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Follow UsBANGALORE, INDIA: Cisco announced on Thursday that it is collaborating with Small Industries Development Bank of India (SIDBI) and Tiruchirappalli Regional Engineering College–Science and Technology Entrepreneurs Park (TREC-STEP) to promote information and communications technology entrepreneurship and innovation in India.
The ICT entrepreneurship development program will provide financing, loan subsidies, mentorship and training to qualified entrepreneurs and small businesses in India, said a press release.
As part of the pilot programmed, SIDBI will finance small ICT businesses in India which will be run by current and/or former Cisco Networking Academy students.
Under the programmed, SIDBI will provide loans to entrepreneurs, Cisco will subsidize the interest repayment and guarantee fees on the loans and TREC-STEP will provide customized training and mentoring to participants in the pilot.
Developed as part of the USD 1 million commitment made by Cisco in 2006 to promote micro finance and ICT entrepreneurship across the world, the new entrepreneurship pilot program will initially involve ten ICT businesses in Tamil Nadu, the release added.
The entrepreneurs will be provided loan assistance by SIDBI on flexible terms in order to increase the entrepreneurs’ chances of success.
Commenting on the programmed, Vice President and General Manager of the Cisco Networking Academy, Ms. Amy Christen said, “Cisco believes that ICT plays a vital role in the development of any society and it is imperative that small technology businesses benefit from access to capital.”
She said this programmed will encourage a new generation of entrepreneurs who will build innovative technology solutions and create the business models of the future.
“This partnership aims to nurture innovative thinking in small enterprises engaged in the ICT sector and support them with the financial resources to transform those ideas,” said Rakesh Rewari, deputy managing director, SIDBI.
“Together with Cisco, we believe that this programmed will foster an entrepreneurial environment that helps small businesses contribute to India’s overall economic development.”
Expressing his confidence in the programmed, executive director of TREC-STEP, R.M.P. Jawahar said, “In order to nurture the spirit of entrepreneurship, it is crucial that the right framework and support be provided to the aspiring technology entrepreneurs.”
He said, Cisco, with its rich experience in the global ICT domain, can provide expertise and support to build a sustainable model and the financial support from SIDBI will go a long way in reducing the initial investment commitments of the entrepreneurs.