Turbostart Launches AI Innovation Challenge, Offering Up To INR 1 Crore Investment For Startups Turbostart for its innovative challenge is welcoming applications from early-stage AI startups, tech maven and idea-driven entrepreneurs.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Turbostart today opened its Innovation Challenge to founders of early-stage AI startups and idea driven entrepreneurs. To commemorate its 4th anniversary and continued commitment to fostering innovation in Artificial Intelligence, Turbostart after carefully assessing the applications will invite 10 startups to pitch. Top three of these will be considered for an investment of up to INR 1 Cr - with one startup representing each of the following three key themes:
1. Design-Development-Delivery - focusing on AI-driven UI/UX, code generation, personalized user experiences, customer adoption and success.
2. Efficiency and Productivity - encompassing AI applications in market research, personal assistants, legal documentation, HR functions, and financial reports generation.
3. Marketing and Communications - looking at AI in art and design, customer personas, and content generation and marketing.
The application window for startups to participate in the upcoming Turbostart Innovation Challenge opens today, Monday, August 14th, 2023 on Turbostart's official website. The applications will remain open until August 23rd, 2023, providing participants a substantial amount of time to showcase their revolutionary AI concepts. Further, Turbostart will proceed with a multilevel selection process on September 1st in Bengaluru, consisting of a grand jury panel. The three startups will have the opportunity to secure investments of up to INR 1 Crore each, post-qualifying for the Global Investment Committee round, scheduled after the announcement of the top three winners.
To foster innovation and networking opportunities, a startup forum titled 'Sparkplug' featuring expert panel discussions and keynote speeches by industry leaders and accomplished entrepreneurs will also be hosted the same day. The announcement of the three winning startups and investment amount will be revealed post the forum.
Speaking about the importance of the challenge and its impact on AI innovation, Ganesh Raju, Founder and CEO, Turbostart said, "Artificial Intelligence (AI) and more recently, Generative AI, has emerged as a significant catalyst in the business world. Over the years, Turbostart has been at the forefront of nurturing innovative minds and transforming groundbreaking ideas into successful businesses. As we commemorate our 4th anniversary, we aim to discover promising AI-driven concepts and entrepreneurs, furthering our commitment to driving technological innovation in the enterprise ecosystem with this initiative."
Launched in 2019, Turbostart is a global fund & accelerator tailored to scout and handpick outstanding early-stage startups. Their innovative cohort format, held in regular cycles, enables them to curate a top tier selection of ventures from across the globe. Over the last 4 years, Turbostart has invested in approximately 30 startups, which includes deep-tech AI startups such as Sivi.ai, Argoid, Sciative and more.
Unlike conventional funds or accelerators that offer short term engagement and one-size-fits-all mentorship, Turbostart prides itself on delivering consistent and tailor-made long-term support and guidance. What sets Turbostart apart is its influential board, dynamic team, and six Centers of Excellence provide dedicated guidance and services in areas such as Marketing, Technology, Design, Business Development, Sales and Investment Banking.
