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Maruti Suzuki India Limited has announced three winners of the first cohort of the Maruti Suzuki Incubation Program (MSIP). The winning startups include True Assistive, eShipz and Hycube Works.
These early-stage startups will now get an opportunity to undertake a paid proof-of-concept with Maruti Suzuki India Limited to co-create solutions for actual business use. MSIP is a company initiative to help startups channelise their efforts to bring industry-ready solutions and become large scale businesses. It is partnered with Nadathur S. Raghavan Centre for Entrepreneurial Learning (NSRCEL), the startup hub at the Indian Institute of Management Bangalore (IIM-Bangalore).
Speaking about the incubation program, Kenichi Ayukawa, Managing Director and CEO, Maruti Suzuki India Limited said, “My heartiest congratulations to the winning startups. Your contribution to the program has reinforced our belief in the role of innovation in shaping the industry. Established with an aim to work together with young minds to strengthen the mobility space, MSIP aligns with Government’s focus and optimism in the startup ecosystem. At Maruti Suzuki, we recognize the potential of dynamic and energetic startup teams. Our collaboration with IIM-Bangalore, a prestigious business school, has strengthened our efforts to nurture and hand-hold these promising early-stage startups. The program is a testament of strong industry-institution partnership to equip these startups and infuse expertise of both domains, resulting in agility to adopt open innovation and research.”
Anand Sri Ganesh, COO, Nadathur S. Raghavan Centre for Entrepreneurial Learning (NSRCEL), IIM-Bangalore said, “The early-stage startups which were a part of the program brought about unique solutions through high-risk disruptive technologies. We are happy to work alongside Maruti Suzuki to extend a dynamic innovation environment to these startups. The program also helped startups cultivate skill sets to equip them to create highly scalable mobility solutions. We are excited to nurture many more futuristic solutions in the next cohort.”
MSIP received over 400 applications for the first Cohort. After a series of evaluation rounds by experts from Maruti Suzuki and NSRCEL, top seven early-stage startups qualified to proceed further for a 6-month incubation program. During all stages of shortlisting, the startups received training and mentorship under domain experts from Maruti Suzuki India Limited and the industry, along with venture capitalists to strengthen their solutions for actual use. The startups were also guided for investor connect opportunities. Maruti Suzuki Incubation Program is now open for applications for the second cohort.
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