Active Stocks
Sat Mar 02 2024 12:49:58
  1. Tata Steel share price
  2. 155.15 3.43%
  1. HDFC Bank share price
  2. 1,430.35 -0.06%
  1. State Bank Of India share price
  2. 773.05 0.49%
  1. Tata Motors share price
  2. 988.40 1.15%
  1. Wipro share price
  2. 522.65 0.67%
Business News/ Politics / Policy/  Nasscom’s 10,000 start-ups programme receives 14,000 applications
BackBack

Nasscom’s 10,000 start-ups programme receives 14,000 applications

The initiative, launched in March by Nasscom, Google and Microsoft
, pledged to invest $10 mn over five years

Nasscom plans to release further details about the applicant pool next week. (Nasscom plans to release further details about the applicant pool next week.)Premium
Nasscom plans to release further details about the applicant pool next week.
(Nasscom plans to release further details about the applicant pool next week.)

Bangalore: “10,000 start-ups", the Nasscom programme to nurture new technology companies across India, closed its first round of applications late Thursday evening. Around 14,000 individuals applied, representing roughly 4,000 companies, according to Nasscom. The industry group was expecting 2,500 applicant firms.

“In many ways, it exceeded..our expectations," said Sangeeta Gupta, senior vice-president of Nasscom.

The initiative, launched in March by Nasscom, Google Inc. and Microsoft Corp., pledged to invest $10 million over five years.

“It’s not only about getting a few companies funded," Gupta added. “For us, it’s about identifying the actual companies we can work with and engage to the next level."

It remains to be seen if Nasscom, now tied to the flagging IT services sector, can support this amount of new technology ventures, particularly product companies.

“The reality is that their primary membership is large organizations that have not demonstrated innovation recently," said K. Srikrishna, executive director of the National Entrepreneurship Network. “Nor have they demonstrated a track record of acquiring innovative start-ups. In that sense, I don’t know how they are playing with one hand tied behind their back."

Still, he admitted the programme’s ambition is welcome and that it is too soon to determine which organization can best nurture scalable start-ups.

“I think the jury is still out," he said. “The marketplace now is such that we need every shoulder on the wheel."

Nasscom plans to release further details about the applicant pool next week.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Politics News and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 31 May 2013, 02:17 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App