T-Hub, an initiative of the Telangana government for startups, on Wednesday signed a tripartite MoU with Choose New Jersey, an economic development organisation, and VentureLink to collaborate in the areas of startup innovation, funding, and entrepreneurship,
Under the agreement, two individuals per startup (to be selected based on certain criteria) will get complimentary space for two months in VentureLink, a community hub for technology companies at the New Jersey Institute of Technology, T Hub said in a press release.
Jayesh Ranjan, Principal Secretary, Industries and IT, Telangana State, said,
“Over the years, the Telangana government has been able to attract global corporate US giants like Google, Microsoft, Facebook, Deloitte, and Amazon, among others to set up their offices in India. The partnership today with ‘VentureLink’ and ‘Choose New Jersey’ is another such milestone for us, as it will create a nexus and boost the startup innovation ecosystems of both the countries (India and the US)."
The MoU will promote technology and investment exchange between New Jersey and India through collaboration between T-Hub, VentureLink, and Choose New Jersey, it said. The tie-up will support joint research and development in areas of common interest between the parties.
New Jersey is one of the top sites in the world for access to innovation capital, with some of the biggest names in venture capital located there.
In the last five years, New Jersey has recorded over $60 billion in venture capital investments.
Under the MoU, T-Hub will enable the selected startups to get direct access to relevant funding opportunities via VentureLink, the release added.
BVR Mohan Reddy, Director on the Board, T-Hub, and former Regional Chairman, CII, said,
“T-Hub has always upheld its commitment in making proactive efforts, right decisions, and effective collaborations to strengthen the ecosystem. The MoU signed today will provide growth opportunities for the innovation ecosystems of both the geographies. It will enable Indian startups to explore business scaling opportunities in new geographies.”
(Edited by Teja Lele Desai)