Reliance Industries Limited informed that it had rolled out an accelerator program along with Microsoft Ventures during the end of 2014. Under this program, the organization mentored 11 upcoming enterprises belonging from distinct sectors, as a part of their first batch.
GenNext Innovation Hub
The initiative is known as GenNext Innovation Hub. The program initiated in September, 2014 and 267 start-ups showed their interest by applying for the same. Out of these, 11 were selected. A panel made up of executives from Reliance Industries, Microsoft and venture capitalists shortlisted the 11 enterprises. These companies underwent a grooming and mentoring session extending up to four months. This course was conducted at Reliance’s Navi Mumbai facility.
The selected start-ups work in the sectors of education, transportation, HR, healthcare and retail. During the training sessions, the companies were given guidance and varied dynamics and market insights were taught to them.
The Hub is meant to guide the start-ups to sustain and excel in the global competition. It aims to give a shape to their ideas and help them build a strong customer base. Few selected start-ups will also get financial aid from GenNext Ventures, after the program.
Under the program, Microsoft helps in conducting workshops and arranging meetings while Reliance Industries provides the infrastructure and involves its heads of departments to conduct the workshops.
Views of Reliance
Reliance Industries has set up a company that invests in ventures, known as GenNext Ventures. At the time when the new project was announced, Microsoft Ventures was operating an accelerator lab in Bengaluru.
The Mukesh Ambani-led company said that it feels pride to inform that 11 start-ups have successfully graduated from their first batch. They have also planned a strong business strategy to showcase in front of a group of venture capitalists, experts from the industry and corporates.
RA Mashelkar, being the board member of Reliance Industries and Chairman of GenNext Ventures, expressed his happiness on the fact that many businessmen of this batch had quit their lavish jobs in the country and overseas, only to come up with innovative companies that address global needs.
Graduating companies
The upcoming companies that have graduated from the course consist of start-ups that provide technological solutions to many companies. One of them is CarIQ that provides a platform of collected cars. It helps the customers connect with the cars through internet. The Founder and Chief Executive of CarIQ, SagarApte, said that the program has assisted them in overcoming their ‘frog in the well’ mentality. They now can dream bigger and make larger goals.
Another one is Mocioun, which belongs to the consumer section and provides a mobile application that helps in organizing group activities. Some other companies are Piron Corp. Inc. that integrates technology in the process of teaching; Light Information Systems Pvt. Ltd. that created a language processing engine which gives answers to the users and not web links; and Insaas Software Pvt. Ltd that helps companies in online recruitment process.
These 11 chosen companies have also been awarded with business deals from big names like Flipkart, DotCabs, Fortis, Raymond, Snapdeal and Credit Suisse.