A Nasdaq-listed IT firm, Progress Software Corporation has announced launch of the Progress Pacific Incubator Programme in Hyderabad, India. The incubation programme involves in providing work space for early stage startups which will be selected by them. The company’s Pacific platform will also be rendered to these startups to analyse and find business solutions.
Besides mentoring the startups, the engineers of Progress will provide them with access to the markets. Initially, the programme intends to cover 5-7 startups from November, functioning with about 25 people at its iLabs facility.
The company intends to cover about 25 startups. Startups looking forward to find business solutions in cloud, mobile-based applications can concur to join. Each startup will be incubated for a period of six months. The screening process will be started two months prior to starting the incubation programme. The company will not take any equity in the startups in lieu of giving them space that is worth Rs. 10,000 a seat per month.
Philip Pead, Progress President and Chief Executive Officer, earlier indicated that application development projects would conducted by the company operating through its India Development Centre.
The programme will also benefit startups that are at the prototype stage of an idea from the Progress Pacific and Progress Rollbase Solutions for enhancing their productivity and faster market approach.
Recent reports also suggests that Reliance Industries is going to partner with the Microsoft to provide seed funding to startups at a massive rate. With this, Infosys has also launched $100 Mn fund to incubate startups in the country.
This is part of our special series, In Focus: The Hyderabad Startup Ecosystem, where we cover the tech and startup ecosystem of the next upcoming startup hub, Hyderabad.