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NASSCOM to incubate 10,000 tech startups in 10 years

Posted: 22 Mar 2013     Print Version  Bookmark and Share

Keywords:funding  technology startups  entrepreneurship  incubation 

The National Association of Software & Services (NASSCOM) has announced the launch '10,000 Startups' programme aimed at incubating, funding and supporting 10,000 technology startups in India over the next 10 years.

The programme is partnered by Indian Angel Network and supported by Google, Microsoft and Verisign. It will help create 5-fold increase in startup employment, said NASSCOM.

"The programme 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." Under this programme, startups will receive early stage funding between Rs.5 lakh and Rs.2 crore; 3-4 months of incubation or acceleration; co-working infrastructure at startup clusters; startup kit consisting of technology and business tools worth Rs.13.44 lakh ($25,000); and connections to technology leader, mentors, potential customers and VCs.

The programme will focus on three core pillars:

1. Evangelise and create awareness about technology entrepreneurship as a preferred career option. India has an organised workforce of 3 crore of which 30 lakh are IT professional.

2. Engage deeply with aspiring entrepreneurs through digital/social channels and startup support groups to create entrepreneurial capability at scale. 10,000 Startups programme will facilitate over 7,000 startup events like hackathons, investor roadshows, and best practices workshops across 30 cities. Tech talks and white space discussions will be organised.

3. Incubate and facilitate funding of 10,000 start-ups through partnerships with some of the leading incubators/accelerators and angel networks in India.

Commenting on this initiative, NASSCOM President Som Mittal said, “The programme aims to 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 Rs.16.13 lakh crore ($300 billion) by 2020."

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