Two global conferences, multiple conversations and a whole lot of gumption add up to a new initiative that could bring Indian startup companies to the Triangle.
India is already big business in North Carolina. Its companies have invested more than $1 billion in the state over the past 10 years, according to the Economic Development Partnership of North Carolina. Now, entrepreneurship incubator First Flight Venture Center has a plan to score even more investment, specifically in the agtech sector.
In 2025, its new India Wingspan initiative will bring 10 Indian agriculture companies to First Flight, with the eventual goal of enticing them to invest in the region. It’s the result of months of planning, and it’s nearing the finish line, as applications for the program will soon be on First Flight’s website.
The inklings for First Flight’s India Wingspan program started at the BioAgTech World Congress, held in Raleigh in April.
“The whole premise was about cultivating relationships in the agtech, agbio sector,” said Krista Covey, CEO and president of First Flight.
In between sessions, Covey met with a group in India called RAY Consulting. It was looking for incubator opportunities for its companies in the United States. Specifically, it was looking for “soft landings,” places for companies looking to expand in the U.S. to go where they’d have instant access to resources.
The types of things they were looking for — investor introductions, pitch deck help — are the kind of things First Flight routinely offers for companies.
“This was just a really great win-win for us as an organization that supports innovation,” Covey said. “Our big vision … is to be a global center of excellence, so this just totally made sense for us to move in this direction.”
And First Flight gets paid for its services.
The program runs for two weeks. The first week virtually where First Flight helps chosen entrepreneurs develop a pitch deck and craft their messaging.
“The second week is a totally immersive experience,” she said, where RAY flies the firms to the Triangle.
The ultimate goal is to get the companies to set up shop in North Carolina and create jobs here.
“We want them to fall in love with North Carolina and understand what a great place it is to do business and understand our awesome and very collaborative ecosystem,” Covey said.
Covey recently returned from India where an in-person announcement about the upcoming cohort was made at the India International AgriBusiness Conference & Expo in Hyderabad. The program will officially launch in the first quarter of next year.
Judging from the “line” of interested entrepreneurs she saw in India, there will be be interest, Covey said.
According to EDPNC, 53 Indian firms operate in North Carolina, They have created more than 5,900 new jobs in the state since 2014.