Electronics and semiconductors based start-ups have a reason to rejoice. While this year might have been good for them, the one to come after this seems to be even more promising.
The Department of Electronics and Information Technology (DeitY) is planning to expand its ‘electropreneur park’ programme, in association with the India Electronics & Semiconductor Association and Software Technology Parks of India.
With an investment of Rs 21 crore, the first electropreneur park was set up in the Delhi University. The park is currently incubating 10 start-ups that were selected from the total of 168 entries received. By setting up more such facilities, they are hoping that the hardware and internet of things start-ups, which often end up falling under the umbrella of venture capitalists, are able to raise more funding.
According to Arvind Tiwari, chairman of IoT Forum, TiE, “There are tremendous problems and we’re getting four incubators added, two of which will be in Bengaluru. The larger challenge is to help them bring their ideas into shape and discover customers; it’s too early to worry about exits.”
Start-ups that are able to make the cut and become a part of the incubation programme are guaranteed more access to manufacturing facilities and a small amount of funding in order to sustain themselves for over an years time.
After an years time, they’re supposed to find external funding or get more customers in order to sustain their businesses and themselves.
DietY’s move to expand the electropreneur park is in synchronisation with its goal to provide monetary assistance and expertise to about 50 start-ups over the period of next five years. With this, they are hopeful of helping India in boosting its expertise in the hardware, electronics, IoT and semiconductor sector.