Invest India joins hands with MTS Startup Hub and Altair to boost tech startups
Invest India has partnered with Russia-based MTS Startup Hub and US-based Altair to scout for technology-based startups through the MTS Innovation Challenge and Altair Grand Challenge, respectively.Asmaa Ansari
Invest India, the national investment promotion and facilitation agency of India, has joined hands with two entities, Russia-based MTS Startup Hub and US-based Altair, to scout for technology-based startups through the MTS Innovation Challenge and Altair Grand Challenge, respectively.
MTS Innovation Challenge gives opportunities to startups that have developed a product to solve business problems in fintech, HR tech, Internet of Things, B2C digital products, and software/SaaS for ecommerce.
A startup can select the relevant sector and apply for any two problems listed in the respective sector. In order to sign up for the challenge, which is applicable for seed funded or Series A+ startups, the team should have a viable product or ready-to-deploy technology. At least one member from the team must be ready to participate in the Moscow-based sessions. The revenue prediction must be more than $5 million per year after 3-5 years.
Three winners will be selected and prizes include up to three months of paid pilot opportunity with MTS StartUp Hub, for up to Rs 5,40,000, which includes working with business customers from MTS, access to MTS corporate resources, and mutual decision making on the best long-term cooperation model, after a successful project. Awards also include travel grant up to Rs 2,16,400.
Startups whose pilots are successful will be able to qualify for investments in the amount of $500,000 to $1,000,000.
Non fiscal incentives include two months of highly intensive work to accelerate the product using MTS industry expertise at MTS, Moscow, which consists of workshops and product feedback sessions from experts, access to education materials, individual focus on product development with trackers and business customers from MTS and Demo Day with the participation of MTS top-management and external experts.
For the Altair Grand Challenge, Invest India is inviting ideas from the startup community in three areas - simulation technology for product design and development, digital twin development, and algorithm development related to embedded systems.
Any startup or individual with an innovation can take up the challenge and the top three winners will be awarded Rs 1,75,000, Rs 1,05,000, and Rs 70,000, respectively.
Non-fiscal prizes include access to Altair technology and products listed under HyperWorks, SolidThinking, for early concept design stage solutions, SmartWorks for building applications for Internet-of-Things, and KnowledgeWorks, for data science applications. It also includes access to mentors in the design to testing phase for 10 hours each month from a list of experts. Winner also get access to Altair forums such as technology conferences, CXO events and other focused events as well as access to a prototyping facility for the chosen entries in the automotive sector with traction motor requirements.
The last date of application for both the competitions is July 15, 2019. Those interested in the MTS Innovation Challenge can apply here, and those interested in the Altair Grand Challenge can apply here.