U.S.- India Startup Corridor Can Create Thousands of Well-Paying Jobs: USISPF Survey
May 28, 2020
WASHINGTON, D.C. — The US-India Strategic Partnership Forum kicked off its “Startup Connect Program” at its virtually held West Coast Summit. Focused on strengthening US-India bilateral ties through startups, the summit brought together over 300 executives including 100 startups, 100 Fortune 500 companies, and senior officials from both governments.
Speakers at the launch included: Ambassador Taranjit Singh Sandhu, Ambassador of India to the United States; Keith Krach, Under Secretary of State for Economic Growth, Energy, and the Environment, U.S. Department of State; John Chambers, Founder and CEO, JC2 Ventures & Chairman of USISPF; Shantanu Narayen, Chairman, President, and CEO, Adobe; Raj Subramaniam, President & COO, FedEx Corporation; and several startup founders.
USISPF President and CEO Mukesh Aghi shared data on job creation and entrepreneurial immigration between US and India. He said, “A sample of 12 Indian-born startups shows they have created 634 high-paying jobs in the United States, and over 6,200 jobs worldwide.”
According to Aghi, “For every H1/ L1 visa issued to these startups, they created 40 jobs in the United States at a median income of $175,000, and for each high-paying job in the United States, there are 8 jobs that are being created in India. Entrepreneurial immigration in the US-India corridor is creating some true win-win opportunities for both countries.”
Some other themes at the summit included:
Speaking about the US-India trade deal, India’s Ambassador to the United States, Taranjit Sandhu said, “”I continue to be very optimistic about the trade deal. The pandemic is a setback. But nevertheless, both sides have been in touch and I feel that a smaller trade deal can still be completed. The two countries have been reliable partners during this crisis and that will be an important foundation for the trade deal.”
Undersecretary Keith Krach spoke about the importance of being able to access talent, “Being the former chairman of Purdue University, I attended multiple graduation ceremonies, and probably 35% of the PhDs in Engineering came from India. We would love to be able to stamp that Green Card right to their diplomas. It’s a very complex issue that we continue to beat the drum on.”
Expressing optimism for US-India ties, Raj Subramaniam of FedEx said, “There is absolutely no reason why the US-India trade cannot be 5 or 10 times of the current levels. The hope is that a startup like Uniphore, as a part of this community at USISPF, becomes a $100 billion entity in the next 5 years.”
Speaking about disruptions caused due to a health crisis, Shantanu Narayen of Adobe said, “From my perspective, unprecedented times are the best times for disruption. We are not going back to the old normal and that represents a very significant and unique opportunities for all startups.”
USISPF’s Startup Connect is chaired by Umesh Sachdev, CEO of Uniphore, and co-chaired by Vinod Muthukrishnan (CEO, CloudCherry and now Chief Evangelist at Cisco).
Session recording is available here.
About the U.S.-India Strategic Partnership Forum (USISPF):
The U.S.-India Strategic Partnership Forum is committed to creating the most powerful strategic partnership between the U.S. and India. Promoting bilateral trade is an important part of our work, but our mission reaches far beyond this. It is about business and government coming together in new ways to create meaningful opportunities that have the power to change the lives of citizens.
Headquartered in Washington, D.C., USISPF has offices in New York, Silicon Valley, Mumbai, and New Delhi. To learn more about our work, please visit http://www.usispf.org. You can also follow us on LinkedIn, Twitter and Faceb