The National Association of Software & Services Companies or more commonly known as "NASSCOM", today announced that it is inviting applications from technology startups across the country for angel funding and a national acceleration program. This is in followup of its recently launched ambitious program of 10000Startups, and the applications shall be processed through the portal: www.10000startups.com. Over 1000 applications have already been received and are expecting more budding startups to register soon.As part of the initiative, NASSCOM will shortlist close to 500 entrepreneurs who will be eligible for funding ranging from Rs 25 lakh to Rs 2 crore through leading angel investor networks of the country. Selected startups will be also offered 3 to 4 months of incubation at leading incubators of India, along with co-working space at affordable cost. NASSCOM, along with partners, will focus on multifold activities aimed at fostering entrepreneurship, building entrepreneurial capabilities at scale and providing robust early stage support through mentorship.
The selected startups will be provided with a startup kit worth Rs 10 lakhs comprising of a host of free business tools from Microsoft, AWS and Google. Focused initiatives through webinars will provide a focus on emerging technology trends and whitespaces where upcoming startups can build ventures.
Throwing light on the progress of the 10,000 Startups initiative, Mr. Som Mittal, President, NASSCOM, said, “Since the launch of the 10,000 startups initiative by NASSCOM, we have received a very encouraging response from the startup community. With a strong focus on innovation and NASSCOM remains committed to build a vibrant tech start-up ecosystem in India to sustain this momentum.”
Today, startups are amongst the most critical pillars of the Indian IT industry representing a huge opportunity for India to retain its competitive advantage. Over the past few years, startups have contributed to the industry by building niche products and services and tapping non-core markets. To sustain the overall economic growth it is imperative to have more entrepreneurs in the country who will transform the landscape and would play a vital role in opening new opportunities for the industry.
The NASSCOM 10,000 program aims to enable thousands of entrepreneurs to startup and grow their businesses and in the process propel India’s economy.