Supporting Entrepreneurs in Transformation and Upskilling (SETU) is the latest move of the Indian government to boost startups in India. The idea behind SETU is to connect startups in India to US-based investors and the startup ecosystem, media reports said.
After the programme launch in the Bay Area of San Francisco, Indian Union Minister Piyush Goyal said, "One of the key takeaways is that the Bay Area is very bullish on India, very excited about the potential that India, Indians and Indian startups and Indian businesses have to offer. Very excited about the talent available in India. They see huge potential in the large market that India is, 1.3 billion aspirational Indians."
Done meticulously to support investors and startup owners, SETU is aimed at building a startup ecosystem in the country.
Startups have witnessed tremendous growth in India. From a mere 417 startups in 2016, the number has grown rapidly, with each passing year taking the count to 20,160 in 2021.
As of July 2022, India was home to 105 unicorns with a total valuation of $338.50 billion. Since 2016, the startup industry in the country has registered a 15 time increase in funding and a 9 times increase in the number of investors, making it an amazing success story of 'Brand India', news agency ANI reported.
The year 2021 saw maximum growth of startups, as, among 20,160 startups, 43 achieved a valuation of over $ 1 billion.
The SETU portal will offer customised assistance to the startups, as it has been developed to make it accessible from the remotest area of the country to connect with a mentor.
The mentorship window of the SETU is part of the Startup India initiative MAARG (Mentorship, Advisory, Assistance, Resilience, and Growth), which works as a single-window solution for startup seekers in the country.
"We've launched the SETU programme where we are looking at supporting entrepreneurs through transformation and upskilling initiatives. We're also looking at a programme that the startup advisory council had initiated in India in which mentorship is being initiated, particularly in tier-2, tier-3 and tier-4 towns and remote areas. A lot of good suggestions have been brought to the table," the minister said after the launch of the programme.