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To empower domestic tech startups in the <keyword id="107950" type="General" weightage="20" keywordseo="artificial-intelligence" source="Orion">artificial intelligence</keyword> (AI) domain, IT industry's apex body <keyword id="6372077" type="General" weightage="100" keywordseo="nasscom" source="Orion">Nasscom</keyword> on Thursday announced the selection of 26 startups for its inaugural '<keyword id="15777223" type="General" weightage="20" keywordseo="generative-ai" source="Orion">Generative AI</keyword> Foundry' programme. The 12-month programme, partnered with more than 30 organisations from industry and the investor community, will see select partners investing up to $25 million in the most promising startups. Moreover, investors will extend support in various forms, catalysing growth and innovation, said Nasscom. "Unlocking the full potential of generative AI startups for India, and from India for the world, will not only require rigorous assessment of sustainable whitespace opportunities in various sectors, but will also require innovative thinking towards inviting patient capital and facilitating compute capabilities at scale," said <keyword id="875687" type="General" weightage="20" keywordseo="Debjani-Ghosh" source="Orion">Debjani Ghosh</keyword>, President, Nasscom. The startups were selected from more than 70 applicants. The average startup in the cohort is 2-year-old and has already raised half a million dollars from institutional investors. The startups offer solutions that generate text, audio, code, video/image, and multimodal output with strong use cases for retail, media and entertainment, banking and financial services, and various functions of the enterprise. Some of the programme partners include Anthill Ventures, Broadridge, Capgemini, Centific, Chiratae Ventures, Cigniti, eClerx, Endiya Partners, GitHub, <keyword id="9837460" type="General" weightage="50" keywordseo="jio-gennext" source="Orion">Jio GenNext</keyword>, MathWorks, Microsoft, Pavestone VC, Premji Invest, Samsung R&amp;D Institute Bangalore (SRI-B), Silverneedle Ventures, Sutherland, and _VOIS (Vodafone Intelligent Solutions). During the initial 6 months, startups will engage in intensive boot camps and active mentoring sessions conducted by industry experts and investor mentors. They will gain access to cutting-edge technology stacks and GPU compute nodes, enabling them to accelerate their AI projects. The Telangana government collaborated as the state partner for the programme, offering startups the opportunity to work on impactful B2G (business-to-government) use cases. The Indian Generative AI landscape had more than 60 startups dedicated to offering solutions and services to their customers spread across various industry verticals. More than $590 million in funding has already flown into this space, with 2022 being the year with the heaviest funding inflow, according to Nasscom.

Nasscom selects 26 Indian startups to unlock generative AI potential

With an aim to showcase India as a <a href="http://www.businessinsider.in/searchresult.cms?query=start-up">start-up and innovation hub</a> on the global platform, <keyword id="6355199" type="CITY" weightage="20" keywordseo="Reliance-Industries">Reliance Industries</keyword> has shown its eagerness to invest more funds to create an ecosystem in the country that can build high-value start-ups by 2020. 
 This week, <keyword id="6484187" type="CITY" weightage="20" keywordseo="RIL">RIL</keyword>’s startup accelerator programme,<a href="http://www.businessinsider.in/searchresult.cms?query=+GenNext"> GenNext</a> Innovation has inducted another batch of 10 start-ups, which includes two Israeli companies. The aim of this programmer, which runs in partnership with Microsoft Ventures, is to bring global exposure to the fledgling startup ecosystem in the country. 
 <keyword id="3049983" type="UNKNOWN" weightage="20" keywordseo="Vivek-Rai-Gupta">Vivek Rai Gupta</keyword>, managing partner at RIL-controlled venture capital arm <keyword id="2371232" type="UNKNOWN" weightage="20" keywordseo="GenNext-Ventures">GenNext Ventures</keyword>, said, “We've just taken the first baby steps, and we hope to be on parity with the <keyword id="6357722" type="COMPANY" weightage="20" keywordseo="silicon-valley">Silicon Valley</keyword> and <keyword id="6355882" type="COUNTRY" weightage="20" keywordseo="israel">Israel</keyword>, and put our country on the global start-up map by 2022." 
 
Gupta didn’t specify that how much wealth the company is willing to shell out, however, he confirmed that start-ups have already begun engaging RIL in areas of logistics, supply chain management and corporate security. 
 
If reports are to be believed, the unique platform could be worth around $ 5 billion. 
"While the first batch was just a pilot, and now that we've started actively, the top three or five companies that succeed will work with our business units," added Gupta. 
 
Besides this, he also pointed out that GenNext Innovation Hub is expanding in significant ways, besides this collaborative accelerator programme with Microsoft. The Hub is facilitating 20-30 other companies to work directly with the businesses, revealed Gupta. 
Image: thinkstock

RIL bets big on start-ups; plans to develop India into global hub

Looks like <keyword id="44373" type="CITY" weightage="100" keywordseo="Aditya-Birla-Group">Aditya Birla group</keyword> is all set to tap the entrepreneurial ideas of its employees, which is why it has planned to roll out an intrapreneurship programme soon, which is called Innolabs. Under the programme, the company will allow its staff to take time off from work to pursue their entrepreneurial ambitions. 
 
In August last year, the group had also started Aditya Birla Bizlabs, which was its programme to collaborate with start-ups in the retail, financial services and telecom businesses. The group has a dominant presence in these sectors. Out of the 1,200 start-ups that applied for the programme, 20 were selected to "scale up". 
 "When we were doing all of this (Bizlabs) for startups outside, our employees joining us from IITs and IIMs started asking: what is there in it for us? So, we have started working on something for our employees called <keyword id="3249352" type="UNKNOWN" weightage="100" keywordseo="aditya-birla-innolabs">Aditya Birla Innolabs</keyword>," Umesh Adhikary, president, corporate strategy and business development, Aditya Birla Group told ET. 
 
"If your idea is great and we see conviction and passion in you, we are going to help you create a company of your own. At the same time, we are going to give you a six-month or one-year sabbatical where you are going to go, develop the product, create your own team... and in case you fail, you can come and join back," added Adhikary. 
 
"We are forging partnerships with Nasscom 10,000 startups, Microsoft Ventures, Techstars, 500 startups," said Adhikary, who added that the group would prefer to work with slightly older startups which are looking at geographic expansion. 
 
Similarly, RIL has set up GenNext Innovation Hub, which is a start-up accelerator programme running in partnership with Microsoft Ventures. 
 
"It's a healthy development," says Sharad Sharma, cofounder of iSPIRT, commenting on Birla's move. "It's a playbook that Indian conglomerates have companies from tech companies globally and it's a proven one," he adds. 
 
<a href="http://economictimes.indiatimes.com/photo/48558671.cms">Image source</a>

Aditya Birla Group would soon allow employees to take time off for pursuing their entrepreneurial ideas

Two <keyword id="6359674" type="ORGANIZATION" weightage="20" keywordseo="IIT-Roorkee">IIT Roorkee</keyword> batchmates have returned to the campus five years after graduating from the college to start a café called Sattiviko Idea Café. You may call it their way of paying back to the college which it is, but more importantly, the duo wants GenNext to get inspired and feel encouraged to start their own businesses. It is for this reason <keyword id="2741713" type="UNKNOWN" weightage="20" keywordseo="Prasoon-Gupta">Prasoon Gupta</keyword> and <keyword id="633617" type="UNKNOWN" weightage="20" keywordseo="Ankush-Sharma">Ankush Sharma</keyword>’s venture is not simply a restaurant, but an innovation/incubation center of sorts. It's a place for students to interact and exchange ideas with former graduates/seniors/mentors while sitting across the food tables savouring some delicious food in between their classes. 
	 
	This idea cafes will see mentoring sessions by a group of over 300 entrepreneurs and professionals like InMobi co-founder Mohit Saxena, Commonfloor founder Sumit Jain, and Raman Roy, chairman of Quattro BPO Solutions among others.

	 
	For their noble deed, the duo has got 2,200 sq/ft space inside the campus, and that too at a very cheap rent. 

	 
	Their vedic journey started back in February 2014 when Prasoon had quit his five year old venture Tech-buddy, a consultancy firm, and opened an NGO called Swarajneeti with the sole purpose of educating the modern generation for transparency in democratic India via innovative technological tools. 
	 Post elections, however, he decided to devote all his time to his new venture <keyword id="2241713" type="UNKNOWN" weightage="20" keywordseo="Sattviko">Sattviko</keyword>, along with his batchmate Ankush Sharma. 
	The start-up was inspired by the sattvik way of life that emphasized purity and served cuisine from India. But soon after some time, they adopted cuisines from across the world, such as Mexican, Italian and American that conform to certain rules - no onions or garlic! 

	 
	Sattviko started as a quick-service restaurant and then evolved over the years to become an e-marketplace, delivering an exceptional experience to customers who look to adopt yoga and its practices.

	 It currently has two outlets in Delhi and one in Gurgaon which cater to approximately 500 people. Sattviko raised Rs 2 crore as seed funding last year, in a round led by online real estate portal CommonFloor co-founder Sumit Jain, Xerox India Non-Executive Director <keyword id="116474" type="PERSON" weightage="20" keywordseo="Rajat-Jain">Rajat Jain</keyword>, and <keyword id="10591" type="CITY" weightage="20" keywordseo="Samsung">Samsung</keyword> executive <keyword id="358198" type="PERSON" weightage="20" keywordseo="Sanjay-Bhasin">Sanjay Bhasin</keyword>. 
	Both the young founders have big dreams for Sattviko. They want to take their baby to become a 100-crore plus company in the next few years. They also have plans to launch 10 Idea cafes across IITs in the country this year. For now, Sattiviko Idea Café is a rage in the campus and all we can say is - What an idea, sirji!

Meet the two IITians who have started 'idea cafe' at IIT Roorkee, and plan to hit 10 more IITs with their stellar idea this year

Do you have an idea that could disrupt the current market dynamics? If yes, this will help you. One of India's largest conglomerates, the <a href="http://www.businessinsider.in/searchresult.cms?query=Aditya+Birla+Group">Aditya Birla Group</a> will establish a dedicated fund for investing between $2 and $10 million in disruptive ideas across the areas of financial services, <a href="http://www.businessinsider.in/searchresult.cms?query=healthcare+">healthcare</a> and retail. 
 
Yes, you heard it right, disruptive ideas! A person directly familiar with the matter has confirmed it to the Economic Times. 
 
The group will finance this startup-focused initiative. Umesh Adhikary, president of corporate strategy at Aditya Birla Management Corporation, will lead the group’s initiative which will be announced in a few weeks. 
 
According to the person mentioned above, the conglomerate, with revenue of around $40 billion, has already approached top venture capital executives to be a part of the initiative. 
 
This is not new for top conglomerates in India. The <a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Group+">Tata Group</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Reliance+Industries+">Reliance Industries</a> have already started looking at startups working on ideas that have the potential to disrupt current market dynamics in the areas of their business interests. 
 For example, Reliance partnered with <keyword id="10387" type="CITY" weightage="80" keywordseo="Microsoft">Microsoft</keyword> Ventures last year to initiate a startup accelerator, GenNext Innovation Hub. 
 Apart from <keyword id="6355725" type="CITY" weightage="80" keywordseo="Tata-Group">Tata Group</keyword> CTO <keyword id="1459977" type="PERSON" weightage="60" keywordseo="Gopichand-Katragadda">Gopichand Katragadda</keyword>, who has started tapping into the Bengaluru startup hub, group's chairman emeritus <keyword id="6360722" type="PERSON" weightage="80" keywordseo="ratan-tata">Ratan Tata</keyword> himself has become a one-man VC firm. 
 The $100 billion group has already invested in around a dozen startups over 12 months, including <keyword id="874458" type="COMPANY" weightage="80" keywordseo="Xiaomi">Xiaomi</keyword>, the world's second most valuable startup after Uber. 
 
Rishikesha Krishnan, director and professor of strategy at IIM-Indore is of the view that the move underscored a realisation by these conglomerates that there's value being created outside. 
 
New industries will come every day and the ultimate route is to become an investor, said Krishnan. 
 
However, as these conglomerates tap into the disruptive world of startups, they face challenges. "It's not like an <a href="http://www.businessinsider.in/searchresult.cms?query=Alibaba">Alibaba</a>, which backs Paytm with the required understanding. Startups are also looking beyond just money while choosing an investor," he added. 
 
(Image: Indiatimes)

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Nasscom selects 26 Indian startups to unlock generative AI potential

IANS

RIL bets big on start-ups; plans to develop India into global hub

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Aditya Birla Group would soon allow employees to take time off for pursuing their entrepreneurial ideas

BI India Bureau

Meet the two IITians who have started 'idea cafe' at IIT Roorkee, and plan to hit 10 more IITs with their stellar idea this year

Anushree Singh

The Birla Group is getting ‘Disruptive’ about its investments

BI India Bureau

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