Global entrepreneurial mentoring network Techstars on Monday announced to open its first mentorship-driven accelerator in Bengaluru to nurture Indian start-ups in the emerging technologies.
To begin with, the Techstars accelerator in India will invest $120,000 each in 10 start-ups working in fields like Artificial Intelligence (AI), Blockchain, AR/VR, Robotics, Internet of Things (IoT) and Big Data Analytics.
“The aim is to help solve problems in sectors like food tech, agriculture, retail, banking, healthcare, manufacturing, public sector and transportation.
“We will help Indian entrepreneurs connect with mentors with the ability to bring step change improvements to their startup journeys,” Ray Newal, Managing Director of Techstars accelerator in Bengaluru, told IANS.
The Bengaluru accelerator will begin operations from February 4, 2019 and culminate on May 2.
“The applications to select 10 start-ups are now open and will close on October 14,” Newal informed.
The Techstars community now includes more than 10,000 mentors and through its mentorship-driven accelerators, it has invested in 1,375 companies from more than 40 countries.
“It is my priority to provide founders in India with the tools they need to succeed in their journeys, whether it be qualified advice, capital or simply access to the right people,” said Newal.
Techstars founders connect with other entrepreneurs, experts, mentors, alumni, investors, community leaders, and corporations to grow their companies.
The Colorado-based network operates three divisions: Techstars Startup Programmes, Techstars Mentorship-Driven Accelerator Programmes, and Techstars Corporate Innovation Partnerships.
Techstars accelerator portfolio includes more than 1,300 companies with a market cap of $13.9 billion.
“The entrepreneurs are not unique to India but can be found in any developing country like Brazil, Indonesia, Nigeria and the Philippines,” said Newal.