Correct Answer : SETU Programme
Commerce and industry minister Piyush Goyal has launched an initiative — SETU (Supporting Entrepreneurs in Transformation and Upskilling) — here to connect startups in India to US-based investors.
* SETU is designed to break the geographical barriers between mentors based in the US that are willing to invest in entrepreneurship and sunrise startups in India.
* The programme was launched during an interaction focused on specific issues related to the startup ecosystem in India.
* The meeting focused on ways to encourage domestic incorporation and mentorship of early-stage Indian startups by successful diaspora members in the Bay Area of San Francisco.
* The interaction between the stakeholders will be supported through the mentorship portal under the Startup India initiative MAARG (Mentorship, Advisory, Assistance, Resilience, and Growth) programme, which is a single-stop solution finder for startups in India.
* “There were suggestions about mentorship. We have launched the SETU programme where we are looking at supporting entrepreneurs through transformation and upskilling initiatives. We are also looking at a programme that the startup advisory council had initiated in India in which mentorship is being initiated particularly in tier-2, 3 and 4 towns and remote areas,” Goyal said.
* It is estimated that about 90 per cent of the startups 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.
* MAARG is inviting applications from mentors across the world. Till date,
over 200 mentors have been on-boarded on MAARG across the globe. .
Source : The Print
