IESA and TiE Bangalore Sign MoU to promote Start-ups aiming to make the experience of Digital India come alive
Bangalore, India, September 12, 2014: IESA (India Electronics & Semiconductor Association), the premier trade body representing the Indian ESDM (Electronic System Design and Manufacturing) industry has signed a MoU (Memorandum of Understanding) with The Indus Entrepreneurs (TiE), Bangalore chapter to promoting start-ups and entrepreneurs in fabless semiconductor and electronic products with initial focus on the IoT space.
According to Machina Research data cited at a TiE panel, the global market for IoT in 2020 will be worth $373 billion in revenue, with $194 billion from hardware and $179 billion from software. India will account for $10-12 billion of this total revenue. IESA and TiE will actively promote the ecosystem with an aim to address the major challenges faced in current ecosystem: Design for Manufacturability (DFM), Testing and Interoperability and Standards and enable the success of the start-ups.
Commenting on this initiative, Ashok Chandak, Chairman- IESA and Sr. Director NXP Semiconductors said, “IESA is pledged to make India an ESDM powerhouse and we believe that start-up initiative with focus on IoT will be very crucial step in this direction. Internet of Things (IoT) is a revolutionary phenomenon that offers incredible Innovation opportunities for entrepreneurs to connect the world like never before. We look forward to work with TiE to help overcome key challenges faced by the start-up communities and help realize the Make in India dream.”
Commenting on the alliance, Naganand Doraswamy, President of TiE-Bangalore said, “TiE is sworn to foster innovation through entrepreneurship nationally and globally. 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 integral part of every sector/mechanism in no time. We are happy to be working with IESA and will chart a roadmap together to make India empowered digitally.”
As a first step towards enabling the start-up ecosystem, the panel discussions themed “Smart Water, Smart power and the Internet: Public utilities for the city of tomorrow” has been organized in Bangalore today. The panel discussion will have industry thought leaders and experts’ deep dive into the important issues of growing urban world such as traffic, water and energy and discuss how IoT can help resolve such problems for the city of tomorrow.