11 start-ups graduate from GenNext Hub

Chennai, March 11: Eleven technology start-ups graduated from the GenNext Hub, the Mumbai based start-up accelerator, an initiative of Reliance Industries Ltd. and powered by Microsoft Ventures, a joint statement said on Friday.

The GenNext Hub is now accepting applications for third batch, which will start in April 2016.

The GenNext Hub initiative is an extension of what Reliance Industries chairman Mukesh Ambani is often heard saying: "The idea is to find the next Reliance."

According to the statement, the initiative is to catalyse the startup ecosystem for a digital India.

The event held in Reliance Corporate Park, Navi Mumbai, saw the start-ups showcase their businesses to more than 150 investors, influencers, corporate customers and leaders.

The GenNext Hub enables entrepreneurs to build their companies through an immersive, four-month-long programme.

"At GenNext Hub we are catalyzing a unique startup ecosystem, which rests on the tripod of talent, technology and trust. We spot and encourage 'talent', help them harness their 'technology' and back them up by putting total 'trust' in them," GenNext chairman and a board member in Reliance Industries Raghunath A. Mashelkar was quoted as saying in the statement.

"We are supporting several of our startups from the second batch with strategic partnerships that will help them scale-up rapidly," Mashelkar said.

"We have seen some amazing innovation in the two batches that have graduated thus far from GenNext. Some of these have already made a mark in the ecosystem and have even become business partners for Reliance and Microsoft and we hope this trend will continue," Bhaskar Pramanik, chairman, Microsoft India, was quoted as saying in the statement.

During the four-month programme, the start-ups were mentored on customer development, business models, operational planning, product roadmap, market traction, fund raising and pitching.

The workshops cut across B2B and B2C businesses in diverse sectors such as sports, energy, hospitality, advertising, fitness, financial services, logistics, healthcare, payments and enterprise software.

Domain expertise was provided in intellectual property, product development, online promotions, advertising, public relations, financial modeling, communication and pitching.

Going forward, GenNext Hub will focus on helping companies scale-up with its "Scalearator" model and evolve from a "Minimum Viable Product" to a "Minimum Viable Company".

According to the statement GenNext Hub is now accepting applications for third batch, which will start in April 2016.

IANS