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Andhra startups line up for global accelerator programme
Jun 22, 2019
VISAKHAPATNAM, 22 June 2019: FICCI jointly with AP Innovation Society and University of Texas at Austin on Tuesday launched the second phase of the Global Accelerator and Incubator Programme. The programme has evoked a good response from startups of Andhra Pradesh.
The cohort programme involves a rigorous selection process. The project, named XLr8AP, is being implemented by FICCI in collaboration with APIS (Andhra Pradesh Innovation Society) and IC2 Institute of the University of Texas at Austin.
This is the first cohort programme launched at the Sunrise Incubation Tower at IT Special Economic Zone, Madhurawada after XLr8AP was shifted from Tirupati to Vizag last year.
"We are very excited for getting expert handholding and mentorship through this initiative. In fact, it's a dream come true for someone hailing from backward Srikakulam district," said Mr Chaduvula Prasanth, CEO, HelloTeany.
Mr Winny Patro, CEO, APIS said "The overall response is phenomenal. The encouraging factor this time is the selection of large number of teams from A.P., including many from the northern part of Andhra Pradesh. XLr8AP has now the advantage of a world-class industrial ecosystem after its relocation to Visakhapatnam," he said.
It is a multi-faceted initiative which includes training, advanced capacity building for innovators and entrepreneurs, incubation and acceleration of tech companies into the global marketplace, mobilisation of venture capital and access to the extensive global commercial development networks of both FICCI and the IC2 Institute.
It also gives startups direct exposure to the entrepreneurial culture of Austin, Texas through co-location in Austin to select qualifying companies who are looking to take their technology to the global marketplace.
In the first phase, through four cohorts XLr8AP trained 132 startups and with the support of XLr8AP these firms were successful in creating over 1,000 new jobs and paid internships, allowing next-generation entrepreneurs to learn the process of high-impact by working with others to learn about societal and business challenges through innovation. In the process, they have produced over $3.4 million in incremental revenue with over 200 commercial deals currently in various stages of development.
The first cohort under the second phase of the program will consist of 15 startups.