This announcement is sponsored by IDGVI.
Update: Due to an out pour of applications and requests by a number of entrepreneurs, IDGVI has extended the deadline to Monday, 25 July 2016. That means, you get the weekend to work on your application!
Are you on to the next big thing? Does your product have the potential to change lives everywhere? If your software startup is working on an innovation or a brilliant idea, then this might be your first, big opportunity to connect with IDG Ventures India, a leading Indian, early-stage, venture capital firm.
IDG Ventures India has launched the Software Innovators’ 2016 programme to provide assistance to startups across the software products space. Sudhir Sethi, Founder Chairman, IDG Ventures India, says, “The Software Innovators Program looks to discover disruptive software product companies from India, with a potential to build a global foot print in the machine learning, artificial intelligence, SaaS, fintech and security areas amongst others. This program follows our successful software investments, including, Manthan, Newgen, Fintellix, Unbxd, and Uniphore.”
Forrester Research, market forecaster, anticipates software-related spending to be bullish in 2016 – a 5.7 percent increase to almost $600 billion. Additionally, this year alone, spending dedicated to software as a service (SaaS) investments is expected to explode by 24 percent to $108 billion, according to Forrester.
Numbers aside, it is not hard to see why software will see some great momentum in the next few years, like it did almost a decade ago. Cloud platforms are accelerating app development; then there is artificial intelligence, machine learning, and the widely-talked-about big data. From automation to cloud to open APIs (application programming interfaces), new developments continue to impact the software industry, bringing changes and disruptions in the industry and as well as in our everyday life.
With software at the core of practically every industry, the future demands a new of breed of software innovators who can devise solutions that positively impact every aspect of our lives.
”Innovative software companies coming from India have been growing at a phenomenal rate. Based on our estimates, more than 800 companies have been launched in this space since 2015. We strongly believe that there will be several world-class companies coming out of India in the near future. Through this programme, our endeavour is to reach out to the next wave of path-breaking software product companies,” says Venkatesh Peddi, Executive Director, IDG Ventures India.
Who can apply?
Young software startups (preferably less than three years old) looking to raise seed or Series A round of funding will benefit the most. You should be a startup capitalising on the rise of cloud, fintech, machine learning, or any area enhancing existing technologies, services, or the ecosystem, or developing something that’s totally new and pathbreaking. Also, more importantly, as an Indian software startup, your solution should have relevance and the potential to tap global markets, especially in the US.
Why should you apply?
IDGVI plans to shortlist 15-20 companies each from closed-door meetings scheduled in Bengaluru and Mumbai. These will then get an opportunity to convince the senior team members of IDGVI. Selected startups will then progress to the funding track while the rest can participate in a mentoring session on all aspects related to starting up and getting ready to fundraise.
By being part of the IDGVI Software Innovators Programme, you will be introduced to the big names in the startup world you have only read or heard about. From getting to meet founders, mentors and teams of other startups, to finding opportunities to collaborate, or even learn from other startups, you stand to gain much and grow. Ask any entrepreneur, and s/he will have an interesting story of how networking and the right mentor made a world of difference to them.
IDGVI currently has a portfolio of over 50 companies, including well-known brands like Myntra, Newgen, Lenskart, Manthan, Fintellix, NestAway, Unbxd and Uniphore.
IDGVI has been a prolific early-stage investor in India, and invests in the range of $500,000 to $10 million in sectors like consumer media and tech, software, healthtech, and fintech. In 2015, IDG invested in 23 startups, and was the top investor in the country in the number of deals.
Applications for the IDGVI Software Innovators Programme open on July 12 and close on July 25. The IDGVI team will meet the shortlisted startups in Mumbai on July 29 and in Bengaluru on August 3.