The Indus Entrepreneurs (TiE) Chennai has entered in a tie up with Paypal to launch a startup incubation centre in the premises of PayPal’s Chennai development centre. The companies plan to target about 8 to 10 startups under this initiative, and will provide office space, mentoring, technical training, and networking opportunities with average incubation period being 12 months. The role of TiE Chennai will be to act as a funnel, and largely identify the entrepreneurs while providing business mentorship. Paypal has stated that it will not to be taking any profit or have any shareholding. “This is a not-for profit venture
It is worth mentioning here that Paypal already has its incubation centres in Boston and New York offices, but this is the first time that it has tied up with an external agency to do so. Moreover initiative of Paypal will contribute to making Indian economy more competitive by helping smart people with bright ideas to build products and services that can compete with the best in the world.
How Paypal Gets Benefitted?
Paypal is a global firm and this must be a part of its corporate social responsibility programme and they get free advertisement and news in India as Our country is has the highest number of working hands and it means that more entrepreneurs will start with Paypal as a payment collection system on their website. Moreover Paypal has solved its problems with RBI and is now widening Indian entrepreneurs payment gateway options with a certain limit imposed.