Maruti Suzuki India Limited today announced winners of the first Cohort of Maruti Suzuki Incubation Program (MSIP).
MSIP is a first-of-its-kind initiative by the Company to help startups channelize their efforts to bring industry-ready solutions and become large scale businesses. It is set up in partnership with Nadathur S. Raghavan Centre for Entrepreneurial Learning (NSRCEL), the startup hub at Indian Institute of Management Bangalore (IIM-Bangalore).
The winning startups are ‘True Assistive’, ‘eShipz’ and ‘Hycube Works’.
These early-stage startups will now get an opportunity to undertake a paid proof-of-concept with Maruti Suzuki India Limited to co-create solutions using high-value disruptive technologies for actual business use.
Kenichi Ayukawa, Managing Director & CEO, Maruti Suzuki India Limited said, “At Maruti Suzuki, we recognize the potential of dynamic and energetic startup teams. Our collaboration with IIM-Bangalore, has strengthened our efforts to nurture and hand-hold these promising early-stage startups. The program is a testament of strong industry-institution partnership to equip these startups and infuse expertise of both domains, resulting in agility to adopt open innovation and research.”
Anand Sri Ganesh, COO, Nadathur S. Raghavan Centre for Entrepreneurial Learning (NSRCEL), IIM-Bangalore said, “The early-stage startups which were a part of the program brought about unique solutions through high-risk disruptive technologies. We are happy to work alongside Maruti Suzuki to extend a dynamic innovation environment to these startups. The program also helped startups cultivate skill sets to equip them to create highly scalable mobility solutions. We are excited to nurture many more futuristic solutions in the next cohort.”
Maruti Suzuki Incubation Program
Maruti Suzuki Incubation Program (MSIP) has been established in partnership with Nadathur S. Raghavan Centre for Entrepreneurial Learning (NSRCEL), the startup hub at Indian Institute of Management Bangalore. This is a first-of-its-kind initiative by an automobile manufacturing company to help startups channelize their efforts to bring industry-ready solutions and become large scale businesses, it said in a press statement.
MSIP received over 400 applications for the 1st Cohort. After a series of evaluation rounds by experts from Maruti Suzuki and NSRCEL, top seven early-stage startups qualified to proceed further for a 6-month incubation program.
During all stages of shortlisting, the startups received training and mentorship under domain experts from Maruti Suzuki India Limited and the industry, along with venture capitalists to strengthen their solutions for actual use. The startups were also guided for investor connect opportunities, the statement added.
