NASSCOM also released insights on the tech entrepreneurial landscape based on the 4000 applications that it received for Angel Funding and Acceleration under the 10,000 Start-ups program. NASSCOM had started inviting applications for the 10,000 Startups program on April 5th 2013 and closed applications on 30th May 2013.
On this occasion, Mr. Rajiv Vaishnav, Vice President, NASSCOM said, “After a comprehensive evaluation process carried by our partners, we have selected 332 of the country’s best early stage tech start-ups for the second round of the program. In order to provide a much larger canvas to these companies, we are organizing Pitch Sessions around the country where we are providing these start-ups an unprecedented opportunity to pitch to multiple angel investors and accelerators on a single platform.”
Speaking about the Mumbai Tech start-up ecosystem, he said – “Despite of a much more vibrant investing landscape, Mumbai ranks as a distant third behind Bangalore (23%) and Delhi NCR (20%) in terms of the number of applications. Pune on the other hand, is emerging as a strong contender by contributing with 6% application and 8% start-ups from Pune making it in the shortlists.
The application procedure revealed some interesting insights about the emerging tech entrepreneurship landscape in Mumbai.
Out of the total applications received from Mumbai, about 22% start-ups aimed at providing solutions pertaining to education and skill development followed with 21% providing solutions in Retail. Although Mumbai is known as the national media hub, only 12% applications aimed to solve problems in media which is even below the national average of 15%.
With reference to the demographics of the applicants, about 63 per cent applications came from applicants under the age of 30 and about 12% applicants were women. From a technology point of view, a whopping 60 per cent of the applications came for web/internet start-ups, followed by mobile start-ups occupying a share of 24 per cent. Applications from Cloud and Big Data were at 14 per cent and 13 per cent respectively.
NASSCOM had commenced the 10,000 Start-ups program with the support of Google, Kotak, Microsoft and Verisign.
About NASSCOM
NASSCOM® is the premier trade body and the chamber of commerce of the IT-BPM industry in India. NASSCOM is a global trade body with more than 1400 members, which include both Indian and multinational companies that have a presence in India. NASSCOM's member and associate member companies are broadly in the business of software development, software services, software products, consulting services, BPM, e-commerce and web services, engineering services and animation and gaming. NASSCOM’s membership base constitutes over 95% of the industry revenues in India and employs about 3 million professionals.