T-Hub, Choose New Jersey in pact for startups

Hyderabad: T-Hub, an initiative of the Telangana government for startups, on Wednesday signed a tripartite MoU with Choose New Jersey, an economic development organisation and VentureLink to collaborate in the areas of startup innovation, funding and entrepreneurship.

Under the agreement, two individuals per startup to be selected based on certain criteria, will get complimentary space for two months in VentureLink, a community hub for technology companies at the New Jersey Institute of Technology, a T-Hub statement said.

The MoU will promote technology and investment exchange between New Jersey and India through collaboration between T-Hub, VentureLink, and Choose New Jersey, it said. The tie-up will support joint research and development in the areas of common interest between the parties.

New Jersey is one of the top sites in the world for access to innovation capital, with some of the biggest names in venture capital located there. 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.

BVR Mohan Reddy, Director on the Board, T-Hub, and former Regional Chairman, CII, said, "T-Hub has always upheld its commitment in making proactive efforts, right decisions and effective collaborations to strengthen the ecosystem. The MoU will provide growth opportunities for the innovation ecosystems of both the geographies.

It will enable Indian start-ups to explore business scaling opportunities in new geographies". Jayesh Ranjan, Principal Secretary, Industries and IT, Telangana State, said, "The partnership with 'VentureLink' and 'Choose New Jersey' is another such milestone for us, as it will create a nexus and boost the startup innovation ecosystems of both the countries (India and the US)."