21/07/2017
PUNE:
The Nexus Incubator, a collaboration between the University of Texas and the
U.S. State Department graduated its first group of 10 startups on Friday, informed
US Consulate General, Mumbai office by a press release.
The Startups were chosen from over 113 applications
from all over India, underwent an intense 10 week training program that
featured workshops led by expert speakers and industry leaders from India and
the United States.
These startups represent a broad variety of industry
sectors and have the potential to make a great contribution to an already
thriving Indian entrepreneur climate. “Nexus is really about demonstrating best
practices in incubating startups and guiding entrepreneurs towards ultimate
success in the business world” said Nexus director Erik Azulay, who moved to
Delhi from Austin, Texas to set up and run the center.
“We have brought the strongest players in the Indian
ecosystem together to support startups on their road to commercialization - companies
that we hope will contribute to economic prosperity in India and the United
States. The Indian Angels Network, TiE, FICCI, Indian School of Business,
The Department of Science and Technology, USAID and the American Chamber of
Commerce (AmCham) are all coming together to show that a unified ecosystem is
stronger and more productive for promoting entrepreneurial success.” he continued.
Several startups in the first group of startups have
already been funded, including BigDeals, which is the first company to provide
escrow services in the real estate market, and Dhakka Brakes, which invented a
new regenerative brake system for rickshaw drivers.
“Nexus really helped us focus on our target
customers and rethink our value proposition” says Big Deals CEO Ashwin
Chawwla. “We revamped our pitch deck and got a great response from
investors.”
The idea of an innovation hub and incubator originated
with Craig Dicker, the Cultural Attache at the U.S. Embassy New Delhi.
“America is known for its best practices in innovation and entrepreneurship and
what better place to share that expertise than in India, which is in the midst
of an explosion of entrepreneurial growth. Although India ranks 3rd in the
world in number of startups, the innovation ecosystem in many cities, Delhi
included, is very fragmented. Nexus is our way of bringing the various
stakeholders together to work in a concerted way.”
With the success that its graduate companies
have already had, Nexus and its partners are well on
their way to achieving their goal of promoting a successful
entrepreneurial partnership between the U.S. and India that will bring economic
growth to both nations.
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