The implementation of India’s start-up policies needs improvement, and the upcoming Global Entrepreneurship Summit (GES) — a U.S. government initiative — will be a platform for India and the U.S. to discuss problems affecting start-ups and to find areas for cooperation, according to Erik Azulay, Director, The Nexus Incubator, a collaboration between the U.S. State Department and the University of Texas.
In an interview, on the occasion of the ‘graduation ceremony’ of Nexus’s second batch of Indian start-ups, Mr. Azulay said, “I wouldn’t want to be saying [this] on [a] policy level because it might be interpreted as something from the U.S. government and that is not something I could talk about.” However, he added, “What I heard from many companies is that the implementation of those [start-up] policies is where there is need for some improvement. So, [for instance], a policy comes out saying we will give collateral-free loans at low interest rates, but how that trickles down to the ground level while going into the bank and getting that loan..., that is where there have been some problems.” He further said Nexus was not trying to compete with or undermine any of the Indian government’s programs, adding that “We think of ourselves as complementary, to show best practices from the U.S. version and internationally to bring them here to India.”
On the GES, slated to be held in Hyderabad on November 28-30, he said, “it will be a fantastic forum for a meeting between the very best of entrepreneurs and investors as well as government officials from India and the U.S ... to be able to talk about not only problems that affect start-ups ... but also to see what joins them and what the possibilities of working and growing together are.”
South Asia expansion
Buoyed by Nexus Incubator’s successful run in India in helping several start-ups commercialise their technologies, Mr. Azulay said it was looking to expand to other South Asian nations including Sri Lanka, Bangladesh, Bhutan and Nepal in the short-term, and later to other parts of the world. He added that the Nexus start-up hub, currently based out of the American Center in New Delhi, will expand its operations in India as well.
“For us, it is really about engaging as many people as possible, making as many partnerships as possible and trying to impart knowledge on best practices,” he said.
According to a statement, the incubator offers “selected start-ups... access to networks of industry and government partners, training with the top commercialisation experts from around the world, an extensive mentor network as well as access to funders specialising in supporting start-ups.”
