10,000 shortlisted entrepreneurs will be entitled to a funding of Rs. 25 lakhs to Rs. 2 crores from leading angel investor networks of India.
As the next step to its recently launched '10,000 startups' program, the National Association of Software & Services Companies (NASSCOM), today signed an MoU with Hyderabad Angels, TiE Incubator and IIIT Hyderabad Incubator, to collaborate and support the creation of an ecosystem to foster technology entrepreneurship in India. NASSCOM has further announced the invitation of applications from innovative technology startups across the country for an insightful engagement with its accelerator and funding partners.
The procedure for application can be found on the recently launched startup portal www.10000startups.com. The association has already received over 1000 applications from various budding startups since the launch of the program, and the number of applications is expected to cross 5000 in the next 8 weeks.
As part of the initiative, NASSCOM will shortlist close to 500 entrepreneurs who will be eligible for a funding of Rs. 25 lakhs to Rs. 2 crore through the leading angel investor networks of the country. Selected startups will be offered 3 to 4 months of incubation at the leading incubators of India, along with a co-working space at affordable costs. Under the MoU, NASSCOM, along with partners, also plans on focussing on activities aimed at fostering entrepreneurship, building entrepreneurial capabilities at scale, and providing robust early stage support through mentorship.
The selected startups will be provided with a 'startup kit' worth Rs. 10 lakhs, comprising of a host of free business tools from Microsoft, AWS and Google. Focused initiatives through webinars (seminars over the Web) will provide a focus on emerging technology trends and whitespaces where upcoming startups can build ventures.
On the occasion of the MOU signing, Mr. Som Mittal, President, NASSCOM, said, "NASSCOM has always believed in the potential of the Indian startup ecosystem, and has been supporting it through initiatives like EMERGE. The response that we have received since the launch of our 10,000 startup program is overwhelming, and we are now ensuring that the reach of this program is maximized. We have partnered with some of the best incubators and accelerators in Hyderabad, who understand dynamics of the ecosystem and will help us foster the entrepreneurship and innovation in this region."
With the launch of the startup programme, Andhra Pradesh has been identified as an important startup hub with almost 13% of the total number of new startups in the country beginning in the region. These startups are focused on technologies around product, mobility and cloud. The NASSCOM 10,000 program will aim at scaling up the existing startup hub to the next level of growth.
Start-ups today are amongst the most critical pillar of the Indian IT industry, representing a huge opportunity for India to retain its competitive advantage. Over the past few years, start-ups have contributed to the industry by building niche products and services and tapping non-core markets. To sustain the overall economic growth, it is imperative that we have more entrepreneurs in the country, who will transform the landscape and propagate development. This program aims at enabling thousands of entrepreneurs to set up and grow their businesses, and in the process, propel India's economy.