Nasscom 10,000 StartUps along with IvyCamp, an initiative of IvyCap Ventures, has forged an alliance to bolster the Internet of Things (IoT) movement in the Indian startup ecosystem.
The initiative will connect startups, investors, mentors and industry bodies to converge and explore ways of working together, a statement from Nasscom said.
IvyCamp platform will connect the industry participants to entrepreneurs for providing guidance on formulating and driving the IoT business. Activities through the year will focus on seeking out, supporting and growing IoT innovations and ventures, it said.
"The potential scope of disruptive technologies in India is vast, as they can have a massive economic impact. IoT is one such sector which is gradually gaining popularity. With this collaboration with IvyCamp, we aim to promote an IoT ecosystem, which is vibrant and innovative, which will help our country attain a leadership role in this field," Rajat Tandon, Vice President, Nasscom 10,000 StartUps said.
One of the key activities under this partnership will be to host an annual event R-IOT, Rendezvous for the IoT ecosystem, the statement said.
The first event will be held in Mumbai on July 1, at the Nasscom 10,000 StartUp Warehouse, Navi Mumbai to bring together innovators, mentors, investors and corporates in the IoT space to educate the community on the latest innovations and challenges in IoT.
IvyCamp will also be hosting an investor education programme on financing IoT startups, it said.
PoEM rules, which are set to come into effect from April
2017, entail a two-stage process for determining the place of effective management of a company, with a view to assessing its tax liability -- the first would be identification of the persons who make the key management and commercial decision for the company and second, the determination of the place where these decisions are made.
"Holding global board meetings in India may facilitate their (a company's) investment decision in the country. The rules should not discourage global companies from conducting doing global activities in India for the fear of tax implication. It will hurt investor sentiments," Chandrashekhar said.
Stating that transfer pricing disputes continue to be a high-impact area for the sector, Nasscom said the steep "safe harbour" margins, currently between 20-30 per cent, remain ineffective and need redefinition for adoption by the sector.
