NASSCOM's New Start-Up Incubator In Visakhapatnam

In a major boost to the its initiative to encourage start-ups in Andhra Pradesh, the Government of Andhra Pradesh signed an MoU with NASSCOM today. As part of it, under its 10,000 Start-Ups initiative, NASSCOM today announced the setting up a "warehouse" in Vizag where technology entrepreneurs with innovative ideas will be mentored and funded by venture capitalists / investors.

Palle Raghunatha Reddy, Minister for Information & Public Relations and also Information Technology & Communications, and R Chandrasekhar, President, NASSCOM, signed the MoU papers in the presence of the Chief Minister Chandrababu Naidu.

The warehouse will provide a co-working space for start-ups for 6-month incubation terms, for use on a daily/weekly basis. There will also be well-equipped community events for meeting with investors and venture capitalists.

Speaking at the event, Naidu asseverated his intention to make Andhra Pradesh a hotspot for start-ups and the incubation culture in India.

Stressing on creating an ecosystem to encourage budding entrepreneurs, the Chief Minister said, "We need to create awareness among students and youngsters on starting up and turning entrepreneur. Bring in Non-Resident Telugus, Non-Resident Indians, foreigners and entrepreneurs to inspire our students. The government will provide all the necessary assistance to encourage start-ups."

The Chief Minister also announced the organizing of a grand event in Visakhapatnam to bring together young people with start-up ideas and investors. The proposed event will attract nearly 2,000 people. There will be a thorough screening of the participants. Invitations to participate in the event will be sent to all reputed educational institutions across India, and to NRTs, NRIs and entrepreneurs across the world.

IT Advisors to Andhra Pradesh government J Satyanarayana and J A Chowdary, Secretary (IT) Phani Kishore, Secretary to the CM Sai Prasad, Joint Secretary to the CM Pradyumna and other officials were present.