Nasscom startup initiative shows positive results

by CXOtoday News Desk    Aug 09, 2013

Startup

The 10,000 Nasscom initiative for startups has kicked off in Bangalore which aims at nurturing startups in India. The initiative has been launched by Nasscom in partnership with Microsoft and Verisign. To act as a catalyst for encouraging India’s ever growing IT growth, Nasscom has managed to get the initiative started in a short span of time.

According to Techcrunch, the Nasscom product council chairman Ravi Gururaj, was impressed at the speed with which the initiative came together quoting, “This took literally all of ten weeks, from the time of idea to the actual opening. That is an incredible speed for any part of the world.”

Startups who are selected, will receive a $1 million funding from a consortium including Google, from its entrepreneur investment program, Microsoft, Verisign and Kotak Bank. The Karnataka State Government will also provide $500,000 over the next three years.

Almost 4000 applications were received out of which  3,332  have been selected for the next round of screening. And the the top 3 winners will be presented with the Dewang Mehta IT Award. The first batch of startups selected were  Admirch, Tooki Taki, PsiphiLabs, Bookpad, Linkmysport, and Woome, who will start their journey next week and will be joined by another 20 or 30 startups after the selection process is complete.

When asked about expanding to other cities in India, Gururaj said “India’s a huge country, to be able to move the needle you have to scale your model.” He added that the initiate with the help of the local government has been moving at breakneck speed and hopes that the venture will successfully impact the startup culture in India.