To this, Mahindra replied that it is time that people outside India try to make an attempt in understanding the meaning of the word. He added that there are many people who do not speak English and initially they could not understand the meaning of Silicon valley as well.
Meanwhile, the move is welcomed by many. To be sure, Bengaluru is home to many techies and start-ups. Like us on Facebook and follow us on Twitter. Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates. Related News. However, the transition from being a manufacturing base to a tech hub took considerable time and effort. With the aim to escalate the number of new companies coupled with a commitment to foster entrepreneurship, the Indian government launched Startup India in , a programme to aid startups in areas like branding, funding, intellectual property protection and talent attraction along with providing tax benefits.
To date, this project has led to over , registrations of which have received funding. Additionally, prime minister Narendra Modi launched the Make in India movement in to encourage businesses to be self-reliant and boost manufacturing in the country. And where Bangalore is concerned, the state in which it sits is eager to help. Apart from offering support, the government realised the importance of eliminating illegal practices in businesses. This action sparked sudden growth in online payment portals and fintech companies.
Consequently, VC investment in fintech startups soared. With fintech startups in the city already, the number is only set to surge. This makes Bangalore the perfect hotbed for VCs. Clearly VCs are getting increasingly attracted to inject money in Bangalore given the slew of unicorns already present. He argues the success of these unicorns raises confidence and means the employment and training of thousands of people who often end up working at startups sooner or later.
Along with providing mentorship, former workers or heads of bigger players pump their money into newer startups. As a result, Bangalore also attracted foreign investors. Moreover, the city saw the most funding in the AI and machine learning sectors. And fittingly, Bangalore earned the sobriquet of being the Silicon Valley of India after a considerable number of startups in the tech sector were born there.
Several decades ago, this region housed several companies specialized in integrated circuit chips that contained silicon. Bangalore has been able to address five key points required to fit the bill to be crowned the IT capital of India. Bangalore played an important role in the establishment of Information technology companies in India.
TCS does not have its headquarter in Bangalore, but they have seventeen offices in Bangalore, much more than Infosys or Wipro. There has been no looking back ever since.
Today there are more than IT companies in Karnataka , the majority of which operate from Bangalore. This has helped Bangalore to rank amongst the top five technology clusters in the world. The start-up scene over the last years has seen some of these companies going on to become truly world-class companies like Flipkart, Ola and Practo.
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