“What after +2?”
“Engineering!”
“After that?”
“Get a job in an MNC and settle!”
This is the trend we mostly see in the current society especially in our Indian community. Not everybody is ready to be a job seeker, but few of them wanted to be job creators. How? Start an IT business. So the answer to the title of this article is YES. Is it so difficult stuff and need lot of money? Most of the people answer YES, but it may not be.
The “olden” era
In earlier days, money was playing a major role in starting a business. Due to vast advancement of technology and social needs, the business models acquired new verticals to expand. Now funding a startup company itself is a business! There are business persons who just invest into startups. All you need to have is a good business idea.
Incubators
Is it enough to have an idea and an investor to start a business? Definitely not! Lot of assistance and support is required in terms of establishing the business, better utilizing the resources, attracting more investments and to expand the business. Incubators does this job. They play major role in converting your business idea into reality by their guidance, support and assistance.
The emerging field
In 2012, US has created 15000 business men through incubation programs whereas in India, this number is 150. Considering this, the Department of Science and Technology, Government of India has established a fund of Rs. 10000 crores to encourage the startups as part of Digital India program. The major IT companies also started assisting startups by partnering with incubators, knowledge guidance and financial support.
Few facts...
Below the notable points about startups in India
- In 2014, startups in India have received Rs. 32000 crores of investments.
- NASSCOM expects that the number of startups will grow to 11500 by 2020 from the existing 3100
- Bangalore is in top position in India by attracting 30% of the total startup investments
What do incubators provide?
The workspace, high-speed Internet, legal and intellectual property services and access to high-profile investors, access to workshops, networking events, contests and community gathering where future entrepreneurs can connect with investors, technology innovators and famous businesspersons.
10000startups.com
In order to encourage the startups, NASSCOM has started “10000 Startups” program in 2013 with a target of creating 10000 new startup companies. As of now it has selected 500 out of 7000 applications to assist and support.
Village Startup
India’s first and largest incubation center established in 2012 in Kochi promoted by Department of Science and Technology - Government of India, Government of Trivandrum and MobME Wireless. It has incubated 500 startups out of its target of 1000 startups in 10 years. Kris Gopalakrishnan, co-founder of Infosys is the chief mentor at Startup Village.
Every year, the Startup Village panel would select promising young entrepreneurs from India and send them on an all-expense paid trip to the U.S. The aim is to expose Indian youth to the legendary startup environment in Silicon Valley. This will also give them a chance to interact with some of the famous tech gurus and entrepreneurs in the world.
Other incubation facilities
- Infosys has started a program called “Innovate India” with Rs 1550 crores of funds to support startups
- DRDO is going to establish a Venture Capital Fund of Rs 200 crores for startups in defense and space research.
- Andhra Pradesh Government has started the second “Village Startup” called “Sunrise Village Startup” in collaboration with Startup Village, Kochi in Technology, Research & Incubation Park (TRIP), Visakhapatnam with a target of 1000 startups in the next 5 years. 50 applicants are already selected to support out of 170 applicants in this center.
- Telangana Government is planning to establish India’s biggest incubation center called T-Hub by spending Rs 235 crores aiming 1500 startups with the support of IIIT and ISB Hyderabad along with a Rs 300-crore venture capital fund.
