PM Modi, during his recent visit to Portugal, launched the India-Portugal International Startup Hub along with his Portuguese PM Antonio Costa.
The launch was announced during PM Modi’s three-nation tour to Portugal, US, and the Netherlands.
“Startup sphere is an interesting space for cooperation. It is a great means to generate value and wealth for society,” PM Modi said in a tweet.
The India-Portugal International Startup Hub (IPISH) platform has been developed to strengthen and foster the connection between the startup ecosystem of the two countries. The platform can be accessed via the web and Android and iOS apps.
The platform will help startups and enablers connect with the Indian and Portuguese startup ecosystem and will help in learning and development, networking, mentorship, and funding for startups. It provides several tools and information on the startup hotspots of Bengaluru, Delhi and Lisbon. It also gives data on associated subjects, including – government initiatives, policy, tax system, and visa process. Furthermore, it will develop a Go-To-Market Guide to support startups.
As mentioned on the PM Modi official website, “IPISH is expected to help in mutual capacity building, and enable connections between startups, investors, and incubators from relevant sectors. It is also expected to establish a network of honorary ambassadors based in India and Portugal to guide startups from both countries.”.
Portugal has one of the highest rates of business creation in Europe and has emerged as one of the most vibrant European ecosystems for entrepreneurship. The Portuguese startup ecosystem will have access to transparent and concise information that helps both founders and investors to understand the Indian ecosystem.
While, Indian startups and investors pursuing an international strategy can benefit from IPISH through a successful soft landing in Portugal, as a starting point for European expansion.
Besides, the launch of the IPISH, 11 bilateral agreements were also signed between PM Modi and Portuguese Prime Minister Antonio Costa. These included outer space, double taxation avoidance, nanotechnology, improving cultural ties, youth and sports, higher education, scientific research, and setting up of an Indian Chamber of Commerce in the Portugal.
The startup hub has been initiated by Startup India and supported by the Commerce & Industry Ministry and Startup Portugal. It has also partnered with various organisations to onboard various entrepreneurs and investors.