NASSCOM 10,000 Startups invites applications for funding and acceleration
- Partners with Hyderabad Angels, TiE Incubator, and IIIT-Hyderabad Incubator to nurture the entrepreneurial ecosystem in AP
- Shortlisted entrepreneurs will be entitled to a funding of Rs 25 lakh to Rs 2 crore from leading angel investor networks of India
Hyderabad, April 10, 2013: As a next step to its recently launched ’10,000 startups’ program, the National Association of Software & Services Companies (NASSCOM), today signed a MoU with Hyderabad Angels, TiE Incubator and IIIT Hyderabad Incubator to collaborate and support the creation of a vibrant ecosystem to foster technology entrepreneurship in India. NASSCOM further announced the inviting of applications from innovative technology startups across the country for an insightful engagement with its accelerator and funding partners. This invitation procedure will be taken forth via 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 is expected to cross over 5000 startup applications in the next eight weeks.
As part of the initiative, NASSCOM will shortlist close to 500 entrepreneurs who will be eligible for funding of Rs 25 lakh 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 leading incubators of India, along with co-working space at affordable cost. Under the MoU, NASSCOM, along with partners, will also focus on multifold 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 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 percent of the new startups residing in the region and 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 to have more entrepreneurs in the country that will transform the landscape and propagate development. The NASSCOM 10,000 program will enable thousands of entrepreneur’s setup and grow their businesses and in the process propel India’s economy.
NASSCOM® is the premier trade body and the chamber of commerce of the IT-BPO industries in India. NASSCOM is a global trade body with more than 1300 members, which include both Indian and multinational companies that have a presence in India. NASSCOM’s member and associate member companies are broadly in the business of software development, software services, software products, consulting services, BPO services, e-commerce & web services, engineering services off-shoring and animation and gaming. NASSCOM’s membership base constitutes over 95% of the industry revenues in India and employs over 2.32 million professionals.