IIM Bangalore’s NSRCEL and Nasscom AI have come together to roll out a co-incubation program to support early-stage startups focused on AI and deep tech. The Business Growth Plan is prepared by the participants under NSRCEL’s Women Entrepreneurship Program which is supported by Goldman Sachs.
Collaboration and Program Highlights
This partnership is mutually beneficial and combines NSRCEL’s experience in incubating startups and Nasscom AI’s knowledge of the domain and guidance. In addition to knowledge across technology domains, NSRCEL encompasses a strong mentorship program to help AI startups navigate the business world and the industry. This means that startups undergo both virtual and physical incubation to balance between the two. The companies involved in the pilot got access to customized workshops, business coaching, and significant AI-focused events. The program’s expansion and awareness grew significantly of the program.
The Deputy Director-AI of Nasscom, Praveen Mokkapati emphasizing the collaboration said, “Our partnership with NSRCEL represents a powerful synergy in the AI startup ecosystem. By joining forces, we’re creating a robust platform that will empower the next generation of AI innovators. This collaboration underscores our commitment to building capacity, driving technological advancement, and positioning India at the forefront of the global AI revolution.”
Benefits for Startups
After completing their program, startups join NSRCEL’s impressive roster of alumni, who are offered support, exclusivity, and opportunities for networking with investors and experts. This affiliation helps to ensure that the startups continue to grow and be successful in their areas of focus.
The CEO of NSRCEL, Anand Sri Ganesh said, “This partnership with Nasscom AI marks a significant milestone in our mission to empower India’s next generation of AI and deep tech innovators. Business mentoring plays a crucial role in guiding AI startups through the complexities of emerging technologies and market dynamics. At NSRCEL, we recognize the importance of providing comprehensive mentoring that goes beyond technical expertise. This holistic support ecosystem is instrumental in nurturing these startups, equipping them with the skills and resources necessary to make a transformative impact on a global scale.”
Growth Strategy of NSRCEL
The velocity program of NSRCEL is specially designed to nurture revenue models of startup companies. It targets entrepreneurs with a product that is already at the MVP stage or those with a startup that is already generating revenues. The program includes critical path methodology, direct support, and market positioning to accelerate products, confirm markets, acquire customers, and assure long-term success.
NSRCEL emphasizes customer retention. When startups can transform initial customers/patrons into repeat customers/ users, it would mean more lifetime value, customer satisfaction, and a better return on investment. These are some strategies for identifying churn rates providing multi-channel support, and sending targeted messages to consumers through digital platforms.
Conclusion
The latest three-month trial featured startups like Vitt. The contenders include AI, Yarnit, Onelogica, Imagined Reality Interactive, Sunix AI, Nuronics Labs, Soket AI Labs, GoCodeo, Vodex, and PaceRobotics. With this co-incubation partnership in place, AI and deep tech startups are in good stead to be properly equipped to grow while being able to make a revolutionary change across the world.
