Karnataka Government and IT industry lobby group Nasscom will set up a 50,000 sq ft startup warehouse in Bangalore by November this year, reports Business Standard. Karnataka secretary for IT, Biotechnology and Science & Technology, Srivatsa Krishna told the publication that an estimated investment of Rs.5 crore will be made in the new facility. Nasscomm will run and manage the programme. Apparently, the state government is also in talks with 3-4 private companies, who will come on board as co-sponsors of this startup accelerator. Details like size of sponsorship and role of these private companies isn’t clear yet. The location of the new 50,000 sq ft facility isn’t finalised, though Krishna indicated to the publication that the existing facility might be expanded to accommodate it. Apparently, startups will be provided space and internet connectivity at this facility at Rs.5-15 per sq ft. The incubation tenure, for over 100 startups with 12 employees each, will be 6-12 months. The new facility will also house an Internet of Things (IoT) lab, a design center, a mobile devices lab, and a community events space for workshops. Readers will remember that earlier this year, in April, Nasscom and Karnataka government had set up an 8,000 sq ft startup warehouse in Bangalore, with the objective of incubating 25-30 early-stage technology firms. The BS report claims that so far 28 startups have been incubated, which have collectively attracted investments worth $1 million. There is no indication of which these startups are. The government also announced plans…
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