The biggest incubation hub of India is coming up in Hyderabad with the foundation stone laid at Gochibowli on Friday by Telangana Information Technology Minister K. Tarakarama Rao at the International Institute of Information Technology (IIIT).
To be operational by June this year, it would be the largest centre for start-up and entrepreneurship activities in the country and the joint project by the government in cooperation with IIIT Hyderabad, Indian School of Business (ISB) and the NALSAR University of Law, all aspects of information technology, management and legal aspects would come under one roof to provide the best succour to incubation centres and start ups, said the minister.
Phase I of the hub will come up at IIIT at a cost of Rs.35 crore in an area of 60,000 square feet to accommodate 400 start-ups by 2017.
The second phase, to be taken up later will have its own campus of over 300,000 square feet. The second phase will be built at an estimated cost of Rs.200 crore, to house various stakeholders like start-ups, investors and service providers.
The next phase will come up on three acres of land already identified by the government in Raidurgam near Hitec City. The minister said Union Minister of State for Science and Technology Y. S. Chowdary responded positively to the request for support from the central government for the second phase.
The hub will incubate 1,000 start-ups by 2020 and it is expected to generate annual employment for 3,000 people by 2017 and 10,000 by 2020. The total fund corpus of T-Hub would be Rs.300 crore by 2017, to be doubled to Rs.600 crore in three years.
“We are planning a venture capital fund. We are in discussion with various venture fund groups and evolving a model wherein the government may directly contribute some money but expect more from private players to make adequate funds available for start-ups,” he said.
To be headed by Harpareet Singh, secretary (IT) of the government of Telangana, the T-Hub will have B.V.R. Mohan Reddy, chairman of Cyient, Sashi Reddy of Sri Capital and C. P. Gurnani, chairman and managing director of Tech Mahindra, as directors.
The incubation hub will cater to three categories of start-ups – launchpad, accelerator and propeller. Mohan Reddy said new entrepreneurs provided more employment opportunities than existing companies, while IIIT director P. J. Narayanan and NALSAR vice chancellor Faizan Mustafa also were present on the stage.