IIM-Bangalore Partners With Maruti Suzuki To Incubate 26 Startups
A 3-month pre-incubation will be followed by a 6-month incubation engagement during the programme
Maruti Suzuki India Limited (MSIL) in partnership with NS Raghavan Centre for Entrepreneurial Learning (NSRCEL), the startup hub at Indian Institute of Management, Bangalore (IIMB), on Friday announced the list of 26 shortlisted mobility startups for a nine-month extensive incubation program.
The 26 startups have been shortlisted amongst over 400 applications received across the country. The selection panel, comprising experts from Maruti Suzuki and NSRCEL at IIMB, evaluated the applicants and interviewed over 120 entrepreneurs.
“I am happy to learn that some of the brightest ideas have come from the startups focusing on technology. They have created business-ready solutions relevant to the industry. Through our partnership with IIM Bangalore, we are excited to foster and encourage some of the most innovative startups in the country. The incubation program will help the startups become large-scale businesses, and also help the industry with practical and technology-led solutions that bring efficiency and value to business functions,” commented Kenichi Ayukawa, managing director, and chief executive officer, Maruti Suzuki India, while applauding the initiative.
The selected startups will undergo a three-month pre-incubation journey during which they will be engaged in various sessions, workshops, peer-to-peer learning activities while they receive regular one-on-one mentoring and advisory sessions.
Networking events, mock-pitches, and interaction with investors will be major highlights of the initiative. Post this, the ventures will be allowed to pitch for incubation and funding and the selected ventures will be taken forward for a further six-month incubation journey.
“Mobility is evolving at a rapid pace in India and is projected to reach 90 billion by 2030, with significant growth expected in ride-hailing, shared mobility, and more. We are therefore proud to collaborate with Maruti Suzuki, with who we share a similar drive, in developing mobility solutions for a better and more connected future. Together, we aim to deliver fresh thinking and innovative solutions to the existing mobility ecosystem. Maruti Suzuki, with its vast experience and market leadership in the automotive industry, will be able to significantly contribute to the development of the ventures, here at NSRCEL, IIM Bangalore, and the startup ecosystem overall,” added Professor Venkatesh Panchapagesan, chairperson, NSRCEL, while elaborating on the initiative.
The collaboration, announced in August 2020, is a first-of-its-kind initiative by an automobile manufacturing company. It will help startups channelize their efforts to bring industry-ready solutions and become large-scale businesses to align with Prime Minister Narendra Modi’s vision of Startup India.