Global Startup Incubator Network Techstars To Launch Startup Accelerator In India
Global startup incubator network, Techstars, will launch a new start-up accelerator in India next month and has hired a top executive Bala Girisaballa (MD – Microsoft Accelerator India) to run the programme, while setting up a separate India fund to invest in early-stage ventures in the country.
In an interview with Mint, Techstars co-founder David Brown said the new accelerator programme, which will be set up in Bengaluru, will look to support and back nearly a dozen early-stage ventures.
The new startup accelerator will be launched in April. Techstars has also set aside a separate corpus of $5 million from its global $300-million start-up fund to back early-stage ventures in India.
“We’ve committed to a separate India fund, funded partially through our global fund. We’ve got $300 million under management—we’ve carved out $5 million to start for India, but we can flex that as needed as we continue to grow,” said Brown.
Last year, Techstars launched in India through a joint venture with ANSR Consulting—a Bengaluru-based start-up which counts Accel Partners as one of its top investors and helps large Fortune 500 companies like Limited Brands and Target set up their technology centres in India.
“We have 40 accelerators around the world—and we typically don’t do less than nine companies and not more than 12. It’s about 10 and we expect it to be the same here. That’s the model and it works very well. You need it to be small enough to have enough attention for the start-ups, but big enough to have some mass,” Brown added.
Amazon, Walt Disney, Barclays, Comcast and Target have already tied up with Techstars to launch corporate accelerator programmes globally.
Techstars was founded in 2006 by Cohen, Brown, Brad Feld and Jared Polis in US and operates in other countries like Australia, Canada, Israel and France. Over the past decade, Techstars has accepted well over 1,000 early-stage ventures globally into its programmes.
[The development was reported in Livemint]