Microsoft Corporation (NASDAQ:MSFT) reported that it has finalized a three-year pact with the Indian School of Design and Innovation to establish an ‘ISDI Creative Accelerator’. The MoU was signed by Microsoft India Chairman Mr. Bhaskar Pramanik, ISDI Academic Council Chairwoman Indu Shahani and ISDI Founder Radha Kapoor.
The pact that would be a pan-India program is designed to boost technology a start-up network with innovation and design expertise. It holds great significance, as with over 3,000 tech start-up firms, India forms the third largest platform for young businesses after the United States and the UK. The figure is projected to jump to 11,500 by 2020. India had a robust support structure for start-up businesses, but the quality of products need to be improved.
Microsoft has incubated more than 80 new start-ups in India in past two years. Under the new pact, it will incubate twelve start-ups in August in Mumbai. Later, the program will be carried out across other cities in India. The software firm will provide the start-ups with lab facilities, mentoring and funding. The main idea is to help the start-ups with everything right from technology advice to software needs.
Microsoft India Chairman, Mr. Pramanik said that this association between ISDI and company will bring together on the same platform the best of industry expertise and technology to contribute to the success and growth of design entrepreneurship in the nation.
Following the pact, Microsoft Corporation (NASDAQ:MSFT) and ISDI will be able to bring together various stakeholders including corporate, investors, entrepreneurs, students and academia at the ISDI Creative Accelerator. The main task of Microsoft Ventures will be to assist ISDI to identify promising start-up businesses. Also, it will take necessary measures to support the planned accelerator program. At the end of the program, ISDI will invest selectively and strategically in some of the short-listed info-tech start-up businesses.