Telangana AI Mission (T-AIM) has today announced that nearly 30 AI startups from its Revv Up Acceleration Program have participated in a market access initiative in a recently held virtual event in Hyderabad. T-AIM, which is an initiative of Government of Telangana, powered by NASSCOM, conducted a virtual event to bring together enterprises and startups on the same platform.
For this initiative, T-AIM has collaborated with NASSCOM to invite several enterprises. Through a series of one-to-one meetings spread across three days, the initiative witnessed startups pitching their AI-led solutions to enterprises.
Praveen Mokkapati, Lead for T-AIM, said, “Market access is mutually beneficial for both parties: corporates can maintain a comparative advantage by accessing the latest technological innovations whereas start-ups can benefit from customer access and feedback, potential mentoring, and access to resources to help them grow.”
India holds opportunities for corporates to accelerate innovation by leveraging the world’s third-largest tech start-up ecosystem. Corporates are leveraging multiple collaboration models and approach with tech start-ups to gain market expansion, adding newer revenue streams, accelerating technology capabilities and open innovation programs. As per NASSCOM data, 2021 has witnessed 1.5X higher corporate participation with over 175 investments and more than 35 M&A activities as compared to 2020. Through market access, the Revv Up program aims to build scalable businesses by enabling enterprise-startup collaborations in the areas of Artificial Intelligence and deep technologies
Through this initiative, enterprises may choose to provide a proof-of-concept opportunity to select startups. The event’s conclusion saw two startups being identified by enterprises for deeper engagement. A few more startups are also likely to be selected further.
Speaking on the occasion, Prakash Bodla, Managing Director & Vice President, Engineering, Carrier Technologies India said, “We are excited to be part of this program and are keenly looking for innovative opportunities to collaborate. The startups are bringing product innovation and making them faster and companies like ours comes with strong market, domain, customer and region connect, which will make it a win-win opportunity.”
The Telangana AI Mission (T-AIM), launched by Telangana Government and powered by NASSCOM, is currently supporting 80 AI startups through the Revv Up program. The startups offer solutions spanning several sectors including enterprise software-as-a-service, healthcare, e-commerce, agri-tech among others.