Creating a buzz even before its formal launch, T-Hub, India's largest technology incubator, is almost booked, attracting over 130 startups from across the country.
The facility, claimed to be only one of its kind in the country, has also tied-up with 20 venture capitalists and is in talks with University of Texas, Houston, academic institutions within the country and abroad, Incubio of Spain & Labs and MIT Media Lab for collaboration.
Aimed at providing the right ecosystem for startups and making Hyderabad the startup capital of India, the facility will be formally inaugurated by Tata Sons chairman emiritus Ratan Tata along with Telangana Governor E.S.L. Narasimhan on 5 November.
The state government will provide Rs.10 crore for the innovation fund to provide funding to the startups. The state government hopes that private players will contribute Rs.90 crore for the innovation fund for T-Hub in public private partnership mode, said K.Tarakarama Rao, Telangana IT Minister on Monday.
"To begin with the innovation fund will be Rs.100 crore. We want to ramp it to $100 million or over Rs.600 crore," he said.
The minister, who recently visited the US, claimed that venture capitalists in Silicon Valley including those who are connected to Hyderabad are interested to pitch in for the innovation fund. Over 30 top technology companies have also evinced interest in T-Hub.
Tata Capital has also showed interest in participating in the fund. The minister hoped that the deal will be closed soon.
In addition to the innovation fund, the startups will also have the opportunity to get funds from venture capitalists and angel investors.
Infosys co-founder N.R. Narayana Murthy will be mentor and one of the principal advisors of the facility, which has been built at the International Institute of Information Technology (IIIT) here at a cost of Rs.40 crore.
The 70,000 square feet facility with seating capacity for 800 people can house 150 startups.
Government would provide the assistance till T-Hub become self-sustaining. It will make revenues by leasing out office space to startups, VCs and others, the minister added.
Tarakarama Rao has requested Microsoft CEO Satya Nadella, Adobe Systems CEO Shantanu Narayen, Biocon's chairman and managing director Kiran Mazumdar Shaw and other biggies to be mentors or address the young entrepreneurs when they visit Hyderabad.
T-Hub has already roped in 60 personalities from top academic institutions to play mentor's role.
The facility is being developed by Telangana government in association with ISB for business mentorship, IIIT for technology mentorship. Legal & intellectual property mentorship would be provided by NALSAR.
