DBT Bureau
Bengaluru, 24 August 2024
Edtech major, Physics Wallah (PW), has launched the ‘PW School of Startups’ (SOS), under its PW Foundation to address the skill gap between traditional education and the rapidly evolving startup ecosystem in India, the company said in a release. It has also set up a $11.9 million (Rs 100 crore) fund to back more than 100 startups.
This innovative institution has a focus on entrepreneurial skill development and offers a comprehensive platform for aspiring entrepreneurs. It will help entrepreneurs to turn their ideas into successful ventures through cost-effective programmes, practical training, strategic mentorship, and access to capital.
The Global Entrepreneurship Monitor India Report 2022-23 reveals that 75.5% of Indians see good business opportunities locally, ranking India seventh out of 49 countries. About 78% youth find starting a business in India relatively easy. India, now the world’s 3rd largest startup ecosystem, has generated 10 lakh jobs through startups till 2023, according to the Economic Survey.
Notably, 48% of these startups come from tier 2 and beyond cities, addressing local challenges in sectors like healthcare, education, and agriculture, showcasing India’s grassroots innovation potential.
Commenting on the announcement, Alakh Pandey, Founder & CEO of Physics Wallah (PW) said, “I believe that progressing Bharat’s startup ecosystem can significantly contribute to our nation’s economic growth and see immense potential in the startups emerging from Tier 2 and 3 cities. These aspiring entrepreneurs possess incredible business ideas but often struggle due to a lack of guidance and the absence of a supportive community.”
Prateek Maheshwari, Co-Founder of Physics Wallah (PW) further said, “Through PW SOS, we aim to provide aspiring entrepreneurs with access to mentorship from seasoned startup founders and key figures who have successfully scaled organisations. Additionally, we’ve established a fund of Rs 100 crore, which will be used to support at least 100 startups over the next 60 months.”
