startups

India, Sweden Launch Initiative for Startups

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Understanding the power of the quote two is better than one, India and Sweden have come together to work for the betterment of their respective startup industries. The two startup focused countries have collaborated to set up a mechanism in place that will work towards fostering greater cooperation among startups from each side and help them make way into each other’s markets.

“A Sweden-India ‘Startup Sambandh’ initiative has been launched by Invest India and Founders Alliance in Sweden for higher cooperation among start-ups,” revealed a government official speaking to BusinessLine.

The official also revealed that the initiative is a small part of a larger MoU signed between the two to promote startups in their respective countries.

Outside of the US and China, India’s ecommerce giant Flipkart at $11.6 billion is the the most valuable startup company. It is followed by Sweden’s $8.5 billion music streaming service Spotify in the second place and $7 billion Indian ecommerce site Snapdeal at the third place.

Startup Sambandh includes an online portal, which comes with a go-to-market guide for Swedish entrepreneurs looking to enter the India market. It will also include information on resources regarding the Indian startup ecosystem and a one-on-one facilitation programme through which dedicated sector experts will assist Swedish startups in their Indian foray.

Taking the podium at a Make in India show organised by India in Stockholm this week, Commerce and Industry Minister Suresh Prabhu said, “Sweden is an old and trusted friend who came to invest in India when it was a tough time to do business, now it is the time of business oriented structural reforms and time is ripe for these partnerships.”

He further added, “Swedish makers can be the mentors to India’s burgeoning good ideas.”

The minister also shared that, “India is working with all possible institutions in the country to provide the correct ecosystem for start-ups to boom.”

The ministry organised ‘Make in India: Sweden 2017’ in Stockholm to enhance Indo-Swedish cooperation and explore new areas of partnership. The Indian delegation for the 2-day event was led by Commerce and Industry Minister Suresh Prabhu.

While there, the minister also invited Sweden venture capitalists and angel investors to India to explore the wide opportunity presented by the Indian startup industry, the third largest ecosystem in the world.

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