Why is it in the news?
- The fourth edition of the Shanghai Cooperation Organisation (SCO) Startup Forum took place in New Delhi on March 19, 2024.
More about the news
- The objective of the forum is to enhance startup interactions among the SCO Member States, fostering innovation, creating employment opportunities, and encouraging young talent to develop innovative solutions.
- Organized by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, the forum featured various initiatives aimed at promoting entrepreneurship and collaboration within the SCO region.
Key features of the forum
- SCO Pavilion Showcase: Over 15 SCO startups showcased their innovative products and services, facilitating networking and inspiration among entrepreneurs.
- A workshop on Seed Fund Establishment was conducted by Startup India, providing strategic insights into setting up seed funds for early-stage startups and encouraging interactive participation and knowledge exchange.
- All SCO Member States agreed to establish a Special Working Group (SWG) for Startups and Innovation at the SCO Heads of State Summit in 2022. The SWG aims to foster collaboration and regional economic development.
- India, as the permanent chair, led the adoption of SWG regulations and will host its second meeting in November 2024.
| Startup India Initiatives
· Startup India organized several initiatives for SCO Member states, including the SCO Startup Forum 1.0, which took place in 2020 and aimed to establish a foundation for multilateral cooperation and engagement among SCO startups. · The SCO Startup Forum 2.0, held virtually in 2021, featured a two-day event with a customized platform representing Indian culture in augmented reality. Additionally, the SCO Startup Hub, serving as a single point of contact for the SCO startup ecosystem, was launched during this forum. · In 2022, Startup India conducted a Focused Mentorship Program called ‘Starting-Up’ for nominated startups from SCO Member states. This virtual mentorship series lasted for three months and aimed to build capacity among SCO startup founders. Over 100 hours of mentorship were provided to the participating startups during this program.
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