India’s Commerce Minister, Piyush Goyal, has put forward a unique proposal inspired by the Russian startup model, which could revolutionize the country’s growing startup ecosystem. This new plan involves building dedicated townships to support startups, providing them with much-needed infrastructure, affordable workspaces, and access to resources. Here’s what the model entails and how it could benefit India’s entrepreneurs.
What Is the Russian Startup Model?
In Russia, the government has set up several startup townships, designed specifically to nurture innovation. These include Skolkovo near Moscow, Innopolis near Kazan, Zhigulevsk Valley Technopark, and Akademgorodok in Siberia. Startups in Russia register with the government and, once approved, are given access to affordable spaces in these townships, which can be rented or purchased. This model has successfully helped over 21,500 startups thrive by reducing overhead costs and providing a conducive environment for growth.
How India Plans to Implement the Model
India is aiming to create similar townships, covering around 500 acres, to bring together entrepreneurs, innovators, and investors. These dedicated areas would house startups, consultants, and key resources, all under one roof. The National Industrial Corridor Development Corporation (NICDC) will be responsible for building these townships.
The government has also approved the development of 12 industrial smart cities across 10 states, ensuring a robust infrastructure for future innovation hubs. The goal is to create a collaborative environment where experienced entrepreneurs can work alongside emerging startups, fostering growth and innovation.
Potential Locations for India’s Startup Townships
The Indian government is eyeing major startup hubs like Bengaluru, Delhi, and Mumbai to establish these new townships. These cities are already home to thriving tech communities and a large number of startups, making them ideal locations for this initiative. The townships are expected to boost collaboration between innovators and experienced industry professionals, further enhancing the startup ecosystem.
Success of the Startup India Program
India has already made significant strides in its startup journey. The “Startup India” program, launched in 2016, has been instrumental in supporting over 146,000 startups. Key platforms like the Startup India Investor Connect Portal, National Mentorship Portal MAARG, and Startup India Seed Fund are in place to provide startups with investment opportunities, mentorship, and seed funding.
With the introduction of the Russian-inspired township model, the government is confident that the Indian startup ecosystem will continue to grow, cementing India’s position as the third-largest startup hub in the world, after the US and China.
