India’s startup ecosystem is about to get a big growth acceleration as EU startups enter the market
India’s startup ecosystem is booming. The country has recorded a whopping rise of 15,400% in the number of startups that rose from 471 in 2016 to 72,993 as on 30th June 2022. The launch of the Startup India initiative in 2016 has focused on building a strong ecosystem for nurturing innovation and entrepreneurship in the country, adding that all initiatives are implemented across States, cities, towns, and rural areas. Now, India’s startup ecosystem is about to get a major boost because of the Startup Europe India Network. It is the premier network for startups, investors, and amplifiers to connect and build startups, invest in tech and accelerate the growth of tech innovation in Europe and India.
European Union’s high-impact and unique tech startups (Series-A funded) are coming to India to explore, enter and scale in the Indian market. They will also attend Blue Carpet Night, hosted by EU-India InnoCenter in Bengaluru, according to statements from EU officials. The Blue Carpet Night is basically a flagship event that is being hosted in the EU-India InnoCenter to showcase European Innovation. However, these startups are coming under the EU-India InnoCenter, an initiative that has been funded by the European Union’s (EU) research and innovation framework program Horizon of 2020.
The Ambassador of the European Union to India Ugo Astuto is expected to open (virtually) the meet, which will facilitate a strategic networking platform for the startups and to converge with the Indian industries and ecosystem players. Besides, showcasing their technologies and products they will get an opportunity to talk about their plans to scale up practices in the Indian market.
In the last six months, already more than 100 European startups have undergone screening by the EU-India InnoCenter and at the end of the process, ten startups in the present cohort are coming to build a strategic network in the Indian Innovation Ecosystem.