A US government-supported initiative for start-ups and their ecosystem in India is exploring opportunities to spread wings beyond Delhi eying scope to mentor several more than the scores it had helped scale up in the two years.
The Nexus Start-up Hub initiative, according to Executive Director Erik Azulay, who runs the incubator in New Delhi, is in discussions to replicate the programme in other cities on considering the interest it is generating.
“Discussions are on for another centre outside of Delhi. We are looking at a couple of regions,” he said, adding talks are in an early stage, so declined to share more details.
Twin models
Speaking on the sidelines of a workshop for defence start-ups organised by the US Consulate General at T-Hub here on Monday, Mr. Azulay said in expanding to other locations, both models – of having an own set up, like the one at the American Center in Delhi, or offering one in partnership with an incubator – will be evaluated.
He was hopeful the expansion will happen in 2020. “Because we are dealing with governments and different States, and with the US government, that pace is a bit slower. Discussion are in early stage, but there is a lot of interest in having Nexus programme in other places,” he said, pointing out half of the participants in the ongoing programme in Delhi were from other locations, including Hyderabad, Mumbai and Tamil Nadu.
83 start-ups raise $5.6 million
The US government is also considering taking Nexus Start-up Hub to other countries – India is the only one at present – Mr. Azulay said the incubator in Delhi is getting ready to host the 9th cohort. It has handheld over 90 start-ups, and according to a survey, 83 of them have cumulatively raised $5.6 million investments. The incubator, however, does not invest in any of the start-up. “We prepare the start-ups for funding. Tell them how to pitch, structure, and introduce them to the investors,” he said.
Every three months a new cohort is launched and the duration of the programme is10 weeks. On the profile of the start-ups selected, Mr. Azulay said: “We are a business incubator and sector agnostic.” The focus is on early stage start-ups, who have prototype but not an institutional investor. Nexus is also into training other incubator managers.
Acting Consul General in the US Consulate, Hyderabad, Eric Alexander, urged participants of the workshop to make use of the opportunity.
