Start up Zone
The Besides the strong presence of the IT sector, Pune also boasts of being one of the favorite destinations for tech start-ups in the country. As per the 2015 NASSCOM report, Pune accounts for 6 percent of all start-ups in India. While Pune is one of the successful start-up destinations in India with more than 400 local start-ups, which is one of the largest numbers of start-ups in India, their success rate is relatively low due to lack of incubators, accelerators and early-stage venture capital (VC) funds.
It has large technical talent available due to its many universities, along with cost-effective real estate and good infrastructure. On these lines, PMC has identified an area to develop a start-up zone in ABB, which would help to create a culture of innovation and promote mixed-use development. An initial roadmap has already been drawn for the 8-acre Startup zone, to be created in the identified area in the ABB region. This would also create at least 40,000 to 45,000 jobs which will be the catalyst for mixed-use development across Pune and promote walk-to-work.
There is a risk that start-ups may not move to the area or that new start-ups may not come. To cover up the risk, PMC will ensure adequate incentives, such as free rentals for 18 to 24 months to start-ups to create initial attraction. In addition, PMC has collaborated with NASSCOM to help bring incubators and accelerators to the city, thereby creating a whole ecosystem around commercial development in ABB. PMC has also initiated collaboration with Microsoft and Future Cities Catapult for this.