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Hyderabad fast turning into a hub for startup companies
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Amid the towering offices of multinational companies crowding the lanes of Hi-Tec City is a bunch of quirky, one-room 'work stations' which are scripting a new identity for Hyderabad — that of a startup hub. Run by tech 'gurus' throbbing with out-of-the-box concepts, these startups are mushrooming across the city's IT centre giving the jitters to firms even in Delhi, Chennai and Pune.
In fact in the last three years alone, their numbers have shot up from just a handful to over 400 and have a range of IT services on offer. From innovative products , advanced IT solutions and web-based facilities they have garnered expertise in every field, taking biggies in the industry by a storm.
While the startup story of Hyderabad is at least a decade old, what has led to the tremendous spurt in their numbers of late is a startup-friendly 'ecosystem' that has developed within the industry over the last few years. Besides the techies who have thrown their plump MNC jobs to the winds to turn entrepreneurs, it's also a set of well-equipped incubation centres that have helped nurture the city's startup market. To add to that is a network of angel investors pumping funds to crystallize creative ideas.
Professionals with a long stint in the IT sector are also playing a part as mentors to these novices. "This entire support system coupled with the fact that Hyderabad is still a more affordable city with a vibrant IT industry is what's working for those interested in floating a startup here," said Ramesh Loganathan, vicepresident (products), Progress Software, and managing committee member of IT Software and Services Association of Andhra Pradesh (formerly HYSEA).
Loganathan sees anywhere between 20-30 techies float fresh business modules during his 'Startup Saturday' meets held once in a month where new entrepreneurs get an opportunity to interact with the 'big brothers' of the industry. From the ideating table some of these bright concepts find their way to the incubators, based mostly within the premises of educational institutions.
Indian School of Business (ISB), Indian Institute of Information Technology (IIIT-Hyderabad ) and Dr B V Raju Institute of Technology (BVRIT), Narsapur, are some of them. Besides providing space, machinery and technical assistance, these centres also divert central government funds towards these startups to help them find their feet in the market. "We nurture them until they find angel funding outside. And as long as they are at our centre, we provide them up to Rs 25 lakh (per startup) under certain central government schemes," said Nirmala Govindan from the centre for innovation and entrepreneurship, IIIT-Hyderabad .
As per her estimates, close to 20 teams walk in to 'lease' the incubation centre, every six months. And the advantages are many. The infrastructure facilities apart, the amateur entrepreneurs are also assisted with legal and business solutions by the incubators.
"While they are technologically sound, those setting up shop for the first time are not too aware of how to approach customers or develop a network in the industry. Such concerns are taken care of by the cen- K tre," said Prasad Pingali, cofounder of Setu Software, a successful startup that took shape at IIIT's incubation centre. Pingali admits that it is this encouragement offered by incubators and mentors that is pushing Hyderabad forward in the startup race.
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