Nasdaq listed Progress Software Corporation will soon join the league of Cisco and Target, after it starts its global incubator programme for startups in India. The company is currently trying to test the waters of the Indian tech scene so as to launch the Pacific Incubator programme. This programme is all set to encourage the early stage startups of the country to work on business apps that are built on Progress solutions.
The programme will also provide some selected startups with work spaces and even make the Pacific platform of the company available to them so that they can build their solutions on it. Progress Software Corporation is initially thinking of housing some five to seven startups, starting from November 2014, along with some 25 people at the company’s iLabs facility.
The company is also thinking about expanding its programme so that they can cover as many as 25 startups, after seeing the enthusiatic response to the initial phase. Progress Software Corporation is also planning expanding this programme to other three global locations based on its experiences and response here in India.
"They will get seats in the same space we are operating. Those interested in developing business solutions in cloud, mobile based applications can join the fray. We have just called for applications. We will screen them and hope to start the programme in November,: said Ramesh Loganathan, Vice President (Products) and Managing Director of Progress Software India to news site The Hindu Business Line.
The company's engineers are looking forward to mentoring the startups and provide them with access to different markets. The Progress Pacific Incubator programme will also been extended to local universities, so as to include more and more knowledgeable and creative minds.
Philip Paed, who is the Progress President and Chief Executive Officer, had earlier indirectly indicated that the company's Development Centre in India would support the application development projects for various startups that too using the Pacific platform.
According to Loganathan, the startups that are currently at their prototype stage of an idea can make use of the company’s Pacific and Rollbase solutions in order to gain productivity benefits and faster the time to market for their business apps. Each startup in the programme will be incubated only for a period of six months. After six months, the company will incubate a fresh set of startups.
The company is planning not to take any equity in the incubated startups in exchange of giving them the work space that is worth Rs. 10,000 a seat per month according to the market prices. The screening process for the startups would begin ahead of starting the subsequent month.
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