India’s Department of Telecom along with Telecom Centres of Excellence and C-DoT have come together and successfully set up TEN Square, an incubator which would specifically work towards promoting startups working in the field of information and communication technology (ICT). The initiative was formally launched during the recently concluded India M2M/IoT forum 2017 in New Delhi.
An official statement issued about the incubator launch reads,”Department of Telecom along with Telecom Centers of Excellence (TCOE) India and C-DoT has set up Telecom Entrepreneurs (TEN) Square at TCOE India to incubate startups in ICT. This initiative was launched during the M2M/IoT forum 2017.”
The Telecom Entrepreneurs (TEN) Square or TEN Square will be helping the selected startups right from their seed funding to the successful development of their Proof-of-Concept of technology solutions.
As of now, the plan is to admit 5 startups in the ICT genre on a half-yearly basis. This makes it 10 startups in a year and a total of 50 startups in five years down the road. The startups will be incubated along with with seed funding, which will be based on equity in the startups.
According to the statement issued, the funding from Venture Capitalists (VC) is expected to come in at the later stage for further growth and expansion. The TEN Square incubator would make use of its existing facilities at the C-DoT campus and also any other incubation centre to the extent that it is feasible.
In order to find its startups, TEN has a series of events planned in collaboration with a number of different VCs in the future with business pitch competitions being an important event.
All the proposals submitted under the scheme will have to go through a gruelling screening process by an eminent committee, which will be headed by C-DoT’s Executive Director. The committee will be going through each of the submitted proposals and shortlist the ones it deems suitable for the project. It will also be determining the funding support for each of the startup against equity in case to case basis.
Held from 6th March to 7th March this year, India m2m + iot Forum aims to highlight India as the ‘Manufacturing Hub’ for the m2m + iot industry where a wide range of high-quality and high-end engineering products, services and solutions could be sourced by the companies, organizations and governments of the nation and the world. The forum provides a distinct platform for transcontinental companies to showcase their business ideas, innovations and capabilities to the potential buyers in one of the fastest growing countries of the world ‘INDIA’.