Goyal proposes India

Commerce and Industry Minister Piyush Goyal on Wednesday proposed an India-Japan startup pitching series, on the lines of the popular 'Shark Tank' format, to connect young startups from the two countries with investors and potential business partners.

Addressing a roundtable on startups, Goyal said such pitching sessions could be organised virtually, leveraging digital connectivity, to facilitate greater interaction between Indian and Japanese startups.

"India and Japan can develop a pitching series, something like the Shark Tank initiative, that can help young startups pitch," Goyal said.

He said Indian startups could pitch their ideas to Japanese investors, while Japanese startups could seek partners and business opportunities in India.

"In this world of global connectivity through Zoom calls and the internet, I think we can have more and more pitching sessions where Indian startups pitch for Japanese investments and Japanese startups pitch for partners in India," he said.

Goyal said the initiative could help deepen commercial ties between the two countries by moving beyond initial pitches towards actual business collaboration.

"Together we build more business connects, and move from pitches to pilots, to investment, and to scale," he said.

The minister also extended an invitation to Japanese businesses and startups to work with India, saying stronger economic cooperation between the two countries would create broader opportunities for prosperity.

"Warm invitation to all of you to India and to work together because together Japan and India become a force multiplier for good, for prosperity and for a better future," Goyal said.

The minister also invited Japan's "patient" capital and precision engineering to partner with Indian firms.

"I suggest the Japan-India deeptech capital corridor, where larger pools of patient capital, not only for mature unicorns but particularly early-stage funding, can help catalyse these startups' ideas and Innovations into success stories," he said.

He added that India offers a complete bouquet from design to large-scale deployment, and the country has a market not only for testing products, but to sell and deploy products also.

He suggested increasing cooperation between universities, incubators, and venture funds.