Saturday, March 02, 2024
Outlook.com
Outlook India
Outlook Business

Commerce And Industry Ministry Urges Unicorns To Mentor Start-Ups

The Commerce and Industry Ministry has urged unicorn start-ups to provide at least 30 minutes of mentorship to budding start-ups

Commerce And Industry Ministry Urges Unicorns To Mentor Start-Ups

Press Trust Of India

POSTED ON January 20, 2024 1:50 PM

The commerce and industry ministry has urged the unicorn start-ups to mentor budding entrepreneurs through government-backed MAARG portal, an official said. 

The MAARG (Mentorship, Advisory, Assistance, Resilience, and Growth) platform was launched in January last year to facilitate mentorship for start-ups across diverse sectors and geographies. 

It was suggested during a meeting between Commerce and Industry Minister Piyush Goyal and senior representatives of 40 unicorn start-ups like Lenskart, Zerodha, and Boat here on January 17. 

On the other hand, the companies asked for a better funding mechanism and lower rates of interest to increase their growth prospects. 

Issues that figure in the meeting included sustainable growth, India's positioning in the global start-up landscape and mobilisation of domestic capital for the larger start-up ecosystem. 

It was suggested to them to provide at least 30 minutes of mentorship to budding start-ups, the official said. 

Start-up firms valued over $1 billion are categorised as unicorns. 

Meanwhile, President Droupadi Murmu interacted with a group of women, who are founders and co-founders of leading startups and unicorns, at the Rashtrapati Bhavan here. 

The president urged women entrepreneurs to identify other enterprising women and think of new ways to support them in their journey of empowerment. 

The government has taken a series of steps to promote the start-up ecosystem in the country. 

Over 1.17 lakh startups are recognised by the government. They are eligible to seek certain tax incentives. 

The Start-up India initiative was launched by Prime Minister Narendra Modi on January 16, 2016, to build a strong ecosystem for nurturing innovation, boosting start-ups, and encouraging investments in the start-up ecosystem of the country. 

  • Related Articles

    Ocean 14 Capital, Endiya Partners, Accion and other existing investors were also part of the round

    Aquaculture Start-Up AquaExchange Secures $6 Million In Series A Funding Round

    The company's focus includes defence logistics, emergency medical services, supply chain logistics, and rapid commerce deliveries

    Startup BonV Aero Raises Rs 6 Crore In Funding Led By Inflection Point

    Clientjoy, founded in 2020, is a business platform providing CRM capabilities, docu-signing, invoicing, appointment scheduling, email cadences, client portals, and more.

    Synup Acquires Ahmedabad-Based Clientjoy In An Undisclosed Amount