‘We should aspire to have our own Silicon Valley’ – Piyush Goyal

India’s commerce minister, Piyush Goyal, proposed a dedicated startup township in the country while launching the Bharat Startup Knowledge Access Registry (BHASKAR) in New Delhi on Monday. The proposed new startup township would enhance innovation and collaboration with access to resources, mentorship, and financial support. It would be the Silicon Valley of India as the Minister suggested. 

The Minister said, “We should aspire to go beyond. We should aspire to have our own Silicon Valley… I know Bengaluru is the Silicon Valley of India, but it's time we started thinking about tying up with NICDC and creating a whole new township dedicated to entrepreneurs, startups, innovators, and disruptors.” 

The Silicon Valley dream

Silicon Valley in California, USA is a global hub for technology and innovation. It is home to some of the world’s tech giants such as Apple Inc., Google’s parent Alphabet Inc., and Meta Platforms Inc., which includes WhatsApp, Instagram, and Facebook.

India currently boasts three promising startup hubs in Bengaluru, Delhi, and Mumbai. However, the commerce minister’s proposed dedicated township for startups could recreate Silicon Valley’s success.

A focused township would not only offer startups access to resources, mentorship, and financial support but also assist in promoting innovation, collaboration, and knowledge-sharing.

“Often, someone may have a great idea but no clear path or support on where to take it. This township would provide that platform, helping connect innovators with the right resources and networks to bring their ideas to life." Goyal has remarked. 

The Minister has further asked the officials of the Department for Promotion of Industry and Internal Trade (DPIIT) to evaluate the need for a dedicated startup township with all stakeholders.

India’s digital Startup programs

Under the Startup India program, the government already had launched several digital platforms for India’s startup ecosystem—the Startup India Investor Connect Portal for raising capital; the National Mentorship Portal for guidance; Startup India Hub for stakeholder networking; and the Startup India Showcase, which highlights top-performing startups selected through various government programs.

Furthermore, the Startup India Seed Fund Scheme supports startups with developing proof of concept, prototype development, product trials, and market entry.

The newly launched digital platform BHASKAR is a digital central registry of stakeholders, involving nearly 1.5 lakh (150,000) startups, with facilities for searchability, interaction, and knowledge sharing.

Currently, India is the third-largest startup ecosystem in the world after the US and China in terms of the number of startups. India saw a 42% increase in venture capital funding between January and July, based on the data from analytics company GlobalData. [Source: Mint]

The commerce minister, Piyush Goyal further proposed that a non-profit entity, similar to Invest India, could be created to fortify initiatives related to startups.

 

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