ESC, STPI partner to foster startups as unicorns

Visakhapatnam: For the first time in India, with only a few parallels globally, the Electronics and Computer Export Promotion Council (ESC) and Software Technology Parks of India (STPI) have come forward to jointly organise "Startup summits–building the next unicorn" in select States to promote and strengthen startup culture in the country, recognising the best among them so as to create an architecture for the proliferation of unicorns.

The pioneering efforts of ESC and STPI are supported by the Ministry of Electronics and IT (MeitY) and the Department of Commerce. Grant Thornton (GT) is the knowledge partner for the summits. The initiative is aimed at driving the Indian tech momentum to the next level.

AP State startup conclave with a view to take startups to global shores was organised in Visakhapatnam on Tuesday by ESC and STPI. "This is the right initiative to build the next unicorn by improving the present ecosystem," Ravi Eswarapu, CEO, Incubation Center, Andhra University told Bizz Buzz.

The AP government as per the deliberations made at the annual meeting of the World Economic Forum at Davos announced to transform Visakhapatnam into a unicorn hub. Chief Minister Y S Jagan Mohan Reddy after meeting global CEOs at Davos said Visakhapatnam will be made into a technology hub with focus on artificial intelligence. Plans are underway to set up a high-end skill development university in the city. Global expansion is not only a key priority and milestone for startups and young businesses, but it is also a significant challenge in their growth path.

Realising the wind of growth is blowing in the direction of creating a significant cross-border presence for Indian startups, the current initiative is expected to help address the immediate requirements of Indian tech startups.