BENGALURU: With a view to promoting start ups in India, software technology major Oracle will launch its first incubation centre — Oracle Startup Cloud Accelerator — here on Friday. Cloud acceleration is a type of service that allows content producers, publishers or other organisations to rapidly deliver content to end users or consumers.
The decision was taken when Oracle CEO Safra Catz’s met Prime Minister of India Narendra Modi early this year.
“We chose Bengaluru for our first centre, given that Bengaluru is the second best funded startup hub in the world, outside of the US,” said Thomas Kurian, Oracle’s President of Product Development.
With this initiative, Oracle aims to help speed up a startup’s development through a combination of technical and business mentoring.
Seed accelerators, also known as startup accelerators, are fixed-term, cohort-based programs, that include mentorship and educational components and culminate in a public pitch event or demo day.
The initiative targets mid-size firms, including MSMEs (micro, small, medium-sized enterprises) and startups, which are recognised as a highly vibrant and dynamic sector of the economy that contributes over 37% to India’s GDP.
Oracle plans to launch such centres later in Chennai, Gurgaon, Hyderabad, Mumbai, Noida, Pune, Thiruvananthapuram and Vijayawada.