Vijayawada, Jan 9 (IANS): The Indus Entrepreneurs (TiE) will formally launch its Amaravati chapter and Angels Network on January 17 to help accelerate the growth of the start-up ecosystem in Andhra Pradesh.
The launch will take place in the presence of entrepreneurs, mentors, advisors and others.
Information Technology Minister Nara Lokesh will preside over the formal launch, said a TiE statement.
The inaugural event will be attended by J.A. Chowdary, Special Chief Secretary and IT Advisor to Chief Minister and charter members of TiE Amaravati.
All educational institutions and start-ups in Andhra Pradesh have been invited to participate.
"To enable the state of Andhra Pradesh to lead collective dream of a new India and for the development of Innovation, Entrepreneurship and Start-up culture, we strongly felt the need for a TiE Chapter as well as an Angel Network," said Sateesh Andra, President TiE Amaravati.
He cited the 2017 edition of the NASSCOM-Zinnov report which says India ranks third among global start-up ecosystems with more than 5000 start-ups with over 1000 new additions in 2017.
One of the key developments in India's start-up market over the past decade has been the development of large, robust angel investor ecosystems.
"We sincerely believe that entrepreneurship and innovation are keys to achieving industrial development, job creation and GDP growth. With banks reining in all but the safest loans since the recession and venture capital firms now targeting less risky late-stage business start-ups, angel investors play a crucial role in backing young, fast-growth companies," said Suresh Chitturi, Board Member TiE Amaravati.
The Board of TiE Amaravati comprises of Sridhar Krishnamoorthy, Purnima Kamble, Suresh Chitturi and Sateesh Andra. Alongside the Board, the founding members of TiE Amaravati include Srini Raju, Ramesh Byrapaneni, and J.A. Chowdary.
TiE Amaravati also has their founding patrons in Srinivasa Farms, Gerdau Steel, and Pi Datacenters.
A non-profit organisation founded in 1992 in the Silicon Valley, TiE currently has 61 chapters across 18 countries.
The organisation's mission is to foster entrepreneurship globally through mentoring, networking, education, incubating, and funding. Since its birth, TiE's economic wealth creation is estimated at $200 billion.