WE Hub, a startup incubator exclusively for women, announced by Telangana’s IT minister KT Rama Rao in December, will be officially launched on international Women’s Day on March 8.
Exclusively backed with Rs 15-crore fund from Atal Innovation Mission, WE Hub will be on the lines of Hyderabad’s T-Hub, a one of the largest innovation hubs in the World. WE Hub will be a separate entity, independent of T-Hub, but will run on similar lines.
“The intention of launching WE Hub is to create an entity with government support, while supporting women entrepreneurs with funding and infrastructure,” said Telangana IT Minister KT Ramarao.
The above development was first reported in The News Minute.
The Telangana govt had also announced a venture capital fund with a corpus of Rs 15 crore to fund women startups and enterprises. The investment, which will be handled by the industries and commerce department of the Telangana government, will be anywhere between Rs 25 lakh to Rs 1 crore in startups run by women. This will be done in partnership with T-Fund, which is the investment partner to T-Hub.
WE Hub will also receive support from NITI Aayog, which will partner with WE Hub through the central government’s Atal innovation Mission.
To recall, last year on Women’s Day T-Hub launched Smart Women Angels Network (SWAN) by joining hands with Anthill, a Hyderabad-based speed scaling platform for early-growth stage startups, to support and encourage entrepreneurial spirit in women.
Last December, Rajasthan state government had also launched startup incubator for women in the state in addition to special fund announced for women-led startups.
Notably, Govt of India’s policy think tank NITI Aayog had too announced the launch of dedicated cell for women entrepreneurs in India.
Moreover, in last October Dr. Harshvardhan, Union Minister of Science and Technology inaugurated a first of its kind Women Bio-tech Incubator in Chennai.