goyal has announced an initiative called SETU (Supporting Entrepreneurs in the Transformation and upskilling) which aims to connect entrepreneurs from India with investors from the US.
SETU is designed to remove the geographic barriers that exist between US mentors who want to fund entrepreneurial ventures and the first startups that are based in India.
The program was introduced at a meeting that was specifically focused on issues related to the startup scene in India.
The conference was focused on ways to facilitate local incorporation and mentoring of young-stage Indian companies by diaspora members who have achieved success within San Francisco’s Bay Area of San Francisco.
The program will bring startups from India to investors from the US and startups with mentorship and support in various areas like market access, financing and commercialisation.
The interaction between parties involved will be enhanced by the mentorship portal that is part of the Startup India initiative MAARG (Mentorship and Advisory, Assist, Resilience and Growth) program, which serves as an all-in-one solution to startups operating in India.
“There were suggestions about mentorship. We have launched the SETU programme where we are looking at supporting entrepreneurs through transformation and upskilling initiatives. We are also looking at a programme that the startup advisory council had initiated in India in which mentorship is being initiated particularly in tier-II, III, and IV areas,” Goyal added.
The estimates suggest that around 90% of startups and over half of well-funded startups fail early on.
Inexperience in managing the business is a major problem, and entrepreneurs require the correct guidance to make an action and have moral assistance.
MAARG is accepting applications from mentors around the globe. So far, more than 200 mentors have joined by MAARG around the world.