Startup incubator “Commence Mint” to be launched by former Infosys employees and Accel Partners
Bengaluru, India | Red Newswire | Jan 28, 2016 Last Updated at 5:00 PM IST.
Subhash Dhar, the former Infosys global sales head and some other IT executives have joined hands to form a startup incubator “Commence Mint”. This venture will be further backed by Accel Partners, the California-based VC firm.
Sanjay Dutt (another former Infosys executive), Subhash Dhar and Arun Singh (market veteran) have formed the startup school with a target to incubate 20 startups and fund them for 12 months.
This one-year fully funded programme for startups will aid the early – stage startups in reaching the advanced stage and also founders will be mentored. The initial corpus of the fund will be around $1-2 million and the sufficient funding will be given to each startup so as to last a year.
Accel Partners will have a minority stake of $500K in the incubator programme. Subhash Dhar said, “It’s become clear to most people that startups are an important part of our economic future. India needs hundreds of problem solvers with ideas that can blossom into sustainable business ventures. With falling cost of starting up, more and more young people are getting attracted to this field. However, to avoid unproductive struggles that they see in front of them, most aspiring entrepreneurs end up taking up regular jobs after graduating from top colleges. That is slowing down our entrepreneurship cycles.”
Source: ET Bureau