The Global Entrepreneurship Summit to be held in Hyderabad this year will be another demonstration on how India and the US can work together to advance the digital economy and entrepreneurial skills of their citizens, US Commerce Secretary Wilbur Ross has said. To be hosted jointly by India and the US from November 28-30, the Global Entrepreneurship Summit (GES) will attract world’s top entrepreneurs, particularly women. The American delegation would be led by US President’s daughter Ivanka Trump. “I look forward to showcasing our shared passion for innovation and entrepreneurship through this year’s Global Entrepreneurship Summit,” Ross said yesterday. “It will be another demonstration how we can work together to advance the digital economy and the entrepreneurial skills of our citizens. GES 2017 will be an ideal meeting spot for innovators, entrepreneurs and investors from all around the world,” he said.
Inaugurating the US-India Business Council’s Global Entrepreneurship Conclave “Road to GES Series”, Ross said the host city Hyderabad was home to a vibrant startup ecosystem, including ‘T-Hub’ (Telangana Hub), a public-private partnership that is India’s largest startup incubator. The theme for this summit is “women first prosperity for all” with an emphasis on promoting more women-owned enterprises as drivers of the global economy, he said. Noting that Ivanka herself is a talented and successful entrepreneur, Ross said she is also a terrific role model and a passionate advocate for women empowerment.
Ivanka’s visit to India for GES “epitomises” the surge of women leaders on the world stage, said Indian Ambassador to the US Navtej Sarna. “The focus of the summit will be on four key areas: energy and infrastructure, health care and life sciences, financial technology and the digital economy and media and entertainment. This is the first time GES will be hosted in South Asia,” he said. Sarna said start-ups in India can create 3.5 million jobs and contribute billions to the economy in 10 years. Last year GES attracted 700 global entrepreneurs and 300 investors. Emerging entrepreneurs will be there to network, pitch, find mentors and most importantly secure capital.
“The next step will be a new business, a new industry and possibly the introduction of tomorrow’s world changing technology. All of which will create jobs, most important task for both of our nations,” Ross said. GES will help participating US companies better understand how to play a role in India’s new business start-up culture, said Alice Wells, Acting Secretary of State for South and Central Asia. “As we launch the ‘Road to GES: US Series’ in communities throughout the nation, we aim to share first-hand the best practices of the US start-up ecosystem and the innovation and new perspectives of Indian entrepreneurs that can generate new approaches to 21st century problems and contribute to job growth and prosperity in both our countries,” she said.
India needs empowered and well-funded entrepreneurs to create the one million new jobs it needs every month to employ its rapidly growing labour force. Entrepreneurship will be a critical part of that job creation, she said. “The easier it becomes to start, scale, exit, and invest in a business in India, the more entrepreneurs will be encouraged to pursue value creation in the Indian market. “And as the Indian business environment becomes more attractive to India’s entrepreneurs, it will also attract more American investment. Our economies truly do have much to offer each other,” Wells said.