The SIIC, Start-up Incubation and Innovation Centre of IIT-Kanpur, and the SICCI, Singapore Indian Chamber of Commerce and Industry have come to provide a plethora of opportunities to usher an entrepreneurial ecosystem and a circular economy for tech-based startups. The two are collaborating to identify indigenous young talent and offering them a wide range of incubation services.
As per sources, the aim of this association is to provide India and Singapore-based startups a competitive edge in the global market. Both SICCI and SIIC, with their array of services, will promote international and homegrown initiatives operating in the technology domain with access to capital and mentorship. To begin their efforts towards promoting indigenous innovation, both the institutions, SICCI-SIIC INNOVATION LAUNCHPAD, on a virtual platform conducted a startup pitch competition. Five from Singapore and four from India, nine pre-selected contestants, pitched their startup ideas to the judges.
Amitabha Bandyopadhyay, in charge of Innovation and Incubation at IIT Kanpur, said that SICCI-SIIC LaunchPad 2021 is the first of many endeavours that marks the beginning of a new era in the incubation ecosystem. SICCI and SIIC will develop a symbiotic relationship so indigenous innovations in Singapore and India are respected. He also believed that this initiative will open the doors for startups from both these countries to explore each other’s market. Further, he said that the team at Innovation and Incubation at IIT Kanpur is happy to be a part of this initiative and support technology-based businesses that ensure value-addition, provide local employment opportunities and are sustainable.
SICCI Chairman Dr T Chandroo said that they plan to provide their startups with a well-deserved launchpad so they can create globally recognized brands that thrive on ingenuity, innovation, and excellence.
Prof Abhay Karandikar, Director IIT at Kanpur, also said that they are hopeful that through this platform, many path-breaking initiatives in entrepreneurship development and education will rise up, thus, giving opportunities across various areas.
Today, India is the third-largest ecosystem for startups in the world. Currently, there are 45000 startups in India at various stages. High Commissioner P Kumaran at an event also said that he believes startups are catalysts for innovation and that they have become the key enablers for wealth creation and employment generation, which in turn helps in the overall economic development.
The memorandum of understanding (MoU) between SICCI and SIIC IIT Kanpur was signed on March 10, 2021.