Nasscom launches third phase of start-up initiative

After receiving about 7,000 applications in the earlier rounds, information technology (IT) industry body Nasscom on Monday launched the third phase of its “10,000 start-up initiative”. The industry body expects to receive a “few thousand” applications in this round as well.

Launched by Nasscom in April 2013 with partners such as Google, Microsoft and Verisign, the initiative aims to nurture 10,000 start-ups in the next 10 years. Under this programme, Nasscom helps the selected start-ups get into several accelerator programmes, get venture capital or angel funding, put together a business plan, and provide assistance on several other aspects.

“The first two phases had attracted 7,000 applications of which 529 were shortlisted and over 125 benefited by way of receiving funding, acceleration, mentoring, co-working space, enterprise connects and showcase opportunities through the programme,” said R Chandrashekhar, president, Nasscom. “We hope the third phase brings up more such innovative tech start-ups with some brilliant products and solutions that impact not just the business, but citizens across the globe.”

In the third phase of the 10,000 startup initiative, US-based semiconductor chip maker Intel has come on board as an industry sponsor, which would collaborate with the initiative to make India a hotspot in the Internet of Things, Nasscom said.

Additionally, Nasscom also launched a new initiative called the Technology Startup Registry, which will act as a repository of India's technology startups in the internet, mobile, e-commerce, software-as-a-service, and marketplace space. The Technology Startup Registry will also act as a discovery platform for investors, enterprises, media and government authorities.

"With the aim to provide a one-stop platform for start-ups, investors, government, media and other related stakeholders, Nasscom will create a national database of tech startups and identify the areas in which they are operating. This platform would also provide the start-ups an opportunity to be discoverable for investors, large enterprises, media and government," the industry body said in a release.

Nasscom also said that it would roll out a skills-related initiative to create a talent pool of people with hands-on skills required to excel in the tech startup market.