Indian start-ups on growth path: Nasscom

Oct 26, 2016 0

Bengaluru– Allaying fears of a slowdown, Indian IT industry’s representative body Nasscom on Wednesday said the start-up ecosystem was maturing to grow faster and stay ahead of competition from Israel and China.

“Start-ups are creating a new identity for India and defining the way the world operates, making life better and easier for people and businesses alike,” Nasscom President R. Chandrashekhar told reporters here at a tech event.

With the world’s third largest start-up base after the US and Britain, India is poised to grow 2.2 times to 10,500 start-ups by 2020 from 4,750 in 2015 despite 18-22 per cent mortality rate.

Nasscom president R. Chandrashekhar

Nasscom president R. Chandrashekhar

The US has 52,000-53,000 start-ups, Britain 4,900-5,200, Israel 4,500-4,600 and China 4,200-4,300.

“About 650 start-ups were funded up to $4 billion by angel investors, venture capital firms and corporates in 2015, with many investors looking at domains like health-tech, fin-tech and edu-tech for growth,” said Chandrashekhar on the margins of a two-day Product Conclave 2016 in this tech hub.

Though the quantum of funding has subdued 20-30 per cent this year, the number of start-ups getting funded has increased 8-10 per cent in contrast to big ticket funding in the past.

According a report ‘Indian Start-up Ecosystem Maturing’ prepared by the National Association of Software and Services Companies (Nasscom) with global consulting agency Zinnov, 1,400 new start-ups will be set up in 2016, reflecting 8-10 per cent annual growth.

“We also expect about 80 M&A (mergers and acquisitions) this year, as evident from 60 deals executed till date, with 95 per cent of them being funded by Indian start-ups, unicorns and corporates,” claimed Chandrashekhar.

As India’s IT capital, Bengaluru continues to be the country’s start-up hub, followed by NCR (National Capital Region), Mumbai, Hyderabad, Pune and Chennai. Even Kochi, Kolkata and Jaipur are catching up with growth cities.

“The start-up landscape in the country is becoming the epitome of innovation, with companies bringing out solutions that are aimed at solving locally relevant issues. India is brimming with new ideas which need the right guidance and funding to be scalable for the market,a said Nasscom Chairman C.P. Gurnani.

Nasccoms’ 140 accelerators and incubators across the country are facilitating the start-up growth even in tier-two and tier-three cities

Among the verticals where start-ups are mushrooming and flourishing are cloud, big data, analytics, Internet of Things, machine learning, artificial intelligence, 3D printing and robotics.

“The start-up sector, which currently employs about 100,000 techies, including founders, entrepreneurs, innovators designers, developers and integrators, will have about 250,000 people by 2020, added Chandrashekhar. (IANS)

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L&T Infotech to buy analytics start-up

Oct 25, 2016 0

Bengaluru– Leading IT services provider L&T Infotech on Tuesday announced acquisition of Pune-based analytics start-up AugmentIQ Data Sciences Ltd. for an undisclosed amount.

“The acquisition will enable us to gain access to MaxIQ, the big data platform AugmentIQ developed and used by one of the world’s largest credit bureaus, lead banks and regulatory agencies,” said Infotech in a statement here.

The four-year-old start-up offers Intellectual Property (IP)-based high-end analytics to enterprises worldwide to derive business benefits from big data.

The deal will enrich the IT arm of Larson & Toubro (L&T), the Mumbai-based Indian multinational with diverse businesses, including engineering, construction, manufacturing and financial services.

MaxIQ brings the power of automation and Do-it-Yourself (DIY) to big data. Its end-to-end, self-service approach enables business users to leverage big data technologies such as Hadoop & Spark easily.

“The acquisition will also help us to build upon MaxIQ by integrating it within our Mosaic Decision Science platform for ease of data ingestion, data discovery and industry specific use cases for accelerated data-driven decision-making,” said the statement.

Powered by Microsoft Azure services in a cloud-native solution, Mosaic comes pre-packaged, with about 20 industry-specific machine learning algorithms to jump-start the analytics journey of an organization with prescriptive and predictive analytics across business functions.

“AugmentIQ is a synergistic acquisition, as our clients are seeking big data solutions for quick implementation and scaling their requirements. It also offers a versatile platform that can expand instantly and enable accelerated data monetisation,” said Infotech Chief Executive Sanjay Jalona in the statement.

AugmentIQ Founder and Chief Executive Sachin Vyas said the start-up had been working with major clients in India and overseas and growing rapidly.

“The acquisition by L&T Infotech opens up a roadmap for our innovative offerings to grow and mature, as we get an opportunity to partner with many new clients,” added Vyas.

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More tech-savvy young Indians aspire to be entrepreneurs: Survey

Oct 24, 2016 0

New Delhi–More and more tech-savvy young Indians, working in small or mid-sized organisations, wish to become entrepreneurs over the next 10 years, a new survey revealed on Monday.

According to the leading web hosting firm GoDaddy’s “The Future of Work” survey, 60 per cent of the 1,200 respondents in the country want to begin on their own.

“The emerging and newer generation of India’s entrepreneurs are embracing technology like never before,” said Andrew Low Ah Kee, Executive Vice President, GoDaddy International, in a statement.

The proportion of those wanting to start their own business is significantly higher in India when compared to Australia, Brazil, Canada, China, Hong Kong, Turkey, Singapore, the US and United Kingdom.

A remarkable 85 per cent of aspiring and current entrepreneurs in India said they are undeterred at the prospect of failure and are relentless in the pursuit of entrepreneurial success.

“Seventy per cent of respondents mentioned that they were either employed or working when they decided to start their own business versus developed economies where respondents chose entrepreneurship by choice or while they were in college and completing their graduate programmes,” the findings showed.

Forty-five per cent said work experience is most valuable while only 12 per cent believed education gets them ready to become an entrepreneur.

Seventy-nine per cent of the surveyed workforce believe that technology has made it easier for them to become an entrepreneur in today’s time.

Nearly 63 per cent of the future entrepreneurs believed in following their parents’ footsteps to start their own businesses and 62 per cent wanted their business to have global customers.(IANS)

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Intel mentors 17 start-ups in India

Oct 19, 2016 0

Bengaluru–By providing technology and tools, chip maker Intel Corporation mentored 17 Indian start-ups to innovate products in diverse areas, said the US-based company on Wednesday.

“Of the 17 start-ups which utilised our laboratory facilities here, nine have launched products in the market and five have products ready for customer trials, while three are at the design stage,” Intel India General Manager Nivruti Rai told reporters here.

Intel’s Indian subsidiary has set up the Maker Lab at its campus in this tech hub in January to help start-ups accelerate their hardware and systems for innovating products and solutions using its infrastructure, technology, tools and mentorship support.

“The start-ups used the lab for projects spanning education, sports, health, agriculture, BFSI (banking, financial services and insurance), and e-governance across IoT (Internet of Things), cloud and client compute,” said Rai.

The lab also supported seven start-ups incubated by the Science and Technology Department of the Indian government under the Intel’s ‘Innovate for Digital India’ challenge.

“We are focused on innovation, systems design and entrepreneurship in India. With 15 years of commitment to research and development, we continue to build a community of innovators across the country,” Rai added.

As a catalyst, Intel has associated with various programmes to foster innovation and making the government’s Digital India vision a reality.

“It’s heartening to see many products and solutions being developed by the hardware and systems start-ups using our lab as their innovations will help solve consumer and business needs and contribute to Digital India and Make in India vision,” said Intel India Director Jitendra Chadda on the occasion.

The company is collaborating with the government to encourage entrepreneurial and innovation talent as a not-for-profit initiative and is independent of its own research and development activities in India.

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IIM Calcutta’s Innovation Park plans challenge of 5,000 start-up ideas

Oct 19, 2016 0

Kolkata– The Indian Institute of Management Calcutta Innovation Park (IIMCIP) plans to launch a grand challenge targeting 5,000 start-up ideas by March next year, an official said here on Wednesday.

“We are contemplating to launch a grand challenge, an event which will run over a couple of months to target around 5,000 start-up ideas by March,” Uttam Kumar Sarkar, Dean, New Initiatives and External Relations (NIER), IIM Calcutta, told the media here.

“It could be a grand challenge in smart city ideas or any other sector. We are chalking out the details,” Sarkar said.

IIMCIP promotes entrepreneurship and innovation in research and business through industry-academia partnership and under its ‘INVENT’ initiative, plans to support more than 40 start-ups with funding of up to Rs 25 lakh.

The programme is a collaboration between the company, DFID UK and Technology Development Board, India, to aid for-profit social enterprises, in eastern India.

“The social entrepreneurs can create the biggest impact on our country,” said Saibal Chattopadhyay, Director, IIM Calcutta.

The organisation also hopes to incubate 100-plus start-ups by the year 2020 and has recently invested in six start-ups from various sectors.

Currently, the organisation has 14 incubatees. Additionally, it is in the process of onboarding another eight incubatees of which six are from Kolkata.

“The current incubatees have already raised investments amounting to Rs 6 crore. In the current financial year, the incubatees have already generated revenue of Rs 7.5 crore. During the coming financial year the incubatees are projecting revenue of Rs 18 crore,” said Chattopadhyay. (IANS)

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IBM, Indian Angel Network collaborate to boost Indian start-up ecosystem

Oct 19, 2016 0

Bengaluru– US-based technology company IBM and Indian Angel Network (IAN) on Wednesday announced a partnership to accelerate technology innovations in the start-up and entrepreneurial ecosystem in India.

Under this collaboration, the IAN portfolio companies will work with IBM to build thought leadership by leveraging workshops and “IBM IX Studios” programme and they will have access to IBM’s cognitive, cloud, analytics, IoT and mobility services.

With more than 400 investors from 10 countries, IAN is India’s largest angel network and has already made over 20 investments in the first half of 2016.

“We believe this synergistic partnership will breed innovative technologies and grow global footprint companies from India,” Padmaja Ruparel, Co-founder, President IAN, said in a statement.

IBM and IAN will organise knowledge sharing and enablement sessions on cognitive learning, analytics and product design.

“IBM will engage, influence and mentor the early stage start-up ecosystem and additionally nurture an IP-led start-up ecosystem focused on IOT, artificial intelligence, security, commerce and design thinking,” added Nipun Mehrotra, Vice President, Growth Initiatives IBM India/South Asia.

The IAN portfolio start-up companies will also have the opportunity to apply for the IBM Global Entrepreneur Programme, which provides mentoring and networking opportunities with enterprise clients. (IANS)

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14 Intel India Maker Lab startups showcase products, solutions

Oct 19, 2016 0

Bengaluru–Intel India on Wednesday hosted its first “Maker Lab Startup Conclave and Demo Showcase” at its campus here where 14 startups from the first batch of “Intel India Maker Lab” showcased their products and solutions.

Set up a year ago, the ‘Intel India Maker Lab’ is helping startups accelerate their hardware and systems innovation towards creation of new products and solutions by offering infrastructure, technology, tools and mentorship support, the company said in a statement.

The startups utilised “Intel India Maker Lab” facilities in the areas of education, sports, health, agriculture, Banking, Financial services and Insurance (BFSI), e-governance, Internet of Things (IOT), Cloud and Client Compute.

“With over 15 years of relentless commitment to research and development, we continue to build a community of innovators in India,” said Nivruti Rai, General Manager, Intel India and Vice President, Platform Engineering Group, Intel Corp.

The “Intel India Maker Lab” supported seven startups that came out from the Department of Science & Technology (DST)-Intel “Innovate For Digital India” Challenge.

The startups that showcased their products and solutions are: Aerx Labs, Avench, Green Ocean Research, Jayalaxmi Agrotech, Klassik Klonec, Parkzap, Skylark Drones, Smartron, Terrablue XT, Acceleron Lab, BrownLogic, Phoenix Robotics, SrishtiESDM and Yaw software.

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T-Hub launches initiative to connect startup ecosystems

Oct 15, 2016 0

Hyderabad– T-Hub, one of India’s largest startup ecosystem builder, in partnership with Uber and TiE Silicon Valley has announced the launch of T-Bridge — a unique initiative to connect startup ecosystems from around the world to India.

The programme will connect Indian startups with global market opportunities, and help bring global startups to India.

T-Bridge will help startups access UberEXCHANGE — Uber’s flagship startup mentorship program and TiE Silicon Valley’s mentor network.

Telangana’s Information Technology Minister K.T. Rama Rao, who is currently on a visit to the US, inaugurated T-Bridge at Uber’s headquarters in San Francisco.

He opened T-Hub’s first outpost in the US in association with Uber and TiE Silicon Valley.

T-Bridge will enable startup communities in India and around the world to cross-pollinate ideas, innovate and create channels for knowledge transfer.

It will also create a network of mentors, VCs, incubators and accelerators that is advantageous to the Indian startup ecosystem, said a statement released from the minister’s office here on Saturday.

T-Bridge will provide a platform for such fast-track tech companies looking to tap into India’s huge consumer market for technology.

“We have a strong vision to make Hyderabad one of the top 10 startup cities in the world. T-Bridge is one such move towards opening a channel of investment from the world to the state of Telangana,” said Rao.

“The Telangana government has been one of India’s most progressive states. The vitality and transformational mindset of its leadership gained quick notoriety within the startup world. TiE Silicon Valley is pleased to host the first T-Bridge outpost in Silicon Valley,” said TiE Silicon Valley’s incoming President Ram K. Reddy.

“Today more and more people around the world want to build something themselves. Through initiatives like UberEXCHANGE, our mentorship program for Indian startups, we hope to spur entrepreneurship,” said Uber’s senior Vice President for policy and communications, Rachel Whetstone.

Creative partnerships like T-Bridge will strengthen ties between India and the global startup scene, Whetstone said.

T-Hub’s CEO Jay Krishnan said since the launch of T-Hub last year, Hyderabad witnessed a threefold increase in startup activity, and added “The city is abuzz with over 30 incubators and co-working spaces. There is something happening in every corner.”

“We’re committed to enabling and growing this community and helping Indian entrepreneurs access global resources. T-Bridge is one such initiative in that direction,” Krishnan said.

T-Hub is a unique public/private partnership between the government of Telangana, three of India’s premier academic institutes (IIIT-H, ISB and NALSAR) and key private sector leaders. (IANS)

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Rs 2,000-crore credit guarantee fund for start-ups soon

Oct 15, 2016 0

New Delhi– The government will soon set up a credit guarantee fund for start-ups with a corpus of Rs 2,000 crore with the aim to provide them with easy funding options, a top official said here on Saturday.

“With this corpus of Rs 2,000 crore in place, the start-ups would receive financial support for their ventures, which will further motivate entrepreneurship,” Ramesh Abhishek, Secretary, Department Of Industrial Policy and Promotion (DIPP), said while addressing a conference on “Start-Up India, Challenges and Sustainability”, organised by the PHD Chamber of Commerce and Industry (PHDCCI).

Without prescribing any time limit for the fund to come up, Abhishek said with the fund becoming operational in the near future, start-ups can look forward to financial assistance for their ventures that would be available easily.

Responding to a suggestion mooted by PHD Chamber President Mahesh Gupta, seeking relaxations in existing taxes for start-ups, Abhishek said that the issue is being pursued by the government with various stakeholders.

Speaking on the occasion, Minister of State for Human Resource Development Mahendra Nath Pandey said that sufficient incentives should be given to those who wish to set up their venture, to promote the spirit of innovation. (IANS)

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Odisha to organise start-up conclave

Oct 5, 2016 0

Bhubaneswar– In order to promote start-ups in Odisha, the state government has decided to organise a two-day Start-up Conclave in Bhubaneswar from November 28.

This was decided at a meeting chaired by Chief Secretary Aditya Prasad Padhi here on Wednesday.

The main objectives of the event would be to motivate youth towards entrepreneurship, showcase the start-up ecosystem in Odisha and attract more start-ups to the state.

MSME Secretary L.N. Gupta said that the conclave would be organised in collaboration with the Department of Industrial Policy & Promotion, Government of India, TiE, Bhubaneswar and TiE Silicon Valley.

The MSME department would be the nodal agency.

The state government would conduct an idea competition to receive best ideas from youth aspiring to be entrepreneurs.

The event would be organised in 10 sessions including the inaugural session.

The state government has already launched a start-up policy with a target of making the state home to at least 1,000 start-ups over the next five years.

It envisages Odisha to be among the top three start-up hubs in the country by 2020 through strategic partnerships, conducive ecosystem, investments and policy intervention.

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