STPI Signs Six Arrangements to Strengthen the Collaborative Startup Ecosystem in India

By Nicholas Say Nicholas Say has been verified by Muck Rack's editorial team
Published on July 12, 2021

Software Technology Parks of India (STPI) has signed six memoranda of understanding (MoUs) with YES Bank, Bank of Baroda, YourStory, Freshworks, Mathworks, and Pontaq.

Not only does STPI work for the startup ecosystem in the country, but it also created 28 Centres of Excellence (CoEs) for different kinds of technology.

The MoUs aim to drive the development of entrepreneurship as well as create a nurturing ecosystem to build up STPI’s CoEs in fields such as blockchain, big data, mobile payments, IoT, together with other emerging technologies.

STPI wants to offer a holistic service to startups across India by creating associations which collaborate with various entities from existing industry, academia, financial institutions, advisory bodies, and experts.

This would allow startups to take full advantage of existing professional services, knowledge, and expertise for creating the comprehensive service portfolio. According to the leaders of STPI, the signed MoUs are a key step aiming to strengthen the startup ecosystem in India.

Dr. Omkar Rai, director-general of STPI, commented,

“It’s a momentous occasion that we are signing MoUs and forging partnership with our esteemed partners, and this will further catalyze 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).”

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

Subodh Sachan, director of STPI, mentioned,

“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.”

In addition to offering the knowledge advisory services across areas including YES Bank’s API Hub Integration with fintech CoE, YES Bank also will serve as an advisory partner to STPI’s Smart City challenge and STPI CoEs for smart agriculture, blockchain, and electric vehicles.

By Nicholas Say Nicholas Say has been verified by Muck Rack's editorial team

Nicholas Ross Say is a news desk editor at Grit Daily. An award-winning journalist, he covers the daily startup beat. He grew up in Ann Arbor, Michigan and has lived in South America and South East Asia. At present, Nicholas lives in Southern Vietnam where the Sun shines, and the noodles flow like wine. He's written for Blockonomi and Coin Journal, among others.

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