US-based startup incubator Y Combinator is all set to enter India and feature its one-day learning event known as Startup School. Startup School is a platform where young, new entrepreneurs get a chance to interact with all the techies who made it big with their companies. Y Combinator was begun in the year 2005, by Paul Graham and Jessica Livingston. The company has invested in 700 companies so far, typically adding 120,000 in investment over three months, to take a seven percent share in the company. 500 companies are still alive and running.
Y Combinator’s announcement earlier this year to take the school around the world was greeted with joy in Indian techie circles. Y Combinator’s Hacker News forum saw the following reply to its announcement. “I hope they have India on their radar! It would be awesome for the Indian Startup scene to hear all those great speakers live,” said Prakhar Srivastav.
India has a thriving and growing tech industry that includes everything from online religion to shopping. After the dotcom bubble burst in the 2000s, the tech industry went low, but has since gained momentum. “The dot-com bust of the early 2000s affected many online businesses. There were fewer consumers transacting online. That has now changed. Now, the potential to grow is good,” says Siddharth Singh, an associate professor of marketing.
Kathrina Manalac, a partner at Y Combinator said, “We would love to get one of our partners on a tour of India to talk to one of the earlystage startup founders.” Y Combinator’s accetance rate is typically low. They chose only 85 out of 3000 applications three months ago. “Y Combinator could be a lot of help to Indian entrepreneurs who’re planning to go to the US,” said Manalac. Y Combinator’s alumni include Uber and Airbnb, among 1500 others.