The Ministry of Science and Technology has decided to launch a Fund for Accelerating Start-ups (FAST) along with the Indian Venture Capital Association.
This could be the first public-private initiative to help entrepreneurs who are looking to take their business to the next stage, and would not be limited to the software industry only. Currently the government already runs the Technopreneur Promotion Programme (TePP), which funds new companies upto Rs 10 lakh for building prototypes and filing for patents.
Citing the example of Simputer, developed at the Indian Institue of Science, AS Rao of TePP said that venture capitalists shied away from the product even though it had tremendous social and economic value. The new fund aims to prevent choking inventions like that.
If you liked this post, please subscribe to Gyaan Sutra for further updates.
If you liked this post, you might like to subscribe to my feeds using a feed reader or get a copy by email.
Similar Posts
PE funds looking at CAMS
Why is there no social component in startups in India.
Google joins Band of Angels
How risky are startups?
Interview with Rithesh Prasad, co-founder TolMolBol on entrepreneurship, the website and the company
