Hyderabad-based incubator T-Hub on Wednesday signed a tripartite memorandum of Understanding (MoU) with ‘Choose New Jersey’, an economic development organisation and ‘VentureLink’, a community hub for technology companies at the New Jersey Institute of Technology (NJIT)for Northern New Jersey. Through the agreement, T-Hub will provide growth-stage startups in India with business opportunities, market understanding and access to clients in the US.
Under the agreement, two individuals per startup will get complimentary space for two months. The MoU will promote technology and investment exchange between New Jersey and India through this collaboration between T-Hub, VentureLink, and Choose New Jersey. The three organisations will also support joint research and development in the areas of common interest between the parties.
On its part, T-Hub will offer reciprocal services, as and when required, to VentureLink (which is a community hub for technology companies at NJIT) members interested in exploring business and investment opportunities in India. The Hyderabad-based incubator will also initiate the call for applications for startups to participate in this opportunity.
Only high potential and growth startups will be selected based on the quality of technology solutions, product/solution readiness, revenue model and growth potential, after a thorough screening process. Through the MoU, startups will get an opportunity to tap into one of the biggest fintech ecosystems in the world in New Jersey. Under the MoU, T-Hub will enable the selected startups to get direct access to relevant funding opportunities via VentureLink.
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, it has recorded over $60 billion pin venture capital investments. Jayesh Ranjan, principal secretary (Industries and IT), Telangana State, said, “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)."
T-Hub, which was setup by the government of Telangana, is a public-private-partnership situated inside the International Institute of Technology-Hyderabad campus. It uses the Triple Helix model of innovation based on interaction and collaboration between industry, academia and the government.