Here’s your scoop of attention-grabbing headlines from around the Indian startup ecosystem.
THERE IS SOMETHING FOR EVERYONE
Hyderabad: In order to provide a platform which can enable aspiring entrepreneurs to test their innovative ideas in the field of medical technologies, The Government of Telangana and MedTechConnect, a platform founded by Cyient and Xynteo’s India2022 coalition, have joined hands together to launch a new initiative called Project Tej. As part of BioAsia 2020, an Asia-specific Biotechnology and Life-sciences forum, Telangana State’s Research and Innovation Circle of Hyderabad (RICH) and MedTechConnect have signed a Memorandum of Understanding (MoU) in an endeavour to accelerate and support indigenous innovations in medical technologies.
Over the past decade, India has become one of the largest startup ecosystems in the world. A NASSCOM report estimates that India has more than 9,000 tech startups alone, and that the startups in the country have created as many as 60,000 direct jobs and up to 180,000 indirect jobs. This startup ecosystem is driven largely by millennials, who are both creators and consumers of the products and services on offer. It is, therefore, important to understand the motivations and aspirations of this demographic, as they will drive both demand and supply of our industries in the years ahead.
Hyderabad: Epiq, a global leader in the legal services industry, today announced the opening of its global capability centre in India at Hyderabad. Located at Sohini Technology Park in the financial district, the state-of-the-art facility is the latest long-term investment by the US-based company to support customers anytime and anywhere in the world.
The Union budget has provided for certain concessions in tax treatment of employee stock option plans (ESOPs) for startups. Globally, ESOPs have successfully aligned interests of employees with that of shareholders (mainly improvement in company’s performance and consequential appreciation in valuation of companies) and have played an instrumental role in success of many startups.
The Department for Promotion of Industry and Internal Trade (DPIIT) has asked regulatory bodies and the central tax body to establish dedicated teams within their institutions to address regulatory and compliance issues of startups.
Novartis already has a huge presence in Hyderabad with its drug development and research facilities. Overall, India is a big hub for the company with 8,000 employees, manufacturing facilities and business services.
Five applications were shortlisted for this bid, and T-Hub was selected based on its rich and successful experience of running various programs for its key stakeholders, such as startups, corporates, government and ecosystem enablers.
• The two have joined hands to supercharge the growth of the women led start-ups from India and Switzerland
• Tech and non-tech start-ups in healthcare, pharma, life sciences sectors will get benefitted with global market access
• The partnership was enabled by swissnex India to accelerate FEMentrepreneurs, an initiative to enable more young women researchers and women-led start-up
Union Finance Minister Nirmala Sitharaman met a cross-section of industrialists, trade bodies, ecommerce companies, and startups to receive feedback from them, following the presentation of the Budget on February 1.
In 1996, Hema Hattangady took over as the CEO of Conzerv, an embattled family-owned firm based in Bengaluru that manufactured digital energy meters. Over the next twelve years, she grew it to a Rs 100 crore company, which has become the country’s largest energy-management company.
After proposing to defer tax payment on shares allotted by startups to their employees under the Employee Stock Option Plans or ESOPs by five years in the Union Budget, Finance Minister Nirmala Sitharaman has now asked for feedback from startups.
Before the first Vision Fund, SoftBank set up an entity called Delta Fund that was used for startup deals, including some that eventually were moved into the Vision Fund. Son could simply inject capital into that vehicle.
BHUBANESWAR: Chief Minister Naveen Patnaik on Wednesday announced that the State Government would set up a world-class startup hub in Bhubaneswar and launch a Fund-of-Funds for startups this year to boost the ecosystem.
For today’s consumers who are always hustling, time is money (in the literal sense). Most would prefer a good hassle-free customer experience to deals that are cheaper but cost them more time, energy and efforts.
Mumbai has an active startup base of 9,000+ and has grown into a major B2B hub. A supportive State government, a robust financial ecosystem, and a huge population is fostering the city’s startup culture.
(Bloomberg Opinion) — It’s hard to miss how many technology companies engage in increasingly questionable — and occasionally reprehensible — conduct. This is something beyond the unsavory frat b…
On the occasion, officials of Pavizham Oil and Rice handed over its Corporate Social Responsibility fund of Rs 9.4 lakh to startup Red Button as part of the Red Button public safety programme.
While the finance minister Nirmala Sitharaman proposed a 5-year deferment for tax on exercise of employee stock ownership plan (ESOPs) during the Union Budget 2020, Indian startups are planning to form a lobby to highlight their grievance in front of the Prime Minister’s Office (PMO).
New Delhi: With an aim to facilitate use of latest fintech innovations in capital markets, regulator Sebi is planning to allow live testing of new products, services and business models for selected customers by providing various relaxations and exemptions.
In her Budget speech of 2020, Hon’ble Finance Minister Nirmala Sitharaman rightly expressed concerns over the unimpressive evolution of ‘Start-up India’ initiative despite immense support by the government in the past.
Having previously discussed the incubator boom across the State over the last decade, it is fair to say one can only wonder, ‘what next?’ Does the startup industry experience a plateau or would there be a slump?