Supports startups in Health, Medical and Education technologies; launches new initiatives – Virtual Incubation & Institutional Incubation Ecosystem
BENGALURU: GINSERV, India’s leading Technology Business Incubator (TBI) based out of Bengaluru, today announced the first cohort of 24 startups involved in product development in Health, Medical and Education-related technologies for its flagship GINCELERATOR program.
GINCELERATOR, GINSERV’s accelerator program has been designed with the support of National Science Technology Entrepreneurship Development Board (NSTEDB) and Department of Science and Technology (DST), Government of India. Each of the 24 startups will be eligible for Startup Kit worth INR 25 Lakh. As many as 100 startups had submitted applications of which 24 were selected based on various parameters.
Girish Hiremath, COO, GINSERV, said, “GINCELERATOR 2.0 is conceived to accelerate the growth and scale of Tech start-ups sustainably stronger and faster by providing access to mentors, industry experts, investors, and pilot access to potential customers. GINSERV being part the Mysuru-based JSS Group Institutions with its strong presence in Education, Medical and Healthcare space, can unlock huge opportunities for the Tech Start-ups form these sectors.”
GINSERV launched two new programs on the occasion – Virtual Incubation and Institutional Incubation Ecosystem. “Virtual incubation is the need of the hour. With work from home becoming a norm in the pandemic driven new normal, entrepreneurship has started to bloom in smaller cities, towns and in drawing rooms of innovators,” Hiremath pointed out.
Institutional incubation is about setting up a startup ecosystem in various technology institutions like engineering colleges. GINSERV is in advanced stage with technology institutes across Karnataka. According to Hiremath, non-metros like Belagavi, Hubballi-Dharwad and Mangaluru have the potential to develop into technology hubs.
Meena Nagaraj C N, Director, IT & BT, Science and Technology and Managing Director, KITS, Government of Karnataka, chief guest of the occasion, in her speech, elaborated on the new Special Incentives Scheme for Electronics System Design and Manufacturing (ESDM) sector to attract industries moving out from China. “Karnataka’s IT policy is focused on employment generation and Startups contribute significantly in this direction. The goal of new policy (2020-2025) is to boost IT penetration and innovation in the state holistically, both in Bangalore and beyond. Tier 2 and tier 3 cities will be covered under Beyond Bangalore plan,” she added.
Kapil Khandelwal, Managing Partner, Toro Finserve LLP, which is the sponsor to India Healthcare Opportunities Fund, and Director at EquNev Capital Pvt. Ltd, was instrumental in starting the Bangalore Angels and has invested and exited several startups in the healthcare space. As the keynote speaker, he said, “The National Digital Health Mission (NDHM) offers an immense opportunity. Digital healthcare can unlock US $200-250 billion in the next 10 years to the nation’s economic value. To realise this, health-tech investments of around 5% ($12.5 billion) is needed right away. The overall India digital health opportunity is valued at $50 billion.”
“We need to create thousands of ventures that can create the depth and width of healthcare apps for the next billion today,” Khandelwal added.
Dr. PKB Menon, Managing Director, GINSERV, a former scientific advisor to DST and Head of NSTEDB, said, “It’s time for Start-ups to put behind the days of doubt, inaction and start catalysing their ventures by joining initiatives like GINCELRATOR, where one can compress the learning and execution that could have taken over a year. GINCELRATOR will infuse a fresh lease of energy and motivation. We’ve the know-how and resource pool to roll out initiatives that can contribute tremendously to Startup ecosystem.”
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