Telangana’s T-Hub inks deals to aid direct New Jersey access for startups
Hyderabad-based startup incubator T-Hub has joined hands with two New Jersey-based entities to offer Indian startups market access opportunities in the US state.
Choose New Jersey, an organisation working towards the state’s economic development, and VentureLink, a community hub for technology companies at the New Jersey Institute of Technology (NJIT), entered into a memorandum of understanding (MoU) with T-Hub, according to a statement on Wednesday.
The MoU will facilitate technology and investment exchanges between India and New Jersey’s innovation ecosystems. Startup participants would benefit from business opportunities, market understanding and access to clients across both geographies, the statement added.
VentureLink members at NJIT interested in exploring business and investment opportunities in India will also be a party to the agreement’s execution.
New Jersey has recorded over $60 billion in venture capital investments in the last five years, according to T-Hub.
Telangana government-backed T-Hub will call for applications from startups to participate in the opportunity, it said. Post selections, the MoU will provide the Indian startups with an opportunity “to tap into one of the biggest fin-tech ecosystems in the world in New Jersey.”
The partnership will create a nexus and boost the startup innovation ecosystems of both India and the US, Jayesh Ranjan, principal secretary, industries and IT, Telangana said in the statement.
The collaboration will be in the areas of start-up innovation, funding and entrepreneurship.
On August 29, T-Hub announced the launch of a funding programme T-Angel in association with Bengaluru-based early-stage venture capital firm LetsVenture Technologies.
On August 22, five startups of T-Hub’s incubation programme Lab 32 managed to gain market traction in the form of MoUs with state governments and corporates. Some also raised capital from institutional and angel investors.