Entrepreneurial zeal among young professionals and students in the capital region appear to be scaling new heights as they are increasingly coming forward to invest in the startups.
Lack of proper ecosystem leading to sustainability issues have been a dampener for them in the city and many such have remained underdeveloped for long.
Sensing the need for basic startup ecosystem in which investment plays a key role, young enterprisers — part of the Confederation of Indian Industry’s Young Indians wing — are keen on supporting the startups that are succeeding small time and having potential of rising to a greater level.
They have already kick-started the trend by picking up a few that are already up and running but waiting for an opportunity to drive themselves into the main league of business.
Tarun Kakani, CEO and founder of Glocal Technology Solutions (GTS) and the Co-Chair of Young Indians, Vijayawada, has so far funded three startups including Threads and Needles, an online fashion service.
Subrains, an online education incubated at KL University, and Fopple Technologies are the others that got investments from the GTS.
Mr. Tarun said Raja Harin Koneru, vice-president of KL University, would be providing academic support. The trend of investing in startups was just picking up and it was much needed help for the entrepreneurial aspirants, Mr. Tarun added saying that startups that were in the beginning stages would be provided a maximum of Rs. 20 to 25 lakh in the form of investment apart from other support on his behalf. Our focus would be more on social enterprises that help large number of public, he added. Launch pad at local and national level, scale up strategy and operations expansion opportunities, access to network of investors from the Amaravati region, mentoring, office space and other support will be given.
