The Internet and Mobile Association of India Monday launched a virtual incubator to empower tech startups from smaller towns and cities that have been hit by the pandemic.
The IAMAI would provide an initial startup kit worth Rs 70 lakh ($93,810) to those registered with its virtual incubator.
“More than 80 percent of the startups in the digital tech space have been negatively impacted by the global pandemic and we appeal to all large companies to extend their support to these startups through the virtual incubator”, said IAMAI president Subho Ray.
The IAMAI virtual incubator would address the needs of startups located outside the major cities of Bengaluru, Mumbai, Chennai, Delhi, and Kolkata.
These startups and their founders, being outside the so-called startup network, find it difficult to validate their ideas, garner sufficient funds for ‘proof of concept’ and are not able to find suitable guides and mentors, the IAMAI said in a statement.
“This will be a virtually accessible program for providing state-of-the-art incubation services to every Indian startup and, thereby, enabling startups to charter their success stories,” it added.
The program will witness close supervision by dedicated mentors from relevant industry stakeholders for multiple cohorts that would be created based on the domain, sectors and the progress of the startups.
As part of its ‘Mobile 10X’ initiative, the IAMAI currently runs three non-profit incubators in Bengaluru, Kozhikode and Gurugram supported by the respective state governments, and has curated about 300 startups in the digital tech space.