NASSCOM To Fund And Incubate 25 Indian Startups

NASSCOM (The National Association of Software and Services Companies) has announced that it will angel fund and incubate 25 startups from the country. The association said it had received more than 4,000 applications from entrepreneurs across the country, for the 10,000 start-ups programme the company had kickstarted in April this year in order to fund cutting-edge tech start-ups taking birth in India.

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Nasscom has also stated that an additional 150 start-ups will be mentored through partners and members. Of the 14,000 registered entrepreneurs in 80 cities across the country, 4,000 of them responded to the programme, conducted between 5th April to 30th May . NASSCOM president Som Mittal spoke about the response they got from entrepreneurs with respect to their initiative. “We are overwhelmed with the response to the programme. Our industry partners will short-list the start-ups through an evaluation process for funding and incubation.” Google and Microsoft have partnered with Nasscom for the same.

The programme conducted by Nasscom highlighted a few interesting observations into the rising tech entrepreneurship landscape in the country. According to the official statement, around 23% of applicants hailed from Bangalore, the Silicon Valley Of India. Following closely on its heels was the National Captial Region (NCR) at a significant 20% response rate.
One in every five application came from smaller towns and about 70 percent of them are under 30 years, while 15 percent of them were women,” Mittal pointed out.The statement also highlighted the division of upcoming tech start-ups on the basis of category.  “From a technology viewpoint, around 66 percent of the applications are for web/internet start-ups, 24 percent for mobile applications, 16 percent for cloud applications and 11 percent for big data processing,” Mittal said.
I believe this is great news for the Indian tech entrepreneurship community and other dedicated entrepreneurs as well. Nasscom is definitely on its way to mastering the art of fostering tech start-ups. Above all, I feel that India needs more such initatives for the entrepreneurship wings to take off at a larger scale.That could impact both the IT giant and the general entrepreneurship scene in India in general.
Image Courtesy |  hindustantimes

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