Andersen To Be Incubator For Local Start-Ups

Global consulting major Arthur Andersen will also play the role of an incubator for the infotech and Internet start-up companies in India. The leading consulting company is all set to fund Internet start-ups in India as part of its global strategy to promote information technology, telecom ventures and Internet companies in a big way, said senior company official.

The company has set aside half-a-billion dollars to plunge into incubator's role world-wide.

"This is as part of the company's commitment to play a key role in the coming years in the Internet arena," Peter Raymond, head (corporate/privatisation) of Arthur Andersen's global communication practice, informed.

 

Raymond also said that the half-a-billion-dollar fund announced on January 24, is aimed at promoting ideas. "For that, there's no geographic barrier. We are open to funding anyone approaching us with a good idea. We will be pleased to take up the role of an incubator," he said.

According to him, as part of its India-specific activities, Arthur Andersen would soon come out with an India-specific plan with a detailed outlay and with specific fund allocation. "The incubator programme was announced recently and we would form a group here in India to work out an area-specific strategy," he said.

He, however, did not point out the specific details of its incubator role in India. "We are in the process of working out the policies, project specification and legalities. Once these become clear we would roll out our project in India," he pointed out. "We are expecting to come out with a concrete plan soon," he added.

"We will spot good ideas and will work hand-in-hand to develop it into a great venture. We will take equity in return for the fund and mainly our aim is to help people make their dream come true," said Raymond.

Arthur Andersen, one of the first global accounting firms to enter India, is now a 700-member organisation.

Another global consulting company that has launched an India-specific incubation program was McKinsey. It has announced its India specific incubation facility India Venture 2000 about a fortnight back.