New Delhi, July 9 2021: Software Technology Parks of India (STPI), an organisation under the Indian Ministry of Electronics and Information Technology (MeitY has signed MoUs with six different entities -- Bank of Baroda, Yes Bank, Mathworks, Yourstory, Freshworks and Pontaq (the Fund Manager selected for Next Generation Incubation Scheme).
The MoUs are intended to promote entrepreneurship & create a nurturing ecosystem for STPI CoEs in areas such as digital and mobile payments, blockchain, IoT, big data, and other emerging technologies.
Says Dr. Omkar Rai, DG, STPI & Chairman, STPI NEXT: “It’s a momentous occasion that we are signing MoUs & forging partnership with our esteemed partners, and this will further catalyse the startup momentum. STPI CoEs initiative is not an isolated one; it’s part of a larger startup program that MeitY has envisioned to accelerate startup growth through MeitY Startup Hub (MSH).”
Added Senior Director, Devesh Tyagi: “STPI & STPINEXT are trying to create a startup ecosystem to address the problems of startups. We are attracting ideas, promoting innovation & research, and giving them a platform to translate their ideas into market-ready products. The concept of chief mentors, who are industry stalwarts & entrepreneurs, driving the success of startups differentiates us from other incubators.”
“We have 177 startups on our platform from already launched 13 STPI CoEs and NGIS. Signing of MoUs is a key step towards building a robust startup ecosystem in the country,” added Director Subodh Sachan.
Brief About MoU Partners:
The Mathworks Inc, is a technology-oriented company which develops mathematical computing software for engineers and scientists. MathWorks will offer one year of free access of its software tools (MATLAB, Simulink and 90+ add-on products), MATLAB, Simulink and Deep Learning onramps, online self-paced tutorials, 50% off Training Credits usable for all on-line and public classes. It will also offer promotion opportunities upon mutual interest to publish user stories, technical articles, case studies, startup blogs and LinkedIn promotions.
YES Bank with their Knowledge Advisory Services will be offering services in the four areas - YES BANK’s API Hub Integration with Fintech CoE, Outreach Partner to STPI’s Smart City challenge (as and when conducted), Knowledge Partner to the STPI CoEs in EVs, Blockchain and Smart Agri, Industry Partner to NGIS in particular as well as to STPINEXT overall.
Bank of Baroda (BoB) will be providing complete banking solution to STPI/STPINEXT Startups and give access to startups related scheme/benefit of the Bank. BoB shall make available all banking product and services along with Startup Kit (which includes cloud credits, mentorship etc.). BoB will create awareness about initiatives/schemes of STPI among Startup community of the bank. STPI/STPINEXT shall explore ways of engaging at the level of domain specific CoEs to promote innovation in various technologies/sectors particularly FinTech, Blockchain and Agriculture.
Pontaq is a Cross Border Innovation Fund investing in early-stage technology businesses across UK and India. They have been identified as Fund Manager for managing the total corpus of INR 120 Crores under NGIS. The initial fund of INR 60 Cr of STPI/STPINEXT will be invested into 300 select start-ups (pre-revenue stage with demonstrable POC and /or demonstrating strong business proposal). Pontaq will raise the matching corpus of INR 60 Cr and will be invested as follow-on investment into start-ups (estimated to be 150 out of initially invested 300) which successfully demonstrate possibilities of commercial success with a market ready product