Piyush Goyal launches India US Startup SETU - Supporting Entrepreneurs in Transformation and Upskilling programme in San Francisco

Tags: National Economy/Finance Government Schemes International News

The Union Minister of Commerce and Industry, Piyush Goel launched the India US Startup SETU - Supporting Entrepreneurs in Transformation and Upskilling programme in San Francisco, United States on 6 September 2022.

IMPORTANT FACTS -

Aim of the Startup:

• Piyush Goyal said it will act as a bridge between Indian and American companies and will support entrepreneurs in transforming, upskilling and leveraging on the success stories of the Indian Diaspora in the US.
• The minister observed that some good ideas of startups don't take off for lack of mentorship, guidance, funds. 
• 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.
• 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.

What is MAARG ?

• It is a portal which has been launched by the Department for Promotion of Industry and Internal Trade (DPIIT) under the startups India initiative. 
• The portal has been developed with the idea that a mentor shall be accessible to the startups, anywhere in the country. 

ADDITIONAL INFORMATION -

Points to remember : 

• January 16 is observed as Startup day as on this day in 2016 the government of India launched its flagship Startup India initiative. The first Startup day was observed in 2022.
• India has become the third-largest Startup ecosystem in the world after the US and China.
• Bengaluru based Neobank Open is the 100th Unicorn Startup in India.