VIJAYAWADA, 19 June 2018: Federation of Indian Chambers of Commerce and Industry (FICCI) has signed an agreement with the Andhra Pradesh Innovation Society for the second phase of the technology business accelerator Xlr8 Andhra Pradesh (Xlr8AP).  

Xlr8AP is a joint venture between Innovation Society of the Government of Andhra Pradesh, FICCI, and IC2 Institute of the University of Texas at Austin.

XLr8AP aims to establish a world-class technology innovation ecosystem in Andhra Pradesh through training, advanced capacity-building for innovators and entrepreneurs, and, incubation and acceleration of tech companies. The initiative also assists in the mobilisation of venture capital and provides access to the global networks of both FICCI and IC2. Select qualifying tech companies looking at the global marketplace are co-located at Austin. 

Xlr8AP trained 132 startups in its first phase thereby creating over 1,000 new jobs and paid internships, aiding next-generation entrepreneurs to learn high-impact entrepreneurship 'from the inside' and solving real societal and business challenges through innovation. 

Over USD 3.4 million in incremental revenue and more than 200 commercial deals in various stages of development are in the works as a result of the initiative.