Today’s idea is tomorrow’s invention. If a nation wants to be among the top 10 developed nations in the world, it must allocate sufficient funds for research in various domains/sectors and incubate startups in all sectors.
Keeping this goal in mind, various state governments in India have founded various organizations to fund and incubate startups in all sectors. Several private firms have also propped up in various states of India that seed fund startups in all sectors in India.
In this article, we’re going to have a look at the top 5 government and private firms in Bengaluru (its old name was Bangalore) that seed fund and incubate startups belonging to various sectors. So, without further ado, let’s delve into the topic.
Public and private companies that provide seed funding for startup companies in Bangalore
Following are the public and private companies in Bengaluru that provide seed funding and incubation for startups in Bengaluru belonging to various sectors.
Techstars Startup Accelerator
This Bangalore IT startup offers seed funding, mentorship, and networking opportunities for startups. If any startup wants to be incubated by this company, they have to fill out an application form. This company entertains applications for funding and incubation all year round. Their mentoring program is of three types which are described below.
- Virtual program: This program provides idea validation, orientation, mentoring, networking, funding, and incubation for startups in all sectors completely off-site. This program was founded due to the travel restrictions brought about by the COVID-19 pandemic.
- Hybrid program: In this program, the idea validation, orientation, mentoring, networking, funding, and incubation for startups in all sectors is primarily conducted online though startups may be requested to come on-site to attend important seminars, presentations, counseling sessions, and business meetings.
- In-person program: In this program, all the things required for a startup to grow like idea validation, orientation, mentoring, networking, funding, and incubation are provided only on-site.
This company has one of the most robust Bengaluru startup incubation programs. Some popular startups that got funding and incubation from this company and have become successful are Asanify, General Systems, CogniSaas, etc.
TLabs Startup Accelerator
This company funds and incubates startups in the Internet technology and Mobile Phone technology domains. This is a private company that was established in 2011. This Bangalore IT startup has employed over a hundred mentors and a few entrepreneurs to provide idea validation, orientation, mentoring, networking, funding, and incubation for startups in the Internet technology and Mobile Phone technology domains.
This company provides its services in a structured and phased manner which are:
- Hypothesis or idea validation (goes on for 2 weeks).
- Feasibility validation (goes on for 4 weeks).
- Orientation and mentoring (goes on for 4 weeks).
- Seed funding, networking, and incubation (goes on for 2 weeks).
Some popular startups that got funding and incubation from this company and have become successful are HopOn, GetMyUni, Niche.Ai, and Peersome.
K Start Startup Accelerator
This company was founded by the Kalaari Capital Group in Bengaluru. This startup from Bengaluru has famous and magnetic personalities like Ratan Tata, Padmasree Warrior, Rajan Anandan, and Zia Mody as mentors.
This startup accepts applications from companies four times a year. Each batch of startup funding and incubation lasts for around three months. Around five startups in any sector are seed-funded and incubated per batch.
This company has its head office in Kalaari group’s property “respace” in Bengaluru. This company has funded over 14 startups since its inception in 2018. Some of the startups that got seed funded from this company and which have now become successful are Wysh, Purple, and Signzy.
Entrepreneur First Startup Accelerator
This is one of the largest and most popular startup funding and incubator companies in Bengaluru. It was founded in January 2019 and has since seed-funded a whopping 200 startups! It has also invested (equity investment) in around 34 startups that it helped develop. This company helps potential entrepreneurs find apt potential co-founders and develops a startup (in any sector) from scratch.
Some startups that got seed funding and incubation from this company and have made it big today are the popular Indian FinTech platform Fello and the Computer Vision company, Retail Pulse. This company is an important part of the Bengaluru startup funding ecosystem.
10,000 Startups Startup Accelerator
This company was founded as a part of the Karnataka Startup Policy 2015-20 launched by the Karnataka government recently. One batch in this company lasts for 9 months. This company provides only seed funding for startups but provides quite a big seed fund amount for which it became popular among aspiring entrepreneurs in Bengaluru.
This company also offers its warehouse as a makeshift co-working space for tech startups only. This company is funded and supported by the Government of Karnataka itself. Some startups that have received seed funding from this public company and have become successful are AppiVa Software Pvt. Ltd., AskSid Technology Solutions Private Limited, and Headway.ai.
Our take
Bengaluru is called the ‘Silicon Valley of India’ for a reason. About 90% of all the companies in India have at least a branch office in Bengaluru. The city’s cool climate and robust infrastructure make it an attractive destination for companies of all sizes to set up offices in.
If you’re an aspiring entrepreneur and are looking for funding and mentoring for your startup based in Bengaluru, look no further than the startup funding and incubation companies mentioned in this article. They will surely provide top-notch idea validation, orientation, mentoring, networking, funding, and incubation for your startup.
FAQs
- What are some of the major challenges faced by startup incubators in India?
Some of the major challenges faced by startup incubator companies in India are the inability to provide guidance and mentoring related to hard-core technical issues and the inability to provide adequate support in legal requirements.
- What are the two major criteria that startup incubators check before seed funding and incubating a startup?
Two major criteria that startup incubators check before seed funding and incubating a startup are the feasibility of the entrepreneur’s idea and the business’s current demand and scope for growth in the future. A promising business idea will surely meet both these criteria well and secure funding from angel investors and VC firms.
- What are the three major factors that aspiring entrepreneurs should consider before choosing an incubator firm for their startup?
The three major factors that aspiring entrepreneurs should consider before choosing an incubator firm for their startup are:
The location of the incubator firm: It would be much easier for aspiring entrepreneurs to coordinate with their incubation firm (the firm’s concerned authorities) if the incubation firm is in the same city where they reside.
The availability of sufficient funds and human resources: The incubation firm should have sufficient working capital and experienced mentors to seed fund and mentor the aspiring entrepreneur’s startup.
The incubator firm’s track record: To have the maximum probability of success, an aspiring entrepreneur must check the track record of the incubation firm he or she is considering seeking seed funding.
Only if the incubation firm has a good track record of funding and creating several successful startups, an aspiring entrepreneur must consult with the incubation firm.
- What are the primary duties of an incubator firm?
Validating the feasibility of an entrepreneur’s idea, orienting him and his company in the right direction (way forward), providing ample mentorship and networking opportunities to the aspiring entrepreneur, and finally providing seed funding and legal support to the aspiring entrepreneur’s startup are the primary duties of an incubator firm.
- Why do startups need incubator firms?
Startups need incubator firms to provide them with business advice, legal support, and funding for the initial phase of their business operations.
- What is the average success rate of incubator firms in India?
On average, 87% of the startups that took business advice and funding from incubator firms in India became successful in the market. So, it is always advisable for an aspiring entrepreneur to first consult with an incubation firm.
