Info-tech

SunTec announces $1-mn seed fund for young entrepreneurs

Vinson Kurian Thiruvananthapuram | Updated on November 07, 2014 Published on November 07, 2014

Technopark-based SunTec Business Solutions has set up $1-million seed fund to encourage entrepreneurship among college students.

Named after Xelerator, its solution for revenue management and business assurance, SunTec hopes to provide young entrepreneurs advice, support and funding to convert ideas into viable business.

MOTIVATING YOUNG

Nanda Kumar, Chief Executive Officer, SunTec, said that the Xelerator initiative aims to create a culture of innovation and motivate young minds into entrepreneurship.

“We are on the lookout for extraordinary ideas that can be developed as interesting business opportunities and for this we will provide them with infrastructure, financial and mentoring support.”

According to G Vijayaraghavan, Member, board of directors, SunTec, budding entrepreneurs are now one step closer to turning their big ideas into successful ventures.

“We are looking for young innovative entrepreneurs who have next generation ideas in software, apps, green technology, electronic hardware embedded systems, bio information, bio medical devices or bio technology.”

UNIQUE IDEAS

Vijayaraghavan added that SunTec wants to enable such young leaders and introduce their unique idea as a finished product in the market.

An expert panel from SunTec will go to 30 major engineering campuses across South India over the next six months when aspirant students can propose their ideas for funding.

The shortlisted candidates will then be offered to attend a workshop of entrepreneurs to be held in Thiruvananthapuram.

At the workshop, selected teams will be given an opportunity to present their business ideas in detail to the expert panel featuring senior leadership from SunTec as well as experts from the industry.

The winning teams will be funded by SunTec to further develop the idea into a functional product in the market. SunTec would also be making some job offers to the participants.

Published on November 07, 2014
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