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NASSCOM launches start-up warehouse in Bangalore

Posted: 08 Aug 2013     Print Version  Bookmark and Share

Keywords:NASSCOM  start-up warehouse  funding  technology start-ups  entrepreneurship 

NASSCOM has announced the launch of its first start-up warehouse in Bangalore as part of the 10,000 start-ups initiative, aimed at incubating, funding and supporting 10,000 technology start-ups in India over the next 10 years.

As part of the initiative, NASSCOM is providing early stage support for start-ups by enhancing incubation programmes, building a strong mentor community and providing access to investors and increasing risk capital.

Located in Bangalore's Diamond district, the warehouse has about 10,000 square feet space with approximately 70 seats. The entrepreneurs will also have leased internet line, power backup, and four meeting rooms.

The Start-up Warehouse has been introduced to create a micro-ecosystem where early stage start-up founders can work together, share their learning and best practices with each other, the software trade body said.

"NASSCOM has already received about 2000 Expression of Interests for the warehouse as it was part of the 10,000 start-ups application process. Further, the selection would be finalized by a selection committee comprising of stakeholders from the government as well as the industry."

NASSCOM also plans other such facilities across key cities in the country, "to provide world class infrastructure to tech start-ups at a highly affordable cost." The model for a start-ups warehouse is to identify a central, well connected, plug-and-play working space and offer it to start-ups for the first six months of their operations. The start-up warehouse would also be visited frequently 10,000 start-ups mentor and investor network who would provide one-on-one mentorship to the start-ups based at the warehouse.

"The facility will foster innovation under one roof, where start-ups can share knowledge and make the most of a vibrant mini-ecosystem," added I S N Prasad, Principal Secretary to Government, Department of Information Technology, Biotechnology and Science & Technology, Government of Karnataka.

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