Munich, Germany – The EU-India Innovation Center announces the start of its operations. The project will support European startups and innovators to launch and expand their business in India, and has the goal to impact more than 360,000 entrepreneurs and revolutionize both Indian and European startup scenes.
According to the project’s coordinator, Indre Kulikauskaite, from Civitta, the initial target is to add 70 of the main ecosystem players from both regions to their network and offer internationalisation training for around 500 mature startups. Throughout the 3-years project, these businesses will also have the opportunity of a deep dive into the Indian market to validate and scale in the country.
Emilie Verbunt, Director of DutchBasecamp and consortium partner added: “Our mission is to build awareness and interest amongst European tech startups, scale-ups and other ecosystem stakeholders about the great business opportunities India has to offer and know what it takes to seize these opportunities. With customized Go-to-Market training, we will help selected entrepreneurs to become successful in the Indian market”.
With the ambition of building the most qualified group of partners, ecosystem players will form a team of ambassadors with access to a leading Euro-Indian community of innovators, and have the chance to participate in immersion tours to explore the Indian market. At the same time, mature startups and small and medium enterprises (SMEs) will have expert support at all stages of their journey to India – from discovering business opportunities to creating a solid expansion plan.
Both startups and ecosystem builders can register at: www.euindiainnocenter.eu
Rodrigo Olmedo, project partner and CEO of uGlobally said: “Any company thinking about international expansion must strongly consider India. It is the 3rd largest startup ecosystem in the world and hosts more than 35 unicorns, offering unique advantages and opportunities. The world is targeting India and we cannot lose either focus or momentum.
India’s long standing parliamentary democracy and liberal economic policies make it a safer destination than many emerging markets. The country is expected to be one of the top three economic powers in the world over the next 10-15 years. The International Monetary Fund (IMF) projects an impressive 11.5 per cent growth rate for the Indian economy in 2021, making the country the only major economy of the world to register a double-digit growth this year.
The Indian tech startup ecosystem has been witnessing a steady growth of 8-10%, investors have poured in about $9.3 billion into Indian startups in 2020 despite the Covid-19 pandemic upending many sectors of the economy.”
About India, Juliane Frömmter, from German Entrepreneurship GmbH added: “Today India is one of the most dynamic markets of all, combining a rapidly growing and young population with a highly skilled and English-speaking workforce. Areas like HealthTech, Cleantech or Mobility, are ripe for attention by European startups, with urgent needs and awakening the interest of both public and private parties”.
Jay Krishnan from Mantra Foundation-India said: “The Indian ecosystem has a lot to benefit from European innovations. Although we are the world’s solution provider in the IT service industry and the second largest internet consumer market in the world, we still face some problems that have already been solved by European countries. This is the right time to share knowledge. We are prepared to offer all the support needed and sure that India and Europe have a lot to exchange, with mutual advantages”.
More information about the InnoCenter EU-India: The consortium is formed by six complementary organizations with extensive experience and high credibility in programme development in Europe and abroad. The European partners are Civitta, German Entrepreneurship GmbH, DutchBasecamp and uGlobally and the Indian representatives are the Mantra Foundation, and 91springboard. The project has received funding from the European Union’s Horizon 2020 coordination and support action programme under grant agreement No. 101004815.