In a bid to boost the entrepreneurial ecosystem in the country, NASSCOM has announced the launch of ‘10,000 start-ups’ programme. The IT-ITeS industry body aims to incubate, fund and support these start-ups in the next 10 years. The program is partnered by Indian Angel Network and supported by Google, Microsoft and Verisign.
Som Mittal, President NASSCOM, said, “10,000 Start-ups aims to catalyse the technology start-up ecosystem by 5X and create a significant national impact on employment, GDP, innovation and entrepreneurship indices. This is one of the largest initiatives that NASSCOM is undertaking and will be vital to realise the industry vision of $300 billion by 2020.”
10,000 Start-ups brings together key stakeholders of the ecosystem including start-up incubators/accelerators, angel investors, venture capitalists, start-up support groups and technology corporations to support entrepreneurs at early stages of their venture. Some of the other angel partners participating in the programme are Chennai Angels, Harvard Angels, Hyderabad Angels, Indian Angel Network, Mumbai Angels, Silicon Valley Bank Accelerators: 91Springboards, IAN Incubator, Kyron, Microsoft Accelerator, TLabs, The Hatch, The Morpheus and Venture Nursery.
The initiative is a collaborative effort to empower young entrepreneurs to create ventures of global scale from India. The industry body also aims to to create $15 billion firms in the next 10 years. The programme will facilitate 7,000 start-up-related events such as hackathons, investor roadshows and best practices workshops across 30 cities in near future. Tech talks and white space discussions will help young entrepreneurs identify global technology trends and needs. One of the motives behind the initiative is to create awareness about technology entrepreneurship as a preferred career option, he added.
Earlier this month NASSCOM expanded its focus on the industry segments by including internet and mobile (content and commerce) software products. Also, yesterday German incubator Rocket Internet launched a whopping $194 million fund for high-potential internet businesses. Similarly, Delhi based start-up incubator 91SpringBoard also promised to incubate about 10-15 startups per year.
I think Indian start-ups should gear up for the tons of funding coming towards them. Lets’s hope these start-ups en-cash this opportunity and contribute to Indian technology scenario.