Nasscom, which recently launched its '10,000 start-ups' programme,
Wednesday announced inviting applications from innovative technology
start-ups across the country.
The association has already received
over 1,000 applications from budding start-ups since the launch of the
programme and is expected to receive 5,000 applications in the next
Nasscom President Som Mittal told reporters that applicants should log on to start-up portal www.10000startups.com
will shortlist 500 entrepreneurs who will be eligible for funding of
Rs.25 lakh to Rs.2 crore through the leading angel investor networks of
Selected start-ups will be offered three to four months of incubation along with co-working space at affordable cost.
the programme, for which Google, Microsoft and others have partnered
with Nasscom, 10,000 technology start-ups will be funded in 10 years.
"We expect 15 of these start-ups will be billion dollar companies," he said.
programme is expected to increase start-up funding by 10 times, seed
funding by 20 times and start-up jobs by five times. Nasscom expects
over 500,000 jobs will be created at the start-up level itself.
selected start-ups will be provided with a start-up kit worth Rs.10
lakh comprising free business tools from Microsoft, AWS and Google.
Wednesday signed MoUs with Hyderabad Angels as funding partner and with
The Indus Entrepreneurs (TiE) and IIIT Hyderabad as incubators to
collaborate and support the creation of an ecosystem to foster
"We have to create an environment
where that early stage funding comes in," Mittal said, adding that such
early stage funding by professionals is lacking in the country.
Andhra Pradesh has been identified as an important start-up hub.
The number of start-ups in India has risen from 162 in 2006 to 450 in 2012.
that massive markets erre emerging for start-ups in India, he said that
Internet users were expected to rise to 650 million by 2025 while
wireless users are likely to reach one billion.
opportunities are $17 billion in big data and $50 billion in enterprise
mobility by 2015 and $50 billion in enterprise SAAS by 2025.