Google is set to nurture and invest in 10,000 new start-ups in India during the next five year period. This programme will be launched by Eric E. Schmidt, chairman of Google Inc. during this week for technology entrepreneurs in New Delhi. This initiative is a part of India's ICT trade association Nasscom and it is launched in partnership with Google and Microsoft. As per the report the IT industry is worth $108 billion but when it comes to IT start-up ecosystem it is still behind Israel and Singapore. The recently talked about program The Startup Genome project that tracks start-up ecosystems in 141 countries, ranked Silicon Valley in US as No 1 followed by Tel Aviv, Singapore is at No 17, followed by Australia’s Melbourne and Bangalore.
The programme will allow funding of several million dollars to the start-ups looking to build new software products and market them around the world. Companies like TCS, Infosys, and Wipro have led the IT revolution in India. Many entrepreneurs are already moving to more mature place like Silicon Valley to attract more investment through potential investors. Something this at Chile called Start-up Chile attracts more than 3000 applicants and more than 100 of them are form India. The selected company gets a token investment of $40,000 from Chile Government without any equity and a work permit for 1-year.
Though tech giant Google is known to be a benevolent for start-ups this programme will further boost the morale of the Indian start-up ecosystems. Today more and more IT professionals are quitting their job and starting out on their own and this will create an opportunity for them to excel and grow in the right direction. In India a sustainable entrepreneurship movement is necessary and with initiatives like this it seems start-up eco-system is bound to grow and flourish.
Source:http://www.livemint.com/Companies/HYBDxymAK8MELxUGdr8UXJ/Google-Microsoft-to-help-nurture-Indian-startups.html
