STPI to create 1.5 m sq ft space for start-ups

By: | Published: February 7, 2015 1:07 AM

In Gurgaon, the size of the space will be about 65,000 sq ft, in Mohali 1.4 lakh sq ft, Kolkata 2 lakh sq ft & in Bengaluru 1.25 lakh sq ft

The Software Technology Parks of India (STPI), the autonomous government body promoting the IT industry, plans to create an exclusive space totaling 1.5 million square feet for start-ups and products companies in the country. STPI, with 53 centres across the country accounting for 65% of country’s IT exports will create these dedicated spaces in both tier 1 and tier 2 cities.

Talking to FE, STPI director general Omkar Rai said, “We are looking at promoting entrepreneurship through start-ups and product companies and for the next decade we will have to ensure that we create intellectual property.”

STPI plans to create 1.5 million sq ft of space in the next three years with even distribution across the country. In Gurgaon, it will be about 65,000 sq ft, 1.4 lakh sq ft in Mohali, in Bengaluru about 1.25 lakh sq ft and 2 lakh sq ft in Kolkata.

Rai claimed that STPI is best suited to promote these companies as it has the pedigree of interacting with the IT industry and providing all the necessary infrastructure. Start-ups and product companies have become the buzzwords for the $118-billion Indian IT industry as these are expected to lead the next wave of growth in the sector.

According to Nasscom, India is expected to be home to at least 11,500 technology start-ups by 2020 up from the present number of 3,000 driven by demand for solutions around new age technologies.

Rai said STPI’s target would be to house 1,000 start-ups in the next five years. “We will provide them with plug and play infrastructure and also come out with schemes whereby we can provide all the support,” he added.

The added advantage for STPI will it being the preferred channel for the government to implement the various schemes to promote IT entrepreneurship in India. It already has incubation centres in Bangalore and Chennai. The STPI director general said, “Now is the time for us to work for the disbursal of the IT industry from tier 1 to tier 2 cities.”

Even large IT services majors like Infosys and Wipro have created separate fund to invest in start-ups. Infosys has earmarked $250 million to invest in startups while Wipro has set aside $100 million.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition