To provide support to startups in India, Paypal has recently entered into a partnership with The Indus Entrepreneurs (TiE) Chennai to launch a startup incubation centre in the premises of PayPal’s Chennai development centre.
There is a lot being talked about incubation centres in India where a large number of startups are been launched every year, as these centres not only helps startups to cut down initial costs involved in setting up their business and resources before raising first round of funding but provide support functions and mentorship as well.
The companies plan to target about 8 to 10 startups under this initiative, and will provide office space, mentoring, technical training, and networking opportunities with average incubation period being 12 months.
“TiE Chennai will serve as a funnel, and largely identify the entrepreneurs while providing business mentorship. We’ll take them, give technology expertise, and even help them connect with VCs,” said, Anupam Pahuja, General Manager, PayPal Development Centers India.
The company has also said that it will not to be taking any profit or have any shareholding. “This is a not-for profit venture,” he said.
Paypal already has its incubation centres in Boston and New York offices, but this is the first time that it has tied up with an external agency to do so.
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