India has the third largest startup ecosystem in the world. Under Prime Minister Modi, startups in India have finally received overwhelming recognition and support. India has seen at least a dozen start-ups achieve unicorn status, including Flipkart, which was bought by Walmart for $16 billion in 2018.
USISPF is committed to bridging the gap between the U.S. and India by focusing on cross border startups with the creation of Startup Connect. The program is being designed by startups, for startups with the goal to increase job creation in the United States and India.
By 2025, India will have the world’s largest population, generating one of the greatest B2C opportunities in the world. The U.S. is the preeminent technology capital of the world. U.S. businesses have been the biggest investors in India since liberalization began in 1991. Conversely, the U.S. has been the top investment destination for Indian companies. The two countries saw bilateral trade jump to $160 billion in 2019 from $142.8 billion in 2018.
Startup Connect will be chaired by Umesh Sachdev, CEO of Uniphore, and co-chaired by Vinod Muthukrishnan (CEO, CloudCherry and now Chief Evangelist at Cisco). In its initial phase, the initiative will focus on the current wave of B2B startups emerging from India and operating in the U.S. India Strategic corridor to drive economic value. In the future, it will expand its focus to include U.S. startups looking to expand in India.