National Association of Software & Services (NASSCOM) has launched a new initiative called ‘10,000 Start-ups‘, through which it aims to incubate, fund and support 10,000 technology start-ups in India over the next ten years.
The organization has partnered with Indian Angel Network for this initiative and it is being sponsored by Google, Microsoft and Verisign. It appears that this program is trying to position itself in the ranks of similar programs run in other countries like Startup Chile.
What does the program offer: The program will include early stage funding between 5 lakh to 2 crores, around 3-4 months of incubation, working space and access to potential investors, mentors among others. The organization mentioned that startups will also receive a start-up kit with technology tools worth $100,000, which includes Microsoft Azure credits, Amazon AWS credits, Google App Engine, Google Apps for Business, Google Adwords, and Makemytrip Discount coupons among others.
While the release mentions that the applications for this program opens today, we got an alert on the 10000 Startups website which stated that the applications will open soon, at the time of writing this article.
It also appears that there are separate application process for angel funding and the accelerator programs. For Angel funding, the initiative plans to offer funding from Rs 25 lakh to Rs 2 crore from various angels, while in the accelerator program, it plans to offer funding of Rs 5-10 lakh. Its also worth noting that the deadline for angel funding applications is April 30, 2013, while the applications for the acceleration program close by June 15, 2013.
The 10000 startups website also suggests that the accelerator program begins in August 2013, however there is currently no specific details on the accelerator program at the time of writing this article. We have contacted NASSCOM on this and will update the article once we get a response.
Partners: The program’s accelerator partners include The Hatch, TLabs, the Morpheus, Kyron, Microsoft, 91 Spring Board and Venure Nursery. The investing partners of the program include Chennai Angels, HBS Alumini Angels Association, Hyderabad Angels, Mumbai Angels, Indian Angel Network and Silicon Valley Bank (SVB).
Microsoft’s Prior Association with Startups: It is worth noting that Microsoft has been trying to connect with the start-up ecosystem in India for quite sometime, through various programs like BizSpark, BizSpark Plus and the Microsoft Accelerator for Windows Azure. BizSpark offers free cloud services and software development tools to startups, while BizSpark Plus offers up to $60,000 worth free cloud services on Windows Azure to startups.
The Azure accelerator program provides startups with mentorship, office space and networking with investors along with free cloud services and software development tools. Last month, Microsoft had announced the second batch of its accelerator program, which included 13 startups like Adepto, DeckApp, Qubole and SupportBee among others.