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Promising future for young tech startups in India: NASSCOM's 10,000 Startups program

Tags: tech start-ups, NASSCOM, Zinnov, angel investors, incubators, financial institutes

January 05, 2015 | COMMENTS ( 0 )

Promising future for young tech startups in India: NASSCOM\'s 10,000 Startups program

With more than 3,000 tech start-ups, India is the fourth largest base for young businesses in the world and it is expected that by 2020 the base will increase to 11,500 tech startups, as revealed in 'Tech Start-up in India: A Bright Future' a study report by National Association of Software and Services Companies (NASSCOM) and Zinnov.

The report suggested that the Indian startups with their unique solutions are witnessing increased traction in global whitespace opportunities such as Internet of Things, augmented realty, smart hardware, BI and many more.

With technology spreading its wings into different domains, 'Domain+Tech' solutions are taking over other trends. The emerging niche technology solutions are primarily focused on Ad-tech, Edu-tech, Health-tech, Agri-tech and many more. Geographically, Bangalore and National Capital Region (NCR) top the charts for being home to maximum number of young businesses.

The findings also highlighted that many trends are maturing in the ecosystem, especially funding aspect. Multiple and easily accessible platform like VC/PE, angel investors, incubators, financial institutes and even banks, are the driving force for the same. In fact, during 2010-2014 timeframe close to $3 billion is expected to be invested in Indian startups.

Commenting on the new evolution of the ecosystem, Rajat Tandon, Senior Director, NASSCOM 10,000 Startups, said, "These latest findings clearly indicate the beginning of the golden era for young tech-based businesses, where opportunities for growth are much larger than the challenges in the ecosystem. We are proud to be once again at the cutting edge in helping to support a growing niche within this field, and we are excited to ink new partnerships as we close the year to accelerate our efforts in that direction."

The press release said that NASSCOM's 10,000 Startups program has successfully paved way for 3 inevitable trends that are shaping the Indian economy with the potential to shake things up: Digitalization, faster innovation cycles, and the rise of young, ambitious talent. Startups are both a consequence and an accelerating catalyst of these trends.

The Program is partnering with AstroLabs Dubai, to navigate Indian Tech startups to the MENA region. This association will give a tangible edge to support tech entrepreneurs emerging from the 10,000 Start-ups program, both with the physical space and with formal training programs.

"We look forward to welcoming members of 10,000 Startups at AstroLabs Dubai, enabling their expansion into the growing Middle Eastern market and providing direct access to a region that has the highest smartphone penetration in the world." said, Muhammed Mekki, founding partner, AstroLabs.

The Program inked another association with CampusEAI Consortium, a leader in the world of higher education information technology services. CampusEAI EduTech Venture Fund invests in early stage enterprise software, Internet and mobile companies that target the education market or companies created from intellectual property technology transfer from colleges and universities.

"The EduTech Venture Fund has successfully funded eight early stage startups in the education industry and we are in search of our next round of investments," states Anjli Jain, CEO of CampusEAI and Managing Director of CampusEAI's EduTech Venture Fund.

"Our partnership with NASSCOM's 10,000 Startups program gives us an opportunity to expand our portfolio and existing investments in India-based startups and provide early-stage entrepreneurs with the mentorship, guidance and funds they require to be successful. We look forward to working with NASSCOM and accelerating the mission of the 10,000 Startups initiative."

10,000 Startups is a NASSCOM initiative supported by Google for Entrepreneurs, Microsoft Ventures, Verisign, Kotak and Intel.
 

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