The recently concluded much-hyped Global Entrepreneurship Summit (GES) in Hyderabad has set the ball rolling and the US administration does not seem to be leaving at just there.
The US embassy, which runs a dedicated entrepreneurship and business development centre in Delhi, has decided to launch a special programme for 50 young (below 35 year) entrepreneurs in association with the University of Texas.
As part of the yearlong project, 50 entrepreneurs from Kolkata, Ranchi and Patna will undergo training and mentoring, said Craig L Hall, consul general of the US, in Kolkata. After the completion of the programme, the best ideas from these aspiring entrepreneurs will be connected to potential venture capital funds and business partners from the US, he said.
The idea, Hall said is to see that actual business in the small and medium enterprises (in the startup ecosystem) to root across sectors. The initiatives comes on the back of recently concluded Global Entrepreneurship Summit in Hyderabad, where Ivanka Trump, daughter and advisor to the US president Donald Trump, reiterated that the two largest democracies in the world should work together for creating more entrepreneurs and foster more startups in both the countries.
Speaking at an interactive session with members of ALFA network, an Assocham-affiliated body of entrepreneurs, Hall said, “Both India and the US share mutual beliefs about the need of empowering entrepreneurs and opening the doors for potential investors and mentors.
It has been a prerogative of the US as well as the Indian government to create a favourable climate to enable growth of innovators and reduce regulatory hurdles that limit opportunities for any prospective startup, he said.
Both the countries are collaborating to increase bi-lateral ties, economic and social security measures and facilitating a level-playing field for entrepreneurs, the US official added.
Sectors where entrepreneurs and startups from the two countries can team up include IT and ITeS, travel and tourism, hospitality, education, energy particularly renewable, healthcare, franchise business, he said.
The US is the fifth top largest foreign investor ($660 million) in India, which is nearly 6 per cent of the total foreign direct investment in the country.
In the past few years, the US has emerged as the top trading partner with $42 billion (16.1 per cent of total Indian exports). India’s bilateral trade with the US is estimated at $114.8 billion in 2016. India is ninth largest goods trading partner of the USA with $67.7 billion in total (two-way) goods traded in 2016.