The 22 selected ventures have been chosen from a pool of 344 applications based on the viability of their ideas and proposed solutions to the identified challenges.
23 Nov 2023 | 2723 Views | By Autocar Pro News Desk
Alstom and NSRCEL, the startup hub at IIM Bangalore, have unveiled the commencement of the second cohort of their Sustainability Incubation Program. This program is designed to assist startups dedicated to tackling climate change and addressing diverse sustainability challenges. Its focus lies in nurturing the growth, scaling, and market integration ...
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Alstom and NSRCEL, the startup hub at IIM Bangalore, have unveiled the commencement of the second cohort of their Sustainability Incubation Program. This program is designed to assist startups dedicated to tackling climate change and addressing diverse sustainability challenges. Its focus lies in nurturing the growth, scaling, and market integration of technological solutions that replace high-emission, energy-intensive, and non-recyclable incumbents.
The Sustainability Incubation Program facilitates the development of sustainable technology for startups, guiding them in establishing conducive policy environments, and creating scalable go-to-market and revenue models that prioritize climate-centric solutions. Tailored to support startups in their early revenue stages, the program places emphasis on fostering innovations in various domains, including green manufacturing, mobility infrastructure, energy and renewable energy, climate technology, alternative fuels, and vehicle technology.
Olivier Loison, Managing Director at Alstom India, speaking on the announcement stated, “As one of the leaders in sustainable mobility, the NSRCEL Sustainability Incubation program is core to Alstom’s impact investments in the country. Following the success of the first cohort, we are excited to expand the scope of the program to include sustainability more holistically. The second cohort is aimed at positively impacting India’s climate challenges, and we look forward to seeing the solutions achieve their full potential.”
The 22 selected ventures have been chosen from a pool of 344 applications based on the viability of their ideas and proposed solutions to the identified challenges. These ventures will advance to a pre-incubation program, where they will strengthen their foundational business fundamentals and receive mentorship tailored to their specific needs. Following this, the ventures will enter a six-month incubation phase, focusing on prototyping and refining pitches for the screening committee.
The program aims to enrich knowledge and expertise among sustainability ventures, enabling them to assess their product-market fit across various contexts. It includes interactive capacity-building workshops, contextual mentorship, and valuable ecosystem connections. The program's content is customized to meet the distinct requirements of each participating startup, offering guidance on navigating the ecosystem, understanding policies, and ensuring regulatory compliance. A funding grant pool of Rs 1.5 crores has been allocated to support startups with the highest potential for creating a meaningful impact.
In the inaugural cohort of the Sustainability Incubation Program, NSRCEL successfully nurtured ten ventures out of a total of 20 startups. These ventures have collectively generated a monthly revenue of Rs 3.11 crore and received a total funding of Rs 22.14 from notable venture capitalists. The program has garnered a strong client roster, including industry leaders such as SEG Automotive-Mahindra Electric, Zypp Electric, Tata Elxsi, Shell Foundation, and Bounce.