Yesterday, Confederation of Indian Industry (CII) has signed a 3-year MoU with the Ministry of Electronics and Information Technology (MeitY) to strengthen the startup ecosystem in the country.
According to the agreement, startups in electronics and IT sector, being incubated by MeitY, will be brought under the scope of CII’s Corporate-Start-up Business Connect Platform which will help them connect with industry for mutual benefits and gaining access to international markets.
Startups will get support and guidance from coroprates and get help in entering in the supply chain if possible and investing in them if they see potential for mutual business benefits.
A corporate-and-startup pairing will be done which will be purely on commercial basis, with business interest and profitability in mind on both sides.
Additionally, the MeitY Startup Hub and CII will together by inviting other countries to come and explore the Indian market on very easy and affordable terms.
For this, startups from other countries will be provided free or near-free space for a specified time period in a city of their choice in India, inside a co-working environment, where they will be able to interact with other startups, explore the market opportunities, further develop their product according to the requirements of the Indian market and then do some trial runs.
Once the foreign startups feel confident that further progress can be made in the Indian market, it could venture out on its own at a bigger scale. Similar soft-landing opportunities will also be created for Indian startups in other countries.
To recall, in November CII partnered with WhatsApp to educate and train SMEs and entrepreneurs on using the messaging platform to connect with customers and growing their businesses.
In late 2016, CII also launched ‘Startup Mentorship Circle’, a common platform for large corporate houses and startup entrepreneurs to share their experiences and ideas. The platform was launched in view of central Government’s vision of nurturing entrepreneurship under the Startup India Initiative.
Source – Times of India
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