Hyderabad started getting noticed as a base for startups in 2014, much after the leading cities like Bangalore, Mumbai, and Delhi. However, it quickly rose in the ranks, primarily due to laying a robust foundation for a strong startup ecosystem by collaborating with the government, investors, startups, and academia. To understand the city’s startup culture, let’s take stock of a few factors.
Empowering the startup ecosystem
Hyderabad hosts top-notch coworking spaces and physical infrastructure for startup incubation, which has helped it emerge as one of the country’s leading destinations for startups. One of the chief factors in the growth of the city’s startups is T-Hub. Ever since it was set up in 2015, it has worked to enable and empower a startup ecosystem eager to leverage innovation.
T-Hub’s building, spread over 70,000 square feet, has played host to 300+ startups since its commencement, out of which 52 went on to raise funds and get 36 trademarks and patents registered. To drive long-term change that will facilitate significant transformation for the benefit of startups, T-Hub brings together governments, corporations, investors, startup ecosystem enablers, mentors, and academia. Its network aims to bridge the gap between corporates looking for the next big idea, innovative entrepreneurs, and almost everyone in-between.
Some other incubators and accelerators worth mentioning are IIIT CIE, NASSCOM 10000, RICH (Research and Innovation Circle of Hyderabad), DLabs, and IKP Knowledge Park, all of which play a crucial role as enablers for the city’s start-up ecosystem.
The Telengana government has taken several initiatives to encourage and support the state’s start-up ecosystem, which will bring benefits for Hyderabad too. For one, it launched the TSSN (Telangana Social Startups Network) in 2021, whose goal is to create a network of 5,000 startups in the state within the next five years and initiate the Social Innovation Policy.
Setting up of the Telangana Innovation Fund (T-Fund) as an investment vehicle for early-stage start-ups), T-SEED fund (for helping startups in the seed stage get funds), and Phoenix fund (a collaborative initiative with the private sector) are other key moves by the state government that have helped Hyderabad position itself as a desired startup destination.
Thanks to the state’s Blockchain Policy, Hyderabad has got a place in the world’s top ten blockchain cities. It’s also a favoured destination for FinTech start-ups, which enjoy government support and can tap into Hyderabad’s IT talents. Hyderabad FinTech Forum (HFF) also helps by facilitating participation from incubators, startups, investors, corporates, research institutions, and regulators.
Hyderabad has a wide range of coworking office spaces that offer a hassle-free work environment and ample opportunities for mentoring, networking, and health and recreational facilities, among others, to ensure optimum productivity and facilitate a better work-life balance. Depending on your needs, budget, and other specifications, you can easily find the right coworking space in Hyderabad for your startup to begin its journey.