India, Canada pact to open a $19-trillion market for startups
, ET Bureau|
Updated: Feb 20, 2018, 08.49 AM IST
MUMBAI: In a bid to boost cross-border exchange of technology talent, India has signed a bilateral agreement with Canada to facilitate market access for startups from both countries. The programme, which will carry a special focus on women entrepreneurs, has been sanctioned by both the governments and will be rolled out in India in partnership with private accelerator Zone Startups India (ZSI).
As part of the agreement, both the governments will hone and support startups with high potential to help them grow over the next two years with Zone Startups India identifying about 40 startups that can be eligible for this programme.
To enable all-round support for startups through this programme, including legal and operational aspects, both the Canadian and Indian government will invest an undisclosed amount in Zone Startups India, under the aegis of the Canada-India S&T Agreement to carry forward the same.
“We will be looking out for startups in the B2B and enterprise sectors which are at an early stage and are ready for an international launch,” said Ajay Ramasubramaniam, director, Zone Startups India. “The startups should have already built significant traction in their local markets and have a product which has the market fit for the international clients.”
The startups selected through this programme will be mentored to help build significant scale as also connect with a larger array of corporates and investors. Startups will also be able to gain access to the Canadian market, which in turn is also expected to help them access the $19 trillion North American startup market.
“Canadian startups who are looking at India as a strategic market, will be put through a boot camp, to show them the ropes of doing business in India, approvals required and to know the business environment here,” Matt Saunders, president at Zone Startups, said. “Our end goal is that startups setting up their business in both these markets should also hire local talent and generate jobs in both the countries.”
The bilateral agreement between India and Canada comes at a time when Canadian PM Justin Trudeau is visiting India.
As part of the agreement, both the governments will hone and support startups with high potential to help them grow over the next two years with Zone Startups India identifying about 40 startups that can be eligible for this programme.
To enable all-round support for startups through this programme, including legal and operational aspects, both the Canadian and Indian government will invest an undisclosed amount in Zone Startups India, under the aegis of the Canada-India S&T Agreement to carry forward the same.
“We will be looking out for startups in the B2B and enterprise sectors which are at an early stage and are ready for an international launch,” said Ajay Ramasubramaniam, director, Zone Startups India. “The startups should have already built significant traction in their local markets and have a product which has the market fit for the international clients.”
The startups selected through this programme will be mentored to help build significant scale as also connect with a larger array of corporates and investors. Startups will also be able to gain access to the Canadian market, which in turn is also expected to help them access the $19 trillion North American startup market.
“Canadian startups who are looking at India as a strategic market, will be put through a boot camp, to show them the ropes of doing business in India, approvals required and to know the business environment here,” Matt Saunders, president at Zone Startups, said. “Our end goal is that startups setting up their business in both these markets should also hire local talent and generate jobs in both the countries.”
The bilateral agreement between India and Canada comes at a time when Canadian PM Justin Trudeau is visiting India.
