Microsoft, IDG Venture to Aid Startups
IDG Ventures India and Microsoft India have announced an Early Stage Funding Program (ESFP) in order to facilitate technology startups.
This partnership will offer dual benefit to the startups registering for Microsoft BizSpark wherein they will get a funding of up to Rs 25 crore by IDG Ventures and access to Microsoft suite, including latest tools and technologies for free.
The program is open to technology companies that are under three years old, and whose annual revenues are less than Rs 5 crore. "In the three months since we launched BizSpark, 200 startups have been empowered with access to genuine software at no cost. The partnership with IDG Ventures and their commitment of this corpus for startups gives deserving companies a chance to really accelerate their growth," said Rajan Anandan, managing director at Microsoft India.
In terms of today’s economy, we believe innovation is critical for India - and this is exactly what BizSpark aims to do. The program is committed to helping startups succeed and thereby, enabling the growth of local innovation in India, he said. Through this program, the company will send a code to access free software from Microsoft BizSpark if it meets the eligibility criteria.
"In the current economic scenario, lack of adequate funding is likely to be a key barrier to success of young technology companies. We are keen to demonstrate our commitment to the startup community by offering financial resources to deserving young technology companies. We plan to evaluate over a 1,000 business plans by the end of the year and commit funding to the top few candidates," said Sudhir Sethi, chairman and managing director, IDG Ventures.
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