Startups

STPI signs six MoUs to strengthen startup ecosystem

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Software Technology Parks of India (STPI), an organization under the IT ministry, has signed six memoranda of understanding (MoUs) with Bank of Baroda, YES Bank, Mathworks, YourStory, Freshworks and Pontaq, as it looks to strengthen the collaborative startup ecosystem in the country.

STPI has been working for the startup ecosystem in the country and creating 28 Centres of Excellence (CoEs) in emerging technologies.

The MoUs are intended to promote entrepreneurship and create a nurturing ecosystem for STPI CoEs in areas such as digital and mobile payments, blockchain, IoT, big data, and other emerging technologies.

In order to deliver an all-embracing service to the incubated startups, STPI has been constantly exploring associations with various partners from industry, academia, financial institutions, advisory bodies and experts to leverage their services, knowledge and expertise for bringing comprehensiveness to the service portfolio of the CoEs.

“It’s a momentous occasion that we are signing MoUs and forging partnership with our esteemed partners, and this will further catalyse the startup momentum. STPI CoEs initiative is not an isolated one; it’s part of a larger startup program that MeitY has envisioned to accelerate startup growth through MeitY Startup Hub (MSH),” said Dr Omkar Rai, director general, STPI.

“We have 177 startups on our platform from already launched 13 STPI CoEs. Signing of MoUs is a key step towards building a robust startup ecosystem in the country,” said Subodh Sachan, director, STPI.

Through the MoU, MathWorks will offer one year of free access to its software tools including MATLAB, Simulink and 90 other products for CoEs.

On the other hand, YES Bank with their knowledge advisory services will be offering services across areas including– YES Bank’s API Hub Integration with fintech CoE, and will act as an outreach and knowledge partner to STPI’s Smart City challenge and STPI CoEs for electric vehicles, blockchain and smart agriculture.

“The fresh perspective brought through this collaboration will bolster the overall startup ecosystem,” said Ajay Rajan, country head, transaction banking group, YES Bank.

While, Bank of Baroda (BoB) will be providing complete banking solutions to STPI startups and give access to startups related schemes and benefit from the bank.

“This is a momentous occasion for us to partner with STPI, which will further fuel the growth of the startup ecosystem. We can accelerate the growth by encouraging more young entrepreneurs to join the ecosystem. I can see the network of STPI CoEs pan-India and I am sure this partnership will boost the startup ecosystem,” said Akhil Handa, chief digital officer, Bank of Baroda.

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