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‘StartUp Warehouse’, set up by the Government of Karnataka in partnership with Nasscom last year, has resulted in 28 start-ups creating more than 100 jobs and bringing in about $1 million of investment.
At least six of these companies are serving the global market. Under this programme, over 50 start-up events have been conducted with 2,000 participants. The programme also runs online mentorship impacting over 200 companies in Bangalore and over 500 across the country.
Karnataka has also announced the setting up of a 50,000 sq. ft. StartUp Warehouse NextGen-cum-India’s first-ever, Hack-celerator and Internet of Things (IoT Lab).
The Hack-celerator, a combination of a Hackathon and an Accelerator, will be one of the first few in the world. Karnataka Government-Nasscom HACK-celerator is India's first pre-accelerator programme designed to help the brightest minds of Karnataka decide whether they want to do a start-up or not.
It is a "mind-lab" so as to speak, where ideas will collide among the brightest to make them team up and start an exciting new start-up (or just disappear and figure something else out!).
The Hack-celerator with a capacity to seat about 500 young boys and girls is being established by the Karnataka Government in partnership with Nasscom and a few big global and Indian IT majors, which shall be announced separately.
StartUp Warehouse NextGen will be the hub where aspiring youth with ideas would be mentored as well as funded by venture capitalists.
The Karnataka Government will also consider providing government support to private players for running such accelerators and in the future, start-ups here will be eligible to participate in funding through Government and other seed funds also.
Private players will be selected through a competitive bidding process, whenever Government establishes the next incubator or an accelerator.
This apart, the new facility will have a latest Design Center of Excellence (Design CoE), co-working space for daily use on pay-as-you-go basis, a Mobile Devices Lab and an events space. The IoT Lab and Design CoE will also be the first of their kind in India.
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