TSUV's partnerships with the Government and Startup bodies under Building Bharat

The motivation behind starting The StepUp Ventures (TSUV) stemmed from a deep-rooted passion for fostering innovation and entrepreneurship in India. The founders observed a significant gap in the support system for entrepreneurs representing Bharat from underserved communities, particularly in providing comprehensive guidance and resources needed to transform innovative ideas into successful businesses. They aimed to bridge this gap by creating a nurturing ecosystem and anchor organization that offers mentorship, access to capital, and a robust network of industry experts, ultimately contributing to the growth and development of the Indian startup landscape. Their mission is to help the youth of Bharat realize their dreams by building impactful startups, connecting them to the global market to ignite the entrepreneurial spirit, and contributing to building a $5 trillion economy. The CEO of The StepUp Ventures, Raja Singh Bhurji, discussed startup incubators, startup selection, and investor startups in an interview with Opportunity India.

How does TSUV differentiate itself from other startup incubators and accelerators in the Indian ecosystem?

TSUV sets itself apart with personalised mentorship, a strong network of industry veterans, and hands-on startup development. Unlike many incubators, we tailor our support to meet each startup's specific needs, emphasising partnerships with investors, corporations, and academia, offering funding, strategic guidance, and market access to foster sustainable, impactful business models.

With a network of over 25,000 professionals and active investors, we offer practical insights to turn startup visions into reality, supporting MVP and early-revenue stage startups. TSUV prioritises real impact through commercialization and scale-up, leveraging our team's extensive experience in entrepreneurship, angel investing, and venture capital. Our "Building Bharat" initiative ensures inclusive growth by supporting startups from underrepresented communities, making TSUV India’s first Bharat-first focus incubator.

How do you select startups for your program? What criteria do you use to evaluate applications?

We consider applications from all founders, regardless of their demographic background, and actively encourage entrepreneurs from marginalised and diverse communities to apply. Half of our cohort is reserved for underrepresented groups to promote inclusivity; and we welcome early-stage startups that have demonstrated market validation.

The selection process at TSUV is rigorous and multifaceted. We evaluate startups based on several key criteria:

Team Capability: The founding team’s expertise, commitment, and ability to execute their vision are crucial.

Innovation and Uniqueness: The startup should offer a unique solution or innovative approach to a problem.

Market Potential: The idea should have significant market opportunity and scalability.

Business Model: A clear, sustainable, and viable business model is essential.

Impact: We consider the potential social and environmental impact of the startup.

Investability: To ensure the startups continuity, it is essential to have a clear path of access to funds - whether internal accruals or venture money, our focus remains on the startups path to growth.

Can you elaborate on the three-month program you offer? What key areas do you focus on to help MVP/Early Revenue stage startups?

Our 3-month program at TSUV is designed to support MVP and early-revenue stage startups across key areas. We assist entrepreneurs in building and validating their startups, leveraging support from partners within the Indian startup ecosystem.

The program is structured into three phases- Business Model Review, Investment Readiness, and Scale-Up Strategy. Startups benefit from Training, one on one coaching, and mentorship, with Gate Reviews in each phase to track progress in. 

Specifically, we offer:

Scalable Roadmap Development: Providing an immersive business experience to develop a tailored, scalable roadmap for each startup.

Financial Guidance: Offering expert advice on startup financials, including unit economics, business metrics, and investor relations.

Technology Readiness: Conducting deep dives into technology readiness to ensure scalability.

Brand and Digital Masterclasses: Delivering masterclasses on crafting compelling brand stories and managing digital perception to enhance value propositions.

Legal Insights: Providing insights into legal aspects such as IP protection and due diligence preparation for investors.

Investor Pitch Preparation: Helping startups create tailored business narratives and scale-up plans for stakeholders, culminating in investor pitch opportunities.

Our experienced team mentors startups through these steps, equipping them to navigate the startup ecosystem and achieve sustained growth.

Can you tell us more about the network of mentors, coaches, and investors associated with TSUV? How do they contribute to the success of startups?

TSUV boasts a diverse and experienced network of mentors, coaches, and investors who play a pivotal role in the success of our startups. Our mentors include seasoned entrepreneurs, industry experts, and business leaders who provide invaluable insights and guidance. Coaches offer specialised support in areas such as marketing, finance, and technology development.

Our investor network includes over 80 top institutional investors in the country, including venture capitalists, angel networks, and more than 150 active angel investors from around the world. These investors not only provide funding but also strategic advice and market access.

In total, TSUV has a robust network of over 25,000 professionals across various domains and geographies, creating a holistic ecosystem and support system for startups. This network ensures that startups are well-equipped to navigate financial and business challenges, develop essential modern business skills, and access global markets.

This comprehensive support system, which includes business development and global market access, significantly contributes to the success of our startups, helping them build and scale successful businesses.

How do you plan to reach and engage with underprivileged and underserved communities?

To engage with underprivileged and underserved communities, TSUV focuses on collaboration with local organisations, educational institutions, chambers of commerce, government initiatives and startup chapters. We participate in government-supported events like the Women in Startup series by Startup India and Invest India, Various State chapter Bootcamps to enable fostering an ecosystem that identifies and supports potential entrepreneurs. Our tailored mentorship and resources ensure these communities have the necessary support for developing business ideas and achieving sustainable growth.

What have been some of the biggest challenges of TSUV?

One of the major challenges at TSUV has been bridging the knowledge gap for first-time entrepreneurs, especially those from underserved backgrounds. Our focus has been on providing access to essential resources, mentorship, and market opportunities. Balancing program quality with scalability amidst India's dynamic startup landscape has also been a significant hurdle.

Despite these challenges, our dedication to nurturing a vibrant entrepreneurial community motivates us to innovate and enhance our services continually, and has been the key reason for us to have a reach in over 150+ cities in India, attracting over 2500+ startups that have applied for our program over the last 2.5 years.

How can interested startups apply to your program, and what can they expect during the application process?

Interested startups can apply to our program through our website, F6s, and Startup India Portal. The startups are requested to keep a lookout on our social media pages and website to learn about live applications. The application process involves several steps:

Online Application: Startups need to fill out an online application form providing details about their business idea, team, market potential, and financials.

Screening: Our team reviews the applications to shortlist startups based on our selection criteria.

Interviews: Shortlisted startups are invited for interviews to discuss their businesses in more detail and assess their fit for the program.

Final Selection: Selected startups are onboarded into the program and receive a comprehensive orientation about the program structure and expectations.

Applicants can expect funding support of up to ₹20 lakhs from our Early Access partners and us during the program; benefits and perks worth up to ₹2 crores from our partners, personalised training and coaching, dedicated mentoring, access to a global professional network, and support for demo day including pitching and business design.

Any upcoming tie-ups with the government for potential expansion?

As we are on the mission of Building Bharat through a collaborative approach, enabling our startups access to a vast ecosystem – the government has an essential role in this ecosystem for startups across. We are actively partnering with the government for various events and initiatives. We’ve also had the opportunity to be part of the Startup20 Policy critique under India’s G20 leadership. We’re currently partnering with various startup bodies such as Startup Haryana, Startup Assam, and Startup Arunachal to further our support of the roots of the country.

These potential tie-ups aim to leverage government schemes and initiatives that support entrepreneurship and innovation, particularly in underserved regions. By aligning with government programs, we hope to provide additional funding, resources, and market access to our startups, further enhancing their chances of success.