Microsoft ties up with GenNext Ventures

GenNext Ventures has signed a three-year partnership with Microsoft India, through Microsoft Ventures in India, to set up GenNext Innovation Hubs, a pan-India initiative to catalyze the country’s technology start-up ecosystem. The Memorandum of Understanding (MoU) was signed by Dr R.  A. Mashelkar, Chairman, GenNext Ventures and Board Member, RIL, and Bhaskar Pramanik, Chairman, Microsoft India. The first hub will start operations in October in Mumbai, and will be subsequently emulated across multiple cities in India.

The MoU allows GenNext Ventures and Microsoft Ventures to bring together key stakeholders – academia, students, entrepreneurs, investors, and corporate – at the GenNext Innovation Hubs and offer some of the most critical resources that start-ups need to be successful.

Dr R. A. Mashelkar said, “Technology start-ups, which are a key source of innovation in India, are at an inflexion point today. While the numbers have grown exponentially year on year, the industry is at a nascent stage. While several initiatives are under way to help start-ups, what is lacking is a national platform that seamlessly brings together all stakeholders and also provides the resources Indian start-ups need to be successful. That is what we are aiming to do through GenNext Innovation Hubs, in our partnership with Microsoft Ventures.”

Bhaskar Pramanik, Chairman, Microsoft India, said, “The emerging trends in India’s technology start-up space are fascinating – both in numbers and in diversity of ideas. At Microsoft, we have had a long-standing commitment to innovation, not just within but also in the IT ecosystems of markets we operate in. Microsoft Ventures is leading that for us in India. With this partnership, startups in India will have access to GenNext Ventures’ deep industry experience and Microsoft Ventures’ knowledge and IT industry network and strength.”

The GenNext Innovation Hub at Mumbai will provide the opportunity to a select group of entrepreneurs to launch or re-engineer their company through an immersive, four-month-long programme. Start-ups in the programme will have access to business mentors, technical and design experts and plug-and-play office space. They will also have access to mentors who can help them gain valuable market insights for Indian and global markets.
 
The Mumbai GenNext Innovation Hub is now open to receiving applications for the accelerator programme.