There was a great amount of anticipation among aspiring entrepreneurs in India starting from April 5, 2013 when Nasscom had launched the 10,000 Startups program--supported by Google, Kotak Mahindra Bank, Microsoft and Verisign.
The National Association of Software and Services Companies (Nasscom) announced on Wednesday they received 4,000 submissions for Angel funding and Acceleration, after applications closed May 30, 2013.
Nasscom will take up initiative to mentor 150 companies through its partners and members. Some of the highlights of this announcement show that one in four startups aim to solve problems in education and skill development, and 70 percent applications came from entrepreneurs below the age of 30.
Pleased with the flurry of response, Som Mittal, President, Nasscom said:
"Through a comprehensive evaluation process carried out by our partners, we will also select about 150 startups which would undergo rigorous mentoring by our members, program partners and other industry partners."
Some of the interesting insights from the tech entrepreneurship landscape in India are as follows:
- Bangalore leads with around 23 percent of applications followed closely by Delhi NCR at 20 percent.
- One in every five application was filled from smaller towns.
- Over 70 percent applications were from under the age of 30 and 15 percent applicants were women.
- Around 66 percent of the applications came for Web/Internet startups.
- Mobile startups were around 24 percent and applications from Cloud and Big Data were at 16 and 11 percent respectively.
This interesting analysis shared by Nasscom gives insight of the applications they received and what they hold for the technology landscape that aspiring entrepreneurs who have applied for this program. Some of the key things I'm really hoping this would do is actually give some direction to a lot of folks who need help.
It's encouraging to see young folks with under five years of professional experience have opted to take the entrepreneurial route. I would love to see their resilience and energy transition into something really useful for the current startup circuit in India.
Check out the infographics shared by Nasscom giving further details:
Promising applicant profiles
The education sector is certainly one of the most aspiring and quite valued in India as it is, no surprise, that a lot of startups are focusing on that category. One good thing about the applicants submitting their entries in this initiative is that a major chunk of them are at the product development stage. This certainly means that we would get to see the products come out sooner than later, hopefully.
Of course, there are many entrepreneurs who would have brilliant ideas, but they are struggling to find the right kind of mentoring, funding, guidance, resources and a lot more in terms of overall direction and leadership.
It would be great to actually see, how many of these applicants go on to becoming successful startups out of India, but the key thing here is to find out how many of them stick to and keep at it despite failures. And lastly, while 15 percent of applicants are women, I'd be hardly surprised if one of the most amazing startups would be from this lot. That's something to keep an eye for, I'm sure.
Personally, I believe if you are an entrepreneur, despite the lack of any of this, you'd go ahead and make a brilliant startup, for that is what makes you an entrepreneur. Having said that, would be great to see where this moves further. I'll certainly keep an eye on this and hope to bring you some more insights from Nasscom.