HYDERABAD: Apex IT industry body Nasscom will set up a warehouse in port city Visakhapatnam under its10,000 Startups initiative to nurture technology entrepreneurs with innovative ideas.

The entrepreneurs will be mentored and funded by venture capitalists and other investors under the Nasscominitiative.

The industry body signed a memorandum of understanding in this regard with Andhra Pradesh Government in the presence of Chief Minister N Chandrababu Naidu here today.

The warehouse will provide a co-working space forstart-ups to be housed for 6-month incubation terms, create aco-working space for entrepreneurs to use on a daily/weekly basis.

There will also be well-equipped community events for meeting with investors and venture capitalists.

State Information Technology Minister Palle Raghunatha Reddy, Nasscom President R Chandrasekhar, IT advisor to the APGovernment J Satyanarayana, IT Advisor to the CM J A Chowdary, IT Secretary Phani Kishore and others were also present.

Speaking on the occasion, the Chief Minister said APwould emerge as a hotspot for startup and incubation culturein the country.

He wanted Nasscom to create awareness among studentsand youngsters on startups and becoming an entrepreneur.

"Bring in Non-Resident Telugus, Non-Resident Indians, foreigners and entrepreneurs to inspire students. The Government will provide all necessary assistance to encourage startups," Naidu added.

An event would soon be organised in Visakhapatnam withn early 2,000 people to facilitate matchmaking between venture capitalists and young students with innovative ideas.

Invitations to participate in the event will be sent to all reputed educational institutions across India, NRTs,NRIs and entrepreneurs across the world, a release from the Chief Minister's Office said.

Nasscom's ambitious initiative aims to enable funding, acceleration and incubation support to 10,000 technology startups in India over the next 10 years.

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