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GenNext Ventures, Microsoft partner in India to launch accelerator program

Indian accelerator program

GenNext Ventures, the venture investment management arm of Reliance Industries Ltd (RIL), today signed a three-year partnership with Microsoft India, through Microsoft Ventures in India, to set up GenNext Innovation Hubs, a pan India initiative to catalyze the country’s technology startup ecosystem.

The Memorandum of Understanding (MoU) allows GenNext Ventures & Microsoft Ventures to bring together key stakeholders—academia, students, entrepreneurs, investors, & corporates–at the GenNext Innovation Hubs & offer some of the most critical resources that startups need to be successful. Microsoft Ventures will help GenNext identify, shortlist, on-board promising startups & power the accelerator program. Microsoft Ventures will also provide these startups access to software and technology advice. At the end of the accelerator program cycle, GenNext will invest strategically & selectively in some of these IT startups.

Announcing the partnership, Dr R.A. Mashelkar, Chairman, GenNext Ventures said, “Technology startups, which are a key source of innovation in India, are at an inflexion point today. While the numbers have grown exponentially year on year, the industry is at a nascent stage. While several initiatives are underway to help startups, what is lacking is a national platform that seamlessly brings together all stakeholders and also provides the resources Indian startups need to be successful. That’s what we are aiming to do through GenNext Innovation Hubs, in our partnership with Microsoft Ventures.”

According to Bhaskar Pramanik, Chairman, Microsoft India, the emerging trends in India’s technology startup space were fascinating–both in numbers and in diversity of ideas. He said, “At Microsoft, we have had a long-standing commitment to innovation, not just within but also in the IT ecosystems of markets we operate in. Microsoft Ventures is leading that for us in India. With this partnership, startups in India will have access to GenNext Ventures’ deep industry experience and Microsoft Ventures’ knowledge and IT industry network and strength.”

The GenNext Innovation Hub at Mumbai will provide the opportunity to a select group of entrepreneurs to launch or re-engineer their company through an immersive, 4-month-long program. Startups in the program will have access to business mentors, technical & design experts, along with plug & play office space. They will also have access to mentors to help them gain market insights for Indian & global markets.

The Mumbai GenNext Innovation Hub is now open to receiving applications for the accelerator program. Startups are requested to apply online.

The last date for receiving applications is September 25, 2014. The program will commence with the first batch of startups on October 6, 2014 in the GenNext Innovation Hub at Navi Mumbai on the outskirts of Mumbai.

Image Credit: GenNext Innovation Hub

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SingTel’s accelerator challenge for apps

SingTel Accelerator challengeSingapore-based telecom service provider SingTel has launched an accelerator competition to “incubate the next killer app for consumers, focusing on consumer lifestyle and the Internet of Things.”

Besides cash prizes, winners will also get an opportunity to take part in a 3-month incubation program. Out of the winner, 1 will also be chosen to represent Singapore in another competition — the SingTel Group-Samsung Regional Mobile App Challenge. That is a regional mobile application development challenge jointly organised by the SingTel Group & Samsung. The challenge aims to identify innovative start-ups in Asia, & help them accelerate their development as well as gain access to the Group’s 500 million mobile customers.

There are 2 phases to this competition.  In Phase 1, startups will compete in their own markets, hosted by the local operators. One winner from each country will then be selected to participate in the Phase 2 competition which will be held in Singapore later this year.

This initiative is part of a larger group level collaboration between the SingTel Group and Samsung to increase smartphone penetration and the proliferation of mobile apps in the markets where members of the SingTel Group operate.

In Phase 2, participating start-ups will come to Singapore for a one-week mentorship programme, where participants learn to monetise and enable direct carrier billing for their apps through a series of business and technical workshops. They will then return to their respective countries to develop their apps.

The challenge will culminate to a demo day to be held in Singapore in November. On that day, participants will present their apps to a panel of judges that comprises senior operator and industry executives & a winner will be selected.

Entries have to be submitted by September 21.

Image Credit: SingTel

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