Chennai: UK based global talent investor, Entrepreneur First (EF) has announced its entry in India with $25 million committed from its larger fund, to promote tech startups in the country.
EF also announced its first-ever Indian cohort of 50 founders who were selected from a pool of 900 applicants. Of the selected cohort 30 per cent are PhDs across various science and technology streams like aerospace, neuroscience, machine learning, electrical engineering, etc, a release said.
Each cohort member will be paid a monthly stipend of $2,000 during the process of finding a co-founder and developing startup ideas in the first three months, it added.
EF has created over 200 companies globally and has helped raise $350 million from investors for its incubated companies, the release stated.
GM, Entrepreneur First (India), Esha Tiwary, said, “We have remarkable talent available in India. Through Entrepreneur First, we are trying to change the narrative for ambitious people in India who have thus far hesitated to start companies due to several reasons such as lack of a co-founder, no big idea, job security.”