PayPal and The Indus Entrepreneurs (TiE), Chennai, have jointly set up a technology start-up incubation centre to promote entrepreneurship.

PayPal, a subsidiary of eBay, the $14-billion global online marketplace, has set up the incubation centre at its Chennai development centre, where it will provide office space, mentoring, ideas, training and networking opportunities to start-ups, said Lakshmi Narayanan, President, TiE Chennai, which fosters entrepreneurs.

The idea is to provide entrepreneurs the right kind of environment and capability at every stage of their business development. TiE Chennai will identify the potential entrepreneurs and PayPal will provide technical expertise to develop a scalable business model. “We want to provide entrepreneurs a platform to start a business in a hassle-free environment,” he said.

Issues such as getting permission and rental deposit should not bother them, he told reporters.

Charter members of TiE Chennai will be available to mentor entrepreneurs in the incubation centre. The Intellectual Property will rest with the entrepreneurs, said Narayanan.

TiE Chennai will consider having similar centres in other sectors like manufacturing, he said. PayPal will support promising start-ups selected through PitchFest – a platform for entrepreneurs to showcase their ideas – organsied as part of TiECON Chennai 2013.

Anupam Pahuja, General Manager, PayPal Development Centre, said the initiative was part of the company’s corporate social responsibility. It will not have equity stake or take profit, idea or business plan from any of the companies located in the incubation centre.

“We will provide only guidance and mentorship,” he said.

raja.simhan@thehindu.co.in

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