Government of Telangana Began construction of technology Incubator in Hyderabad
Government of Telangana on Friday began construction of a technology incubator in Hyderabad—dubbed T-Hub—to reposition Hyderabad city as a technology destination.
Telangana state government is initially investing Rs.35 crore to set up a 60,000 sq. ft space, labelled the largest start-up incubator in India, at the campus of International Institute of Information Technology-Hyderabad (IIIT-H).
In the second phase, telangana government plans to invest about Rs.200 crore to construct a building spread across 300,000 sq. ft, which when completed is proposed to be the world’s biggest start-up incubator housing 1,000 start-ups.
Indian School of Business, IIIT-H and Nalsar University of Law, all based out of Hyderabad, will provide business, technology and intellectual property (IP) mentorship to start-ups at the incubator.
The government will create an initial corpus fund of Rs.300 crore in partnership with venture capital firms to fund companies incubating at T-Hub.
A three-member board comprising Tech Mahindra Ltd chief executive officer and managing director C.P. Gurnani, Cyient Ltd executive chairman B.V.R. Mohan Reddy and early-stage investor Sashi Reddi, who runs venture fund SRI Capital, will scrutinize start-ups that want to be part of T-Hub. The board will be expanded later. In the initial phase, T-Hub will house about 252 start-ups that are still ideas, 30 that have an early prototype and 40 that are ready to go to the market.
The first phase will be completed by 30 May 2015, and will open its doors to 170 start-ups accommodating 800 seats by 2 June. The facility will be operational for three years before moving to a new building being constructed in the second phase. A three-acre plot has been identified in Raidurgam locality of Hyderabad for building the second phase. The bigger facility will be a so-called incubator of incubators, with start-ups, fund managers, incubators and mentors under a single roof.