The startup ecosystem with focus on transforming Visakhapatnam as Fintech Valley Vizag and an ideal destination for youngsters to float startups will get a major impetus with the National Association of Software & Service Companies (Nasscom) being allotted space for its Centre of Excellence on Internet of Things (IoT) at the Sunrise Incubation Hub at Rushikonda.
Nasscom established India’s first CoE in Bengaluru in 2016. Besides the one in the city, two more will come up in Gurugram and Gandhinagar. The Ministry of Electronics and IT and the States concerned will give funds for five years to promote IoT.
“With the Andhra Pradesh government agreeing to give space for the CoE with a world-class hardware laboratory at Rushikonda, the efforts to develop comprehensive ecosystem for startups will get a shot in the arm,” Nasscom Director-Open Innovation Raghuram Janapareddy told The Hindu .
Nasscom is already operating a warehouse to incubate technology-based startups under its 10,000 startup programme. The warehouse functions at the Sunrise Incubation Hub.
Bootcamps
AP Innovation Society CEO V. Valli Kumari said they were partnering with Nasscom in establishing and managing the CoE as a joint venture. She said the CoE would also provide co-working space for startups.
Prof. Valli Kumari said besides holding bootcamps at various colleges, they were also spreading the innovation culture by holding hackathons at regular intervals.
“IoT, a network of physical devices, vehicles and networks embedded with electronics, software and sensors will have a key role to play in the IT industry which is estimated at around $150 billion,” Mr. Janapareddy said. In disruptive technology-hit knowledge society, IoT also opens a window of opportunities for the youngsters. Under the artificial intelligence and machine learning, enhancing knowledge of youngsters passing out from colleges in IoT would help get plum job opportunities.
Failure rate
Expressing concern over the high failure rate among startups, he said IoT would be a big boon for them for scaling new heights in their ventures. Startups involved in virtual reality, AI, embedded devices would stand benefited because of the CoE, he said.
