vaade_veedu Posted March 4, 2015 Report Posted March 4, 2015 IT trade body Nasscom on Wednesday said that India has the potential to become the second largest start-up ecosystem in the world after US, in a year or two, if the current trend of fast growth was anything to go by. It said that there has been an opportunity for the large companies to work with start-ups to enhance the performance of both the parties. Speaking at the Nasscom Product Conclave 2015 on Wednesday, Nasscom chairman R Chandrasekaran said: “India is already the fourth largest in terms of start-up ecosystem after the US, the UK and Israel and if the trend continues, within a year or two, we will be the second largest after the US in terms of start-ups that are coming to the fore.” He said that India was becoming an innovation destination and that was how the country wanted to rebrand the whole industry. “There are around 3,100 start-ups and 300-400 product firms started establishing products and services in the sector, ” he said. Nasscom had started the 10,000 Start-ups programme with an aim to have around 10,000 start-ups by end of 2020. However, the growth of start-ups has been very fast that now it was expecting to touch the 10,000 target by 2017 or before. He said that the large SI firms in the software industry are looking for partnership with start ups, which can bring in innovation and agility to the strengths of the larger company. There are already around 50-60 such partnerships between SI firms and start-ups going in various stages. He added that the start up companies also have a situation at present, where they have enough access to capital, as the angel, VC, and private equity firms are looking at funding the start-ups, which have the right strengths and ability to grow multifold in a short span of time. 1
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