Apex IT industry body Nasscom will set up a warehouse in port city Visakhapatnam under its 10,000 Startups initiative to nurture technology entrepreneurs with innovative ideas.
The entrepreneurs will be mentored and funded by venture capitalists and other investors under the Nasscom initiative.
Nasscom has also signed a memorandum of understanding (MoU) in this regard with Andhra Pradesh government in the presence of Chief Minister N Chandrababu Naidu here today.
— Andhra Pradesh CM (@AndhraPradeshCM) March 15, 2016
The warehouse will provide a co-working space for start-ups to be housed for 6-month incubation terms, create a co-working space for entrepreneurs to use on a daily/weekly basis.
There will also be well-equipped community events for meeting with investors and venture capitalists.
State Information Technology Minister Palle Raghunatha Reddy, Nasscom President R Chandrasekhar, IT advisor to the AP Government J Satyanarayana, IT Advisor to the CM J A Chowdary, IT Secretary Phani Kishore and others were also present.
Speaking on the occasion, the Chief Minister said AP would emerge as a hotspot for startup and incubation culture in the country.
Nasscom’s ambitious initiative aims to enable funding, acceleration and incubation support to 10,000 technology startups in India over the next 10 years.