INDIA: T-Hub today signed a tripartite MoU with ‘Choose New Jersey’, an economic development organisation and ‘VentureLink’, a community hub for technology companies at the New Jersey Institute of Technology (NJIT) for Northern New Jersey. T-Hub will provide Indian growth-stage startups with business opportunities, market understanding and access to clients in New Jersey. The three entities will collaborate in the areas of startup innovation, funding and entrepreneurship.
Under the agreement, two individuals per startup will get complimentary space for two months. The MoU will promote technology and investment exchange between New Jersey and India through collaboration between T-Hub, VentureLink, and Choose New Jersey. The agreement will also enhance the global competitiveness of New Jersey and Indian startups. And it will support joint research and development in the areas of common interest between the parties.
Similarly, T-Hub will offer reciprocal services to VentureLink and NJIT members interested in exploring business and investment opportunities in India. T-Hub will also initiate the call for applications for startups to participate in this opportunity. After a thorough screening process, high potential and growth startups will be selected based on the quality of technology solutions, product/solution readiness, revenue model and growth potential.
In the last five years, New Jersey has recorded over $60 billion in venture capital investments. Under the MoU, T-Hub will enable the selected startups to get direct access to relevant funding opportunities via VentureLink.
Jayesh Ranjan, Principal Secretary, Industries and IT, Telangana State, said in a statement, “Over the years, the Telangana government has been able to attract global corporate US giants like Google, Microsoft, Facebook, Deloitte and Amazon, amongst others to set up their offices in India. The partnership today with ‘VentureLink’ and ‘Choose New Jersey’ is another milestone for us, as it will create a nexus and boost the startup innovation ecosystems of both the countries (India and the US).
BVR Mohan Reddy, Director on the Board, T-Hub, and former Regional Chairman, CII, said in a statement, “The MoU signed today will provide growth opportunities for the innovation ecosystems of both the geographies. It will enable Indian startups to explore business scaling opportunities in new geographies.”
This event had Phil Murphy, Governor, The US State of New Jersey; Jayesh Ranjan, Principal Secretary to Government; BVR Mohan Reddy, Director on the Board, T-Hub, and former Regional Chairman, CII; Krishna Bodanapu, Vice Chairman-CII, Telangana, and Managing Director and CEO of Cyient; Nalin Kohli, Co-Chairman, CII Start-up Council, Chairman and CEO, Ariana Enterprises Pvt. Ltd; Suresh Reddy, President, TIE Hyderabad, Founder and CMD, Brightcom Group; and Vanitha Datla, Chairperson, Entrepreneurship and Startup forum, CII-SR and Vice-Chairperson, ELICO Ltd.