By launching ground-breaking initiatives to give tech startups and aspiring entrepreneurs access to a rich collaborative ecosystem, STPI has set out to strengthen the country’s ecosystem for tech startups.
It has encouraged the patenting of more than 100 upcoming tech startups.
On December 24, 2022, in a conversation with DD News, Director General of Software Technology Parks of India, Mr. Arvind Kumar elaborated that the goal of STPI in its starting stage was to support the export of software, and today they have reached over 6.3 lakh crore of exports, marking the successful journey of the software industry.
Now they want to aim at the software product market.
They want to get around the Indian government’s policy on software products, which sought to develop a market for software products worth between 70 and 80 billion dollars.
To boost the startup environment for software products, they had two strategies.
The first plan was for a region with few to no software or IT enterprises. They have identified 12 similar places. The plan is to give INR 25 lakhs to 300 people for their start-ups, for a total of INR 95 crore.
The second scheme, worth INR 90 crores, is for the north-eastern region, where a seed fund of INR 25 lakh will be provided for their start-up technology company.
The Center for Entrepreneurship is another STPI initiative that aims to assist local and central governments in maximizing the potential of entrepreneurs and small and medium-sized businesses, fostering inclusive and sustainable cities and regions, fostering local job growth, and implementing sound tourism policies.
They have set up the most modern labs and technology so that people can complete their automated or medical testing. 300 startups are now receiving support.
If things continue as they are, MR. KUMAR believes they will soon reach their goal of 60-70 billion dollars.
He was further asked about whether they have international plans and support lined up for these startups.
To this, he replied that people are coming from all over the world to know more about our startup ecosystem, invest in us, and give us a market.
STPI is attempting this by bringing 40 startups to America to meet with fund managers, venture capitalists, and institutions to discuss their products and secure funds and investors to expand their market and advance their technology.
This approach can surely grow the Indian tech market and take Indian start-ups to new heights.