SUPPORTING ENTREPRENEURS IN TRANSFORMATION AND UPSKILLING PROGRAMME

• The Union Minister of Commerce and Industry recently launched the US Startup SETU – Supporting Entrepreneurs in Transformation and Upskilling programme in the Bay Area of San Francisco, United States of America.
• The term startup refers to a company in the first stages of operations. Startups are founded by one or more entrepreneurs who want to develop a product or service for which they believe there is demand.
• These companies generally start with high costs and limited revenue, which is why they look for capital from a variety of sources such as venture capitalists.
• The Department for Promotion of Industry and Internal Trade (DPIIT) has recognized startups which are spread across 56 diversified sectors.
• More than 4,500 Startups have been recognized in sectors relating to emerging technologies such as Internet of Things (IoT), robotics, artificial intelligence, analytics, etc.
• Sustained Government efforts in this direction have resulted in increasing the number of recognized Startups from 471 in 2016 to 72,993 in 2022.

Startup SETU

• SETU or Supporting Entrepreneurs in Transformation and Upskilling is an Indian government initiative under Ministry of Commerce & Industry.
• The initiative would connect start-ups in India to US-based investors and start-up ecosystem leaders with mentorship and assistance in various areas including funding, market access and commercialization.

Significance:

• To break the geographical barriers between US mentors willing to invest in entrepreneurship and sunrise startups in India.
• The interaction will be supported through the mentorship portal under the Startup India initiative MAARG, or the Mentorship, Advisory, Assistance, Resilience, and Growth program, which is a single-stop solution finder for startups in India.
• The portal has been developed with the idea to be accessible from every corner of the country to connect with a mentor.

Need:

• It is estimated that about 90% of the start-ups and more than half of the well-funded startups fail in their early days. Lack of experience in handling the business is a key issue, and founders require the right guidance for taking a decision and moral support.
• As India becomes a leading start-up destination, the proper guidance at the right time is paramount.
• Further, the Government of India invites stalwarts, seasoned experts, and industry leaders to give back to the nation by adding value to a startup’s journey.

SOURCE: THE HINDU,THE ECONOMIC TIMES,MINT