With an aim to promote culture of entrepreneurship among students, US-based online money transfer service provider, Paypal has launched Start Tank incubator challenge for students who aspire to start their business.
In 2013, PayPal India launched Start Tank Chennai, an innovation space for the next generation of startups in India. It is located within PayPal’s India Development Center in Chennai. The initiative seeks to nurture and support the creation of a new generation of technology companies by offering them not just initial infrastructure and mentorship, direction and encouragement, but also a chance to work alongside some of the best minds in the field. PayPal has partnered with TiE Chennai and their mentor network to support the varying needs of the incubated startups.
This move will encourage student entrepreneurs from across top universities to pitch their tech ideas and turn them into reality. Also, the student entrepreneurs will now get an opportunity to compete with non-student entrepreneurs and get incubated at Start Tank.
Anupam Pahuja, General Manager, Technology (Asia-Pacific), PayPal said, “Extending the Start Tank Incubation Challenge to student entrepreneurs comes with the commitment of supporting their innovative startup ideas and tech concepts. It is encouraging to see many students in India daring to dream to give wings to their ideas and set up business ventures. Through Start Tank, we aim to help them with the right kind of mentorship and guidance to enter the market right after graduation.”
PayPal’s Start Tank rolled out its Incubation Challenge at the recently-held Entrepreneurship Conclave and Startup Hive at IIT-Madras and selected two teams from the competition.
A team of MTech students from IIT-M pitched the winning idea of “delivering logistics via drones” and the the runner-up idea, “pushing dynamic ads into mobile games in place of the obtrusive banner ads” came from a team of dual degree students, also from IIT-M.
Both the teams will now have a direct entry into the finals of the Incubation Challenge that will be conducted later this year, and upon selection, they will get incubated at Start Tank.
Start Tank operates globally across PayPal offices in Boston, London and Chennai, and provides access to global mentors, angel investors and venture capitalists. PayPal will also ink deal with SASTRA University in Thanjavur to conduct the incubation challenge as part of their techno-management fest to be held in February 2015.