Monday, September 15, 2014: Trade body in India, India Electronics and Semiconductor Association (IESA), which is the face of electronic system design and manufacturing industry in the country, has entered a MoU with TiE (The Indus Entrepreneurs) Bangalore. This deal aims to promote start-ups and business initiatives in fabless semiconductor and electronic products. This promotion is based on the Internet of Things (IoT) space.
60 start-ups have been identified by the Bangalore firm and applications will be sought from early-stage entrepreneurs. The applications will be received from 12 September. 50 start-ups will be shortlisted for the program. Three verticals will be kept in mind while shortlisting – energy, logistics and healthcare. The shortlisted enterprises would fall under TiE’s Entrepreneur Accelerator Programme and in this program the firms will get guidance and mentoring till they receive funds.
According to Business Line, TiE Bangalore president Naganand Doraswamy said, “IoT has the power to transform entire segments of industry like public health, precision farming, surveillance and logistics. Boosting emerging companies in the IoT space will be vital to the economic growth of the nation. We believe IoT is the next big thing and it will be an integral part of every sector/mechanism very soon. With IESA, we are charting a roadmap to make India empowered digitally.”
A TiE panel included Machina Research data which mentioned that the global market for IoT will be worth $373 billion revenue in 2020. This revenue is being divided into two parts – $194 billion from hardware and $179 billion from software. A total of $10-12 billion will come from India. The early-stage start-ups face some challenges in the IoT space like design for manufacturability, testing, interoperability and standards. These major challenges will be addressed by the partnership between TiE and IESA.
Testing facilities are always a costly affair, so some start-ups will also be funded for early-stage testing. This partnership will help them in making appropriate devices which comply with CE and Restriction of Hazardous Substances (RoHS) standards. One more MoU has been signed between IESA and Taipei Computer Association which aims to promote electronic system design and manufacturing industry cooperation between the two countries. IESA president MN Vidyashankar told that Taiwan is investing with priority in India, because of its market position, wide skillsets and also talented designers.
