NASSCOM initiates 10,000 Start-ups | SupportBiz

Tech Mate

NASSCOM initiates 10,000 Start-ups

 
The 10,000 Start-ups program by NASSCOM has created a buzz among the Indian SME fraternity. Entrepreneurs from the technology and ITeS domain are eyeing this program with high hopes, which is aimed at incubating and funding 10,000 technology start-ups in India over the next 10 years.

The program is being launched in partnership  with Indian Angel Network, and is supported by Google, Microsoft and Verisign.

Elaborating  on the new program, Som Mittal, President,  NASSCOM, states, “The program will focus on multifold activities aimed at fostering entrepreneurship, building entrepreneurial capabilities at scale, and providing robust early-stage support through incubation, mentorship and angel funding. 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  in their ventures.”

This initiative is a collaborative effort to empower young entrepreneurs to create ventures of a global scale from India.

There are three key parameters of this program’s activity. Firstly, the program is designed to evangelize and create awareness about technology entrepreneurship as a preferred career option. “India has an organized workforce of 30 million, of which  three  million are IT professionals. This is a great data, which authenticates that the potential of this Indian skill set is huge,” says Mittal.

“The program is also going to engage deeply with aspiring entrepreneurs through digital/social channels and start-up support groups to create entrepreneurial capability at scale. The 10,000 Start-ups program will facilitate over 7,000 start-up events like hackathons, investor roadshows and best practices workshops across 30 cities,” he adds.

Mittal  also  says that tech talks and white space discussions will help young entrepreneurs identify global technology trends and needs. There  is a  robust line of awareness activities  lined up for this program.

These start-ups are aimed at catalysing the technology start-up ecosystem by five times and creating  a significant national impact on employment, GDP, innovation and entrepreneurship indices.

Mittal also said,“This is one of the largest initiatives that NASSCOM is undertaking, and it will be vital to realize the industry vision of USD300 billion by 2020.”

In addition to this, the program will also incubate and facilitate the funding of 10,000 start-ups through partnerships with some of the leading incubators/accelerators and angel networks in India. “These start-ups will also extend support to incubators/ funding partners in the form of industry connects and co-working infrastructure and a start-up kit consisting of hosting credits and other technology and business tools valued at over USD25,000.”

This program is a collaborative effort which involves multiple partners.  Zinnov is the consulting partner for this initiative. With regard to funding support, there is a group of angel investors, including Chennai Angels, Harvard Angels, Hyderabad Angels, Indian Angel Network, Mumbai Angels and Silicon Valley Bank. Other key accelerator partners for this initiative include 91Springboards, IAN Incubator, Kyron, Microsoft Accelerator, Tlabs, the Hatch, the Morpheus and Venture Nursery.