MeitY’s LEAP AHEAD Initiative To Boost Tech Startups In India
The Ministry of Electronics & Information Technology (MeitY), in collaboration with Software Technology Parks of India (STPI) and The Indus Entrepreneurs (TiE) Delhi-NCR, launched the LEAP AHEAD initiative in order to support and accelerate the growth of tech startups across the country. Under the initiative, participating startups will have the opportunity to access funding of up to INR 1 crore through a co-investment model.
MeitY Secretary S Krishnan said, “The LEAP AHEAD initiative is very timely in terms of emphasizing the opportunities that lie for entrepreneurship in India. Today, India is no longer known as a BPO destination, it has evolved into a global capability centre and R&D centre. India stands as a leader in digital public infrastructure and this can now be used in multiple ways by entrepreneurs to build successful enterprises.”
“Youth in smaller cities have the hunger to do and achieve more. That’s the fire in the belly we need to build on. We would like to also see more women and people from Tier II and Tier III cities coming as entrepreneurs,” Krishnan added.
Funding, Mentorship To Selected Startups
Arvind Kumar, Director General, STPI, emphasized that the program's main focus is on mentorship and co-investment. This initiative will enable technology startups to enter the market, experience rapid growth, and diversify into new horizons.
STPI has established partnerships with 16 different funds to support the co-investment phase. These funds include Pontaq, India Angels Network Incubation, and AWE Fund, a mentoring service. These partner funds have committed to providing a minimum investment for the selected startups and will offer mentorship across various critical areas, such as company strategy, product-market fit, marketing, growth strategies, business development, recruitment, and fundraising.
Pitch Ideas Online From Across The Country
The application period for this program commenced on November 6 and will conclude on December 10. Once the startups are selected, they will have the opportunity to showcase their ideas at the Leap Ahead Startup Summit events in Bhubaneswar, Vijayawada, and Chandigarh. For startups located in regions distant from these locations, there is also an option to pitch their ideas online. The announcement of the first cohort selected for this program is scheduled for January 16, 2024.
Alok Mittal, President, TiE Delhi-NCR, said, “TiE's mission has always been to foster ecosystems, and this program aligns perfectly with our goals. We'll mentor 75 companies over three months, aiming to secure funding for about 15. We'll also take these showcases to over 30 cities, expanding the impact."
The Leap Ahead program is an integral part of the Next Generation Incubation Scheme (NGIS), initiated by MeitY and launched on August 25, 2020. Its primary objective is to identify startups from Tier II cities and provide them with financial support and mentorship. The investments are channeled through the Next Generation Technology Fund I, overseen by STPI. To date, this scheme has supported 103 startups, each receiving up to Rs 25 lakh in funding.
Furthermore, NGIS also offers financial assistance in the form of stipends to startups in the ideation stage, facilitating their work on crucial problem statements and the refinement of their pitches for potential inclusion in incubation programs.
