Target is a $73 billion US retailer that has officially launched its accelerator program for India. The company will be helping startups with $30,000 along with access to mentors, tools, resources and operational support. Target has close to 3,000 employees in India and is looked upon as the second headquarters for the giant. This accelerator has been set up to tap into the innovation ecosystem in India, according to Target India MD, Navneet Kapoor.
Twitterati has been abuzz with the launch and this gives a very strong indication about the interest global giants have in the tech companies emerging from India. Target has chosen the following five companies it'd be working with:
1. Turnaround Innovision: Automates generation of rotating 3D images (can be used to better showcase products on websites, caters mainly to e-commerce companies)
2. Konotor: Enables in-app two-way communication, which can be used for communications with customers
3. MuHive: Simplifies social conversations
4. Unbxd: Enables personalization in search, product recommendations, landing pages and navigation
5. Instaclique: Integrates social media conversations online and through mobile apps to increase customer engagement
The startup space in India has been alive and the recent WhatsApp acquisition has made technology startups mainstream. The Morpheus is the oldest accelerator in India that is relaunching in a new avatar and will be helping later stage startups now. GSF and Microsoft are the other accelerators which have consolidated their position. There have been contradictory views about the rise of these accelerators but in the larger scheme of things, it is an encouraging sign for entrepreneurs with more support coming up and more avenues opening up.
We'll update the post as soon as we hear more on how to apply for the accelerator and other details. Here is the official Target website.