IT Entrepreneurs to get a boost…

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The Karnataka government is taking a unique initiative – it will send 25 entrepreneurs to Silicon Valley for 3-4 years to understand startup culture, interact with angel investors and other entrepreneurs. It plans to launch this cross-border entrepreneurship programme in September in partnership with Indian entrepreneurs in the US.

“Once they return from the Valley, they will be obliged to begin a new venture or partnership,” said M N Vidyashankar, Karnataka’s industries secretary.

In good news for entrepreneurs from Karnataka, the state government will sponsor them for a stay in the US so that they learn the rudiments of the business.

“A highly qualified panel will pick 20-25 entrepreneurs. The government will fund Rs 50 lakh per entrepreneur and there will be an identical contribution from investors of Indian origin in Silicon Valley,” said M N Vidyashankar, the state’s industries secretary, at CII’s India Innovation Summit in Bangalore on Thursday.

Later, Vidyashankar told TOI that Indian-American technology entrepreneurs Kumar Malavalli and Shivaram Malavalli were spearheading the initiative in the Valley. The Malavalli brothers are from Mysore. They will play facilitators and mentors to the young entrepreneurs from Karnataka.

Kumar is the co-founder and former CTO of data-and-storage networking products company Brocade Communications. Shivaram is the chairman of the Indian Science and Technology Entrepreneurs Park and Business Incubators’ Association, and has nurtured many entrepreneurs.

In what looks to be another promising initiative, the alumni network in top technical colleges, including IIT-Delhi, IIT-Bombay, National Institute of Technology Karnataka in Surathkal, and others, are coming together to invest over Rs 300 crore to set up a 1,500-seater startup incubator facility in Electronics City. Vidyashankar said the facility, expected to be operational by the end of this year, would also provide advisory and mentorship services, and help with seed funding, and backward and forward linkages.

“They want it to see a success rate equal to what it is in YCombinator. We are also getting some inputs from YCombinator,” Vidyashankar said.

As published in TOI 9 Aug 2013, edition
 
 
 

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Mohit Bansal(23) is B.Tech in Electronics and Communication Engineering from Indian School of Mines, Dhanbad, India. He has interest in business and entrepreneurship and has published couple of research articles. He is also associated with various NGOs. He is with Techaloo when it was just in concept stage. The Techaloo site was not existing even then. Currently Mohit is working with Mu Sigma as a Business Analyst Profile.

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