Reliance, Microsoft partner to launch innovation hubs for start-ups
05 Sep 2014
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 catalyse the country's technology start-up ecosystem.
R A Mashelkar, chairman of GenNext Ventures and board member of RIL, and Microsoft India chairman Bhaskar Pramanik signed the memorandum of understanding (MoU) today.
The first hub will start operations in October in Mumbai, and will be subsequently emulated across various other cities in India, RIL said.
The MoU allows GenNext Ventures and Microsoft Ventures to bring together key stakeholders, including academia, students, entrepreneurs, investors, and corporates, at the innovation hubs and offer critical resources that start-ups need to be successful.
Microsoft Ventures will help GenNext identify, shortlist, on-board promising startups and power the accelerator programme. Microsoft Ventures will also provide these start-ups access to software and technology advice. At the end of the accelerator programme cycle, GenNext will invest strategically and selectively in some of these IT startups.
Announcing the partnership, Mashelkar said: ''Technology start-ups, 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.''
''The emerging trends in India's technology start-up space are fascinating - both in numbers and in diversity of ideas. 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, start-ups in India will have access to GenNext Ventures' deep industry experience and Microsoft Ventures' knowledge and IT industry network and strength,'' added Bhaskar Pramanik, chairman, Microsoft India.
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, four-month-long programme. Start-ups in the programme will have access to business mentors, technical and design experts and plug and play office space. They will also have access to mentors who can help them gain valuable market insights for Indian and global markets, RIL said.
RIL said the Mumbai GenNext Innovation Hub is now open to receiving applications for the accelerator programme.
Startups have been asked to apply online (http://www.gennexthub.com). The last date for receiving applications is 25 September 2014. The program will commence with the first batch of start-ups on 6 October 2014 in the GenNext Innovation Hub at Navi Mumbai.
