Techstars, a global startup incubator network has chosen Bengaluru to be India’s first city-based accelerator programme. It also plans to launch its ecosystem development programmes to other Indian cities which are lagging behind.
Techstars plans to invest $120,000 from its $5 million India corpus into Techstars Bangalore Accelerator, which is set to run from end-January to end-April. Out of over 1,000 applications that it received, the company will finalize around 10 startups by end-December. Applications for the Bengaluru startup accelerator came in from 21 countries apart from India.
“The reason why startups from other countries are looking at Bengaluru is two-fold—they were trying to see if their products fit into the next 6 billion people, and they look at India and Bengaluru as a gateway to enter emerging markets. The second is the source of talent,” said Bala Girisaballa, who runs the Techstars accelerator programme in India. He was previously managing director at Microsoft Accelerator India.