STPI and TiE Delhi-NCR Launch LEAP AHEAD Initiative
By siliconindia | Tuesday, 07 November 2023, 14:36 IST
In a joint effort to support and accelerate the growth of technology startups in India, the Secretary of the Ministry of Electronics & Information Technology (MeitY), Shri S. Krishnan, introduced the LEAP AHEAD initiative. This program is a collaborative project involving the Software Technology Parks of India (STPI) and The Indus Entrepreneurs (TiE) Delhi-NCR, with the goal of promoting the success of startups in the technology sector. The program was launched at the LEAP AHEAD summit and was attended by prominent individuals such as Shri Arvind Kumar, Director General of STPI; Shri Sushil Pal, Joint Secretary at MeitY; Dr. Saurabh Shrivastava, Chairman Emeritus of TiE Delhi-NCR and Co-Founder of the Indian Angel Network; Shri Alok Mittal, Co-founder of Indifi Technologies and President of TiE Delhi-NCR; Shri Ashok Singh, Executive Vice President of Investor Relations at Mumbai Angels; Shri Prem Bharthasarathy, Managing Partner at Pontaq Ventures India LLP; Shri Devesh Tyagi, Senior Director at STPI; Shri Subodh Sachan, Director of Innovation and Startups at STPI; and Ms. Manjusha Chourasia, Scientist 'E' at MeitY.
The LEAP AHEAD initiative has the potential to significantly impact technology startups at various stages of their development, including scaling, growth, diversification, and expansion into new regions. Startups can avail of funding support of up to Rs 1 Crore, along with an intensive three-month mentorship program that combines both virtual and in-person sessions to ensure a comprehensive learning experience. Furthermore, this initiative offers startups access to an extensive network of experienced investors and industry experts who can provide personalized guidance through one-on-one mentorship sessions. Secretary MeitY, Shri S. Krishnan, emphasized the timely nature of the LEAP AHEAD initiative, highlighting the entrepreneurial opportunities in India. He pointed out India's transformation from being known primarily for Business Process Outsourcing (BPO) to becoming a global hub for capabilities and research and development (R&D). The initiative aims to harness the aspirations of young entrepreneurs in smaller Indian cities who aspire to achieve more, with a particular desire to see more women entrepreneurs and innovators emerging from tier 2/3 cities.
Shri Arvind Kumar, the Director General of STPI, outlined the primary focuses of the program, which include mentorship and co-investment. He explained how these aspects would enable technology startups to enter the market, experience rapid growth, and explore new opportunities. Dr. Saurabh Shrivastava, the Chairman Emeritus of TiE Delhi-NCR, emphasized that the collaboration between STPI and TiE Delhi-NCR not only provides funding but also mentoring and market access, leveraging the expertise of individuals who have successfully built companies. Alok Mittal, the President of TiE Delhi-NCR, echoed the organization's mission to nurture ecosystems. The program aims to mentor 75 companies over three months, with a goal of securing funding for approximately 15 of them.
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