The project focuses on identifying and structuring financing instruments adapted to the needs of early-stage ventures operating in civil law systems. Contractual solutions widely used in common law jurisdictions, such as convertible notes, simplified convertible preferred shares, and SAFE agreements, have proven effective in reducing cost, complexity, and negotiation time. However, their application within civil law frameworks requires further legal development, particularly to ensure compatibility with Islamic finance principles.

Within this framework, the initiative combines research, comparative legal analysis, and contract design to review existing risk-sharing financing models, assess their alignment with Islamic finance principles, and examine the feasibility of adapting comparable mechanisms to the Spanish legal framework. Particular attention is given to identifying enabling factors as well as legal and regulatory constraints that may affect their implementation.

Building on this analysis, the project will develop a set of Shari’ah-compliant risk-sharing contract models fully compatible with Spanish and European Union law. These models are conceived to ensure legal enforceability, economic efficiency, and adaptability for use across EU Member States and, more broadly, in non-European civil law jurisdictions, including North Africa and the Gulf.

The project also evaluates the potential of these instruments beyond early-stage ventures, with a view to supporting entrepreneurship more broadly and contributing to more ethical, inclusive, and socially responsible economic development.

“This project represents an important step in strengthening the Islamic finance industry by translating its core principles of risk sharing, fairness, and real economic activity into legally robust instruments suitable for contemporary startup ecosystems,” said Dr. Sami Al-Suwailem, Acting Director General of the IsDB Institute. “By anchoring these solutions in European civil law frameworks, the initiative supports the development of Islamic finance in Europe and offers scalable models adaptable to Muslim countries with civil law or hybrid legal systems, reflecting IsDBI’s commitment to ethical, inclusive, and innovation-driven finance at a global level.”

Dr. Celia de Anca, Deputy Dean and expert in Islamic Finance at IE University, who is leading the development of this project, said. “Ensuring that entrepreneurs have access to suitable financial tools is essential for the success of their ventures and for the sustainable development of local and regional economies.

Startups play a key role in innovation and social value creation. Islamic finance offers principles that are highly relevant today, but they require practical and flexible legal instruments that can work across different jurisdictions. This initiative responds to that need and comes at a particularly relevant moment, with the new EU-INC (European Inclusive Company) framework, which will greatly facilitate the adoption of these legal innovations across Europe.”

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Through this program, Mphasis has been actively collaborating with Nasscom’s InnoTrek participants, particularly US-based startups, by offering mentorship, enterprise solution guidance, and customer access. In the 2025 edition, Mphasis partnered with five standout startups from the InnoTrek cohort, namely Edgeable AI, Perpetuuiti Technosoft, QuoQo, and SuperBryn AI, helping them refine their offerings and connect with enterprise clients worldwide.

Mphasis will be working closely with these startups to co-create enterprise-grade solutions by providing technical mentorship, refining their go-to-market strategies, and facilitating access to global enterprise clients. Their key focus areas include Edge AI, IT resiliency, and automation powered by AI, AI-led contract management, and voice-based AI operations.

“At Mphasis, we develop our solutions in-house while actively seeking innovative partnerships, particularly with startups that address region-specific challenges. In a world where speed and agility are crucial, this dual approach enables us to deliver faster, more effective solutions to our clients. In September, we hosted the 2025 edition of Nasscom’s InnoTrek for startups in New York. InnoTrek enables us to explore opportunities to partner, share expertise, and extend support while continuing to strengthen our engagement with the broader innovation ecosystem. We value our ongoing collaboration with Nasscom on InnoTrek and look forward to engaging with this year’s startup cohort,” said Srikumar Ramanathan, Chief Solutions Officer, Mphasis.

“Nasscom’s DeepTech startups have consistently raised the bar on innovation, building solutions that are globally relevant and industry-defining. Programs such as InnoTrek exemplify the power of industry–startup partnerships, where enterprises and startups come together to co-create, mentor, and accelerate breakthrough technologies. Collaborations like these are critical for strengthening the deep tech ecosystem, enhancing innovation capabilities, and encouraging more startups to develop enterprise-ready solutions tailored to sectoral needs. We congratulate the startups on this milestone and their partnership with Mphasis in driving enterprise-focused innovation,” said Sangeeta Gupta, Senior Vice President & Chief Strategy Officer, Nasscom.

Mphasis continues its collaboration with Nasscom for InnoTrek 2025, evaluating and selecting promising startups to induct into the Sparkle Innovation Program. These startups will receive hands-on guidance in product positioning, go-to-market strategies, and enterprise client engagement, accelerating their journey to becoming global technology leaders.

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Even though there is ample support for innovations to become ventures at the School and Higher Education levels, minimal support exists for the Technical and Vocational Education and Training (TVET) sector, which includes more than 13 lacs students enrolled in ITIs and NSTIs. The majority of the TVET graduates get absorbed in the industry, work as trainers or educators, or get into traditional self-employment trades.

Speaking at the launch, Debashree Mukherjee, Secretary, MSDE, Government of India, said, “At the Ministry of Skill Development and Entrepreneurship, we believe that every skilled individual carries within them the potential to become a job creator. Through this partnership with the Aditya Birla Capital Foundation, we are enabling NSTI students to channel their technical skills into innovation and enterprise. The Navonmesh Protsahan Spardha will empower our young innovators to transform ideas into sustainable ventures, strengthening India’s vision of becoming an Aatmanirbhar and innovation-driven nation.”

The innovation challenge has been launched under the title Navonmesh Protsahan Spardha: Kaushalta se Udyamita, to nurture skill-based innovation in NSTI students. Being a first-of-its-kind innovation challenge, it will cater to 10,000+ NSTI students and will include mentoring, prizes, access to resources, and further incubation for launching the ideas of students in the market. The focus of the program will be students with innovative ideas in IT/ITeS, Automotive, Apparel, Electronics & Hardware, Power, and Capital Goods & Manufacturing sectors. Pilani Innovation and Entrepreneurship Development Society (PIEDS), the incubator of BITS Pilani, would be managing this program, and is being supported under the Corporate Social Responsibility initiatives of the Aditya Birla Capital Foundation.

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PUNE: GTT Data Solutions, a BSE-listed firm and leading technology enabler known for its proprietary Dual Intelligence solutions combining specialised human expertise and advanced AI-driven technology, has announced the launch of GAIN (GTT Data AI Accelerator Network) — a strategic initiative that is at the core of GTT Data’s growth strategy. With a mission to stay at the forefront of technology and accelerate digital transformation, GAIN is an ecosystem-building platform designed to foster collaboration, innovation, and funding support for emerging AI businesses in India. GAIN is GTT Data’s flagship effort to empower a new generation of AI companies that prioritise human impact while solving real-world challenges.

GTT Data envisions GAIN as a collaborative platform for potential funding support, mentorship, and business advisory services, as well as go-to-market enablement through joint offerings and strategic partnerships across various industries and verticals, including technology services, healthcare, engineering, pharmaceuticals, retail, legal, and real estate. These startups bring cutting-edge solutions across trending niche technologies, including: Intelligent Automation (encompassing Cognitive Process Automation and advanced Natural Language Processing), Advanced Healthcare AI (including AI-powered medical imaging), and Vision AI (covering AI for DLOps and visual data processing). Over the next six months, more than 100 startups are expected to benefit from the GAIN initiative, which may include potential investments from Sangli Miraj Commercial Ventures.

“We have never had an AI-first approach at GTT Data; we truly believe in the collaboration between human entities and AI to create dual intelligence. With GAIN, we’re creating a launchpad for India’s AI businesses not just to survive, but to lead with purpose. We believe the future of AI must be shaped by partnerships, not silos. And its impact must be measured not just in productivity gains, but in how it uplifts human potential. GAIN is our commitment to making India a formidable, collaborative force in the global AI movement — where machines serve mankind, and not the other way around,” said Srikumar Kumar, President, GTT Data Solutions.

The initiative’s formal rollout commenced in Pune, where 22 AI companies and 45 founders, co‑founders, and key leaders deeply entrenched in technology innovation presented their innovations, shared their vision, and explored strategic collaborations. The congregation of over 40 founders, co-founders, and senior technologists was led by GTT Data’s leadership team, reinforcing the company’s commitment to fostering industry-wide transformation. These companies also received mentorship from GTT Data’s experts, showcasing both the rising interest in AI and GTT Data’s active commitment to nurturing emerging technologies.

Sarang Kamalakar, Founder, Parentheses and Humac, said: “GAIN – by GTT Data is a congregation of the AI community. It is a unique convergence of technologists sharing emerging technology. AI startups collaborate with leaders in Digital Transformation aka GTT Data. Mentoring, collaboration, and shared passion bring the alike together here. GTT DATA is driving “cumulative success” with a vision of enhancing Indian Tech.

Amit Ananpara, Founder, Innoplexus, added: “GAIN by GTT data was a remarkable showcase of cutting-edge AI innovation where companies demonstrated how AI advancements are driving real business value across diverse use cases. The event delivered invaluable insights into breakthrough technologies, highlighting the collaborative spirit and transformative impact of AI across industries.”

Rajesh Purshotam, Founder, Transcend Discoveries, shared: “We proudly participated as a partner in GAIN’25, the GTT Data AI Accelerator Network’s flagship event held at Novotel, Viman Nagar, Pune. The event brought together leading minds in data science, AI, consulting, and emerging technologies to explore the future of data intelligence and collaborative innovation, and we at Transcend found that we can navigate into the landscape with collaboration as a key lever to pivot to the next level.”

Despite being the world’s third-largest startup ecosystem, India continues to face challenges around startup survival and scalability. India’s AI startup landscape is expanding rapidly, with over 4,500 ventures, 40% of which have emerged in just the last three years. Yet, industry data paints a sobering picture: nearly 90% of startups don’t make it, and 7 out of 10 shut down within a decade. GAIN addresses this by nurturing collaboration over competition, encouraging adjacent businesses to join forces, and helping AI entrepreneurs move beyond isolated, linear growth paths.

GTT DATA invites all stakeholders passionate about India’s AI-led future to be part of this landmark moment, where human-centred technology meets opportunity, and collaboration becomes the catalyst for national progress.

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“Envisioning a fully developed nation by the 100th year of our independence, it is crucial that every individual, every community, and every sector realizes its full potential. To achieve this ambitious goal, the cooperative sector must play a significant role,” Athawale emphasized in his keynote address.

Key Proposals:

1. 500 Cooperative Startups: These startups will focus on aspirational districts, harnessing local resources, skills, and ideas to address regional challenges and create economic opportunities.

2. 500 Campus Cooperatives: Youth-centric institutions will be established on campuses to foster innovation in technology, digital services, sustainability, and green energy. These platforms will encourage collaboration and experimentation, enabling students to launch ventures.

3. Cooperative Commodities Exchange: Aimed at empowering farmers and small producers, this exchange will ensure transparent trade, fair pricing, and equitable benefits. It will provide a marketplace to bridge the gap between producers and buyers, boosting rural India’s economic potential.

4. Cooperative Economic Zones: Special zones will be set up to foster economic growth through cooperative-led industries. These zones will focus on sustainable development and inclusive growth, creating job opportunities and promoting rural-urban integration.

Focus on Sustainability, ESG, and the Social and Solidarity Economy:

The Global ESG Conclave also highlighted the importance of creating a Social and Solidarity Economy (SSE), which prioritizes social and environmental well-being alongside economic development. The World Cooperation Economic Forum is actively championing this cause by encouraging innovative cooperative-led approaches that contribute to Sustainable Development Goals (SDGs), particularly SDG 10 (reducing inequality).

One such initiative is Coopathon4SDG10, a platform designed to foster collaboration, innovation, and problem-solving among cooperatives, entrepreneurs, and youth leaders. This initiative aims to generate impactful solutions for reducing inequality and creating inclusive economic opportunities.

During the event, Dileep Sanghani, Chairman of IFFCO and President of the National Cooperative Union of India, emphasized the need for cooperative mechanisms to tackle global challenges like climate change. Binod Anand, Co-Founder of the World Cooperation Economic Forum, highlighted the importance of ESG principles in preparing youth for leadership and sustainability.

Strategic Collaboration:

A Memorandum of Understanding (MoU) was signed between the Centre on Integrated Rural Development for Asia and the Pacific (CIRDAP) and the World Cooperation Economic Forum. This collaboration aims to strengthen agricultural cooperatives, empower rural communities, and promote knowledge exchange across Asia-Pacific.

The World Cooperation Economic Forum continues to play a pivotal role in shaping a global cooperative movement by driving sustainability, fostering inclusive development, and creating pathways for a fairer and more resilient economy. Through initiatives like Coopathon4SDG10 and the SSE model, it is working to transform challenges into opportunities for equitable growth.

The initiatives proposed at the conclave highlight the critical role of the cooperative sector in ensuring that India becomes a developed nation by its centenary of independence in 2047.

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The MSME Secretary, Tmt. Archana Patnaik I.A.S., and StartupTN’s Mission Director and CEO, Thiru Sivarajah Ramanathan, were present at the meeting. StartupTN officials presented an overview of the ongoing activities and outlined the plans.

StartupTN will conduct the Tamil Nadu Global Startup Summit in Chennai. This flagship event is organized to position Tamil Nadu’s startup ecosystem on the global stage by promoting the growth of both emerging and established startups. More than just an event, it will serve as a hub for the exchange of ideas, innovation, and inspiration.

The objective of the event is to showcase Tamil Nadu’s vibrant startup ecosystem on an international platform, facilitate connections between startups and global stakeholders to attract investments and foster collaborations, thereby easing Tamil Nadu startups’ entry into international markets, and showcase Tamil Nadu’s brands and innovations on a global stage.

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NEW DELHI: A first-of-its-kind, MountTech Growth Fund or MGF-Kavachh by former Defence Secretary Dr. Ajay Kumar, along with three co-founders, is specifically tailored to nurture startups that drive advancements in deep-tech and strategic sectors, ensuring the indigenization of critical technologies, products, and services essential for India’s national security and technological leadership.

Dr. Kumar, who has been instrumental in steering many of India’s technology and defense-related policy reforms, now spearheads MGF-Kavachh as its Founder and Chairman.

“India stands at a pivotal moment, with an unparalleled opportunity to leverage its strengths amid evolving global dynamics. MGF-Kavachh aims to catalyze this growth by focusing on local innovation and the indigenization of critical technologies in areas of national importance. MGF-Kavachh will nurture promising start-ups working at the intersection of innovation, space, aerospace, deep technology, and India’s ‘Atmanirbhar’ agenda while solving its strategic needs across sectors like National Security, Defence and Aerospace, and Digital Communications,” stated Dr. Kumar.

Since receiving SEBI approval in January 2024, MGF-Kavachh has swiftly garnered commitments surpassing its planned corpus size of ₹250 crores. The fund has declared its first close at over  100% of its targetted corpus reflecting the strong confidence and interest from investors and institutions in the thesis as well as the MGF-Kavachh team. It will now be using its green-shoe option of another ₹250 crores before its final closure.

An exceptional team backs the fund, with Air Chief Marshal RKS Bhadauria (Rtd.) Vice Admiral SN Ghormade (Rtd.), and Lt. General Dr Anil Kapoor on the Strategy and Oversight Board, among other notable names. The Advisory Council comprises eminent experts and professionals who passionately share MGF-Kavachh’s vision of a “Stronger India Safer World” and includes Smita Purshottam, IFS (Rtd.), Ex Indian Ambassador to Switzerland and Venezuela and Founder of SITARA; Gani Subramaniam, Founding and Managing Partner Yali Capital; Dr. Manan Suri, Prof. IIT Delhi; Binay Kumar Singh, IPS (Rtd.), Ex DGP Chhattisgarh, Ex Intelligence Bureau Veteran; Ravi Singh, a versatile and respected deep tech Investor, Arvind Lakshmikumar, deep tech entrepreneur and founder Tonbo Imaging; Dr. Vinod Agarwal, a renowned semi-conductor expert, tech investor and serial entrepreneur from the Silicon Valley, Dr. Pratyush Kumar – Tech Investor, and Former Head – Boeing South Asia and Vish Sahasranamam – Co-founder of Forge Innovation and Ventures – a leading private incubator of India.

 Former senior telecom industry executive Mr. Raj Sethia is a co-founder and Managing Partner and leads a small but exceptional team of professionals. He brings with him a deep understanding of business, finance, and technology, a rare combination.

The fund’s focus on IP and technology-driven businesses aims to transform India into a hub of strategic and technological excellence in the space, aerospace, and deep-tech sectors. 

“The Fund’s strategy is built on four pillars: rigorous gatekeeping, robust portfolio construction, a unique acceleration platform for its investees, and a razor-sharp execution focus,” expressed Raj Sethia, Founder and Managing Partner at Kavachh.

“Self-reliance in strategic sectors is an existential need for the country and a lucrative opportunity for investors,” shared Suryakant Dalmia, Co-Founder at MGF-Kavachh.

“MGF-Kavachh, with its focus, credibility, and platform, will be the first port-of-call for founders, co-investors, institutions, and eco-system players,”, shared Abhinav Munshi, Co-Founder at Kavachh.

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Jai Chechani further highlights that this synergy between startups and educational bodies will result in a more dynamic and responsive educational system, capable of adapting to the rapid pace of technological and market changes. He believes collaboration between startups, the government, and industry is crucial to maximizing the benefits of skilling initiatives, as startups can offer internships, mentorships, and training programs, while the government can facilitate funding and resources.

These insightful perspectives from Jai Chechani set the stage for the upcoming Global Unicorn Summit 2024, scheduled for August 24, 2024, in Bengaluru. The upcoming summit, in partnership with Zee Business and WION, will bring together over 500 industry leaders to delve into crucial topics such as disrupting marketplaces, the fintech revolution, and the transformative potential of Web3, blockchain, and crypto innovations, etc.

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PUNE: Salesforce, the global leader in CRM, reinforced its commitment to digitally transforming India while talking to media in the city today. By leveraging Artificial Intelligence (AI) and automation, Salesforce aims to drive innovation across businesses of all sizes and industries, revolutionizing customer interactions and unlocking substantial business value.

Pune stands out as a key hub for Salesforce’s partner and startup ecosystems. Among the top ten emerging cities targeted by Salesforce, 25% of partners are based in Pune. Additionally, Pune is one of the most active hubs for the Salesforce Startup Community, with over 20 startups thriving in the city. Salesforce also collaborates with multiple automotive, BFSI, and manufacturing businesses within the city, aiming to redefine experiences for customers across sectors.

During the event, Arundhati Bhattacharya, CEO & Chairperson of Salesforce India, emphasized the importance of Pune in Salesforce’s growth strategy. “Technology adoption across India in recent years has been remarkable. Pune has emerged as a vibrant IT hub, leading the charge in technology adoption, innovation, and digital transformation. The emerging startup ecosystem is a testament to the innovation being driven by the city. Leading businesses across sectors are leading the change with digital transformation and we are delighted to be a part of their journey while strengthening our presence in the city.” she added.

Salesforce recently announced the launch of its Public Sector division in India to drive transformation, empowering government agencies and public sector organizations to enhance citizen experiences with Salesforce technology. Additionally, Salesforce introduced its first-ever made-for-India digital lending product. With 11,000 employees across Hyderabad, Bengaluru, Mumbai, Gurugram, Pune, and Jaipur, Salesforce continues to expand its footprint and influence in India.

The event highlighted how AI is fostering growth, improving customer relationships, and increasing employee productivity, underscoring Salesforce’s commitment to innovation and digital transformation in Pune and beyond.

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KANPUR:  The Government of Uttar Pradesh (GoUP), the Small Industries Development Bank of India (SIDBI) in association with Startup Incubation and Innovation Centre (SIIC) at IIT Kanpur & StartinUP unveiled an ambitious plan to transform Uttar Pradesh into a leading startup hub in India over the next 25 years at an event titled “Amrit Kaal for Uttar Pradesh Startups – Roadmap for Next 25 years”. The event was organized as an in-person interaction with the leading Fund Managers & Startups with the officials of GoUP, to promote the startup culture and nurture the ecosystem in UP through Venture Capital Funding.

The event was graced by key government officials including Shri D. S. Mishra (IAS), Chief Secretary, GoUP, and Shri S Ramann (IA&AS), CMD, SIDBI as chief guests. Shri Anil Kumar Sagar, (IAS), Principal Secretary, GoUP, Shri Alok Kumar, (IAS), Principal Secretary, Planning GoUP, Dr. Lokesh M, (IAS), CEO, Noida Authority and Shri Ravi Ranjan, (IAS), Managing Director UP Electronics Corporation Limited (UPLC) in presence of other senior officials of GoUP and over 50 top venture capitalists participated to discuss policies and initiatives to rapidly grow the state’s startup ecosystem.

Shri S P Singh, Chief General Manager, SIDBI, while welcoming the participants & dignitaries, appreciated the proactive policies and support measures taken by the Government of Uttar Pradesh to boost the startup ecosystem in the state. The established incubation platforms and centers of excellence provide critical handholding support to nurture innovative startups. SIDBI stands ready to provide further impetus through the UP Startup Fund of ₹1000 crore set up under the UP IT and Startup Policy 2017. We are committed to working closely with the government and all stakeholders to drive a vibrant startup culture across Uttar Pradesh.

Prof Ankush Sharma, Professor Charge, Start-up Incubation and Innovation Centre, IIT Kanpur, & Dr Nikhil Agarwal, CEO, AI CoE & FIRST, IIT Kanpur, presented on the topic “Amrit-Kal for UP Startups: Roadmap for next 25 years”, outlining strategies for capitalizing on the current momentum in the state’s startup ecosystem.

Shri Alok Kumar, IAS, Principal Secretary, Planning GoUP, highlighted the achievements of the GoUP in the promotion of the Startup culture and how they established more than 60 incubators and a Centre of Excellence (COE) in the past two years.

Shri Anil Kumar Sagar, IAS, Principal Secretary, GoUP, highlighted initiatives like StartinUP and skill development centers across major cities of Uttar Pradesh. These efforts have fostered an environment conducive to nurturing innovative ideas, with well-equipped startup incubators ready to support any concept into a viable enterprise.

Shri S. Ramann, Chairman and Managing Director, SIDBI said, “The Government of India’s ₹10,000 crore Fund of Funds commitment catalysed over ₹55,000 crore in global capital flows into India’s startups, with SIDBI having disbursed funds to the tune of ₹4,300 crore already. This has resulted in about ₹17,000 crore getting invested into around 1,000 startups – demonstrating how alternative investment funds have become the preferred route for risk capital, enabling startups to pursue innovative solutions at scale. With the Securities and Exchange Board of India (SEBI) mandating dematerialization of Alternative Investment Funds (AIF) units, India’s secondary market for private investments is set to grow exponentially.”

Commenting on this, Prof. Ankush Sharma, Professor in charge, of Start-up Incubation and Innovation Centre, IIT Kanpur, said, “SIIC IIT Kanpur remains committed to enabling Uttar Pradesh’s aspirations to become India’s next leading startup hub through our robust incubation support. We will boost efforts to nurture passionate entrepreneurs across UP through mentoring and easier access to early-stage capital. By empowering innovators to develop solutions made in UP for India and the world, we aim to play a seminal role in job creation and equitable development, thereby contributing to the ‘Startup India’ mission.”

Startup founders and venture capitalists, including Lal10, Getwork, University Living, SVAS Fund, IAN Fund, Alkemi, Blume Venture, and Chiratae Venture, discussed Uttar Pradesh’s potential as a startup hub in comparison with Karnataka and Maharashtra. They shared insights and suggestions for enhancing the startup ecosystem and mobilizing venture capital funds in the state.

Shri Durga Shanker Mishra, IAS, Chief Secretary, GoUP in his remarks as chief guest announced that together with developing the area near the Jewar airport, the Government is also working on a major plan to develop the Bundelkhand area on the model of Noida by setting up Bundelkhand Industrial Development Authority. He assured that the request from various quarters for setting up of RoC at Noida will be addressed with utmost priority by the Government. The government is also working to operationalize 21 airports in Uttar Pradesh and 12 new universities. These measures are being taken to encourage reverse migration of talent in Uttar Pradesh. To address issues being faced by AIFs and Startups, a dedicated single window system will be set up. He also highlighted the importance of collaboration of educational institutes in UP along the lines of the USA.

Shri Ravi Ranjan, IAS, Managing Director of UPLC, gave the vote of thanks and assured the participants that GoUP will proactively resolve problems faced by startups and AIFs going forward. The vision and roadmap presented lay the foundation for Uttar Pradesh to build a thriving innovation ecosystem over the next 25 years with the active involvement of all stakeholders.

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