ASI to assist in launching Russian-Indian projects in youth entrepreneurship and education

Indian business is showing interest in investing in Russian IT projects and exporting Russian innovative solutions to the local market, noticed in the Center for Youth Initiatives of the Agency for Strategic Initiatives (ASI) after a visit to Delhi.

ASI representatives visited the Indian Technical Institute in Delhi, one of the leading universities in the country, and held a number of meetings with Indian entrepreneurs.

“We have seen a great interest in cooperation with Russia, with our young entrepreneurs from Indian startups and businessmen,” commented Alexander Vaino (Head of the Center for Youth Initiatives). “First of all, we are talking about IT. Our main purpose at the moment is to offer the clearest mechanisms of interaction between entrepreneurs of the two countries. We need to form a methodological center in order to bring business relations to a new level, make them more efficient.”

He added that India is one of the global leaders in terms of investment in the innovation sector. In 2021, the total number of “unicorns” (startups with a capitalization of more than $ 1 billion) in the country has grown to 29. Such results became possible, among other things, thanks to the practices of “growing” businesses at universities. In particular, a business incubator and a startup studio have been established at the Indian Technical Institute in Delhi, where students implement projects under the supervision of entrepreneurs. According to Alexander Vaino, a number of Russian universities already practices a similar format, and it needs to be actively promoted, using, among other things, the successful experience of colleagues from India.

The Indian side, in its turn, will study the format of the Boiling Point co-working. The Boiling Point network works with business partners, universities, regional development institutes, and helps local teams launch and scale projects. ASI representatives also told about the Youth Entrepreneurial Initiative project, the first venture fund in Russia to support business projects of underage residents. 

“Russia and India have been allies for centuries, and now is the time to exchange ideas, work together and create advanced technology,” said Sachidanand Swami (founder of Invoxel Technologies, a digital communications company).

Alexander Vaino added that the next meeting of the top officials of Russian and Indian business communities is scheduled for the St. Petersburg International Economic Forum, where the parties will be able to officially consolidate business relations.