In an effort to continuously support the young entrepreneurs, National Association of Software & Services (NASSCOM) has announced the launch of its first startup warehouse in Chennai. The MoU signing took place between Department of Information Technology, State of Tamil Nadu, acting through the Electronics Corporation of Tamilnadu and NASSCOM.
Chennai is known to be quite popular for its automobile and IT industry. The city is home to more than 20 Indian companies that have a net worth of more than $1 billion. It is often seen as the secondary financial hub following Mumbai. The cultural capital of the south is amongst the major upcoming startup locations of the country. The city is emerging as the SaaS Hub as it has a large base of B2B SaaS product companies triggered by the success of few startups supported by right set of domain talent.
The warehouse which is spread across 8000 sq.ft can house up to 50 startups allowing them to learn, work, and accelerate their companies. The entrepreneurs will have a list of benefits which could help polish their entrepreneurial skills as well as polish their marketing ability including; connect sessions, early stage mentoring, access to resources from Google, Amazon, Microsoft, IBM cloud, Kotak etc. The selection would be finalized by a selection committee comprising of stakeholders from the government as well as the industry, viz. Government of Tamil Nadu and NASSCOM.
Rajat Tandon, Vice President, NASSCOM 10,000 Start-ups, said, “Over the years, Chennai has been home to a lot of promising startups. We have seen immense talent and enthusiasm here and wanted to further encourage and support the entrepreneurs through our 10k program. The warehouse will nurture nearly 200 entrepreneurs to foster innovation under one roof. A co-working space like this is necessary in order to boost the startup ecosphere of the city. NASSCOM would like to thank the state Government for their support in building a conducive environment for the startup founders. ”
At the warehouse, startups will get a number of facilities, including a 10 Mbps broadband leased line, infrastructure with AC, chair, tables, tea/coffee, logistics etc. The co-working space allows early-stage technology startups to work for 6-12 months during which startups will get showcased at select NASSCOM events and other events of partner organizations.