MNCs Are On Startup Buying Spree!
BANGALORE: India’s economic conditions have become favorable for start-up business ventures, multi-national companies such as GE India and Cisco have desired that they may acquire young Indian ventures with innovative technologies in the near future, reports Economic Times.
Lately, GE Healthcare announced the opening of John F Welch Technology Center in Bangalore for startups with economical innovation ideas in the maternity and infant healthcare space, where the number of deaths in India have been high.
Vikram Damodaran, director of healthcare innovation at GE Healthcare India said, "Once the products are developed, we will talk to the developers on possible co-licensing or even possible acquisitions of these startups".
India is a platform for experimentation of large development projects for companies like GE Healthcare India, where both medical needs and startups are in plenty.
Elizabeth Bailey, director at CAMTech, Massachusetts General Hospital said, "While technological help will be provided by a team of experts from the Massachusetts Institute of Technology, under its specialized wing CAMTech India, intellectual capital will be offered by GE," and they will be organizing a event later this month to screen the right innovative ideas.
Cisco Investments announced that it would set aside $40 million (240.9 crore) to invest in early-stage Indian startups and would consider acquiring them. Joydeep Bose, managing director for corporate development-investments and acquisitions at Cisco said, "It is important to embed these innovations. It brings tremendous amount of shareholder value.”
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