Reliance Industries’ GenNext Hub Organizes a Roadshow in Bengaluru

‘Startup India’ initiative by the government has seen a lot of progress in making India a country having the ecosystem to support startups. The number of startups in India is expected to increase in the next few years. To help this growth, Mukesh Ambani led Reliance Industries Limited (RIL) and Microsoft Ventures came together to form the GenNext Hub program.

GenNext Hub program

GenNext Hub program is a four-month long initiative aimed to accelerate the startup community in India. It helps startups to scale-up from a product or an idea to a successful company. It provides access to funding opportunities, technical experts, and mentors. GenNext Hub also launched a facilitating program, ‘Scalerator’ targeted to present the high-growth startups with growth opportunities.

GenNext Hub has its focus on technology startups working in the areas of retail, healthcare, telecom, media, mobile apps, messaging, financial technology, cloud services, Industrial Internet of Things (IoT), or Consumer IoT. Further importance is given to technologies like machine learning, analytics, Virtual Reality (VR), deep learning, Software as a Service (SaaS), and Augmented Reality (AR).

GenNext Hub Roadshow

On 26th April 2017, the third GenNext Hub Roadshow was organized in Bengaluru. The event was organized in three tracks according to the different growth stages of the startup companies. The event saw 24 startups pitching to a panel of 11 experts across different tracks.

The first track had 15 alumni of the GenNext Hub program staging a pitch to various angel investors and venture capitalists. These companies were addressed by Naveen Asrani, Director of Startups at Microsoft, who urged them to keep customers close to the business as they are the first investors who believe in the product.

The second track consisted of RIL executives, who were pitched by high-growth startups. Senior executives from Reliance Retail, Reliance Jio, and RIL Enterprise IT and Digital Transformation were present. The startups in this track were focused in the areas of Artificial Intelligence (AI), logistics, financial technology, nanotechnology, drones, and other technologies.

The third track saw young startups wishing to secure admission in the Summer Cohort 2017 program. These startups pitched to the experts and mentors of the GenNext Hub team.

The purpose of the GenNext Hub Roadshow was to recognize startups with potential and help them increase scalability, build a strong foundation, and expand knowledge and resources. GenNext Hub has planned to organize more roadshows in the future.

Statements of Sushil Borde

Sushil Borde, Vice President at Reliance Innovation Leadership Centre, is of the opinion that one should always challenge the norm. According to him, Mukesh Ambani led Reliance is a company that has reinvented global industries. More than just a growth story, it is an innovation story, he said. He stated that Reliance started challenging the conventional wisdom and startups should also do the same. He added that startups should remember that India is a value conscious economy and like Reliance they should develop affordable products targeted to the masses.

Summary

GenNext Hub, a partnership program between Reliance Industries and Microsoft Accelerator, helps startups boost their scalability. It recently organized a GenNext Hub Roadshow in Bengaluru to identify the potential of the startups.

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