SETU programme: To connect entrepreneurs in India with US-based investors, the commerce and industry minister Piyush Goyal has created a programme called SETU (Supporting Entrepreneurs in Transformation and Upskilling). With SETU, mentors in the US who are eager to support entrepreneurship can connect with Indian firms that are just getting off the ground. The initiative was introduced during a discussion centred on particular concerns with India’s startup ecosystem.
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SETU programme: Key Points
- The meeting’s main topics were how to promote domestic incorporation and successful diaspora residents of the San Francisco Bay Area’s mentorship of early-stage Indian firms.
- The project would provide mentorship and support in a number of areas, including funding, market access, and commercialization, by connecting businesses in India to investors and startup ecosystem leaders in the US.
- Through the mentorship site created by the Startup India initiative’s MAARG (Mentorship, Advisory, Assistance, Resilience and Growth) programme, an all-in-one resource for Indian businesses, the interaction between the stakeholders would be facilitated.
- According to estimates, more than half of well-funded businesses and over 90% of all startups fail during their initial stages.
- Lack of company management experience is a major problem, and entrepreneurs need the correct advice for making decisions as well as moral support.
- Mentors from all around the world are encouraged to apply to MAARG. Over 200 mentors from all over the world have joined MAARG as of this writing.
Important Takeaways For All Competitive Exams:
- Commerce and industry minister, GoI: Shri Piyush Goyal
- President of the United States: Joe Biden
- Capital of the United States: Washington, D.C.
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