2014-09-04

Reliance to partner Microsoft to incubate start-ups in India

Reliance will operate through Gennext Ventures, an early stage venture capital firm it set up in 2010. RIL may fund the selected start-up in the range of Rs 50 lakh-Rs 2 crore.

Reliance to partner Microsoft to incubate start-ups in India
Reliance Industries will soon enter into a partnership agreement with Microsoft India to incubate startups with seed capital, mentorship and technology, according to a report by Economic Times online Monday, citing an unknown person with direct knowledge of the developments. According to the report, RIL chairman Mukesh Ambani is keen that the company refresh its entrepreneurial spirit and engage fully with the country's fast-evolving startup ecosystem. 
 
 
Reliance will operate through Gennext Ventures, an early stage venture capital firm it set up in 2010. RIL may fund the selected start-up in the range of Rs 50 lakh-Rs 2 crore.
 
 
Highlighting the key reasons why big corporates globally and in India are ready to fund start-ups, Rajesh Sawhney, Founder, GSF Accelerator said "R&D spends are going down, large companies are struggling to innovate (for instance Facebook, Whatsapp, YouTube even Google were independent start-ups that scaled globally and not spun out of large corporations) and finally they are struggling to get startups."
 
 
Large Indian companies have been slow to recognise the potential of start-ups, he said, welcoming the move by Microsoft and RIL to join hands as any new source of funding and mentorship is great for new ventures, he said.
 
 
The selected startups will be provided a mentor, an industry veteran to guide the fledgling business. According to people familiar with the development, Microsoft India will provide ready access to its business units within India and overseas for piloting the incubatee companies' products and services. Microsoft operates accelerators in nine countries including the US, UK, Brazil, France, Germany, Israel, China and India, where the programme has mentored close to 50 startups.
Related opportunities
  • Movies (Multiplex)
    Jadooz provides a virtual reality cinema theatre. It is a chain of..
    Locations looking for expansion Uttar pradesh
    Establishment year 2019
    Franchising Launch Date 2023
    Investment size Rs. 30lakh - 50lakh
    Space required 2000
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Bishrakh Uttar pradesh
  • WTF is a pioneering fitness brand in India, transforming traditional..
    Locations looking for expansion Uttar pradesh
    Establishment year 2021
    Franchising Launch Date 2023
    Investment size Rs. 1 Cr. - 2 Cr
    Space required 3000
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Bishrakh Uttar pradesh
  • OUR SCOPE Providing Beauty Services, Education & Training of Body Care,..
    Locations looking for expansion Uttar pradesh
    Establishment year 2008
    Franchising Launch Date 2018
    Investment size Rs. 30lakh - 50lakh
    Space required 1200
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Aligarh Uttar pradesh
  • TTK Prestige Limited - India’s largest kitchen ware company is..
    Locations looking for expansion KARNATAKA
    Establishment year 1957
    Franchising Launch Date 2003
    Investment size Rs. 20lakh - 30lakh
    Space required 400
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater BENGALURU KARNATAKA
Insta-Subscribe to
The Franchising World
Magazine
tfw-80x109
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
email
mobile
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities

Free Advice - Ask Our Experts

pincode
;
ads ads ads ads