InnovationQore launches Turbostart programme to fund 100 startups in next 5 years
Top ten shortlisted startups under this programme will receive a funding of (up to) Rs 2 crore and assistance with product positioning, human resource management etc.
Bengaluru-based InnovationQore announces the launch of Turbostart, a national-level startup programme, to fuel the growth of around 100 startups over the next five years. Under this, every six months, the top ten innovative startups will be identified and nurtured by a team of entrepreneurs, business leaders and a seasoned management team who are working full-time to assist the startups.
As part of the programme, shortlisted startups will also be funded with (up to) Rs 2 crore (per startup). In addition to funding, the startups will receive assistance with product positioning, human resource management, brand and digital strategy along with marketing and sales.
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The idea at the heart of the Turbostart programme, which is open to all Indian startups, is to basically facilitate the discovery of innovative early-stage startups, invest in them, and help them with product and market validation, instant funding, industry connects and other customary business support.
“Our vision is to build a strong startup ecosystem by creating a clear path of success for the entrepreneurs and eliminating the tedious task of dealing with market hurdles and non-core activities. Our plan is to fund 20 startups per year in two seasons - January and June. The intent is to accelerate the growth of at least 100 startups over a period of five years We have raised around 50 crore already with additional commitment from investors on a need basis,” said Ganesh Raju, Founder and CEO of InnovationQore.
Apart from accelerating the growth of the startups, the programme is also aimed at complementing the work of existing incubators and accelerators.
As Raju added, “Our teams would be visiting all the incubators and accelerators to create awareness about Turbostart and about the benefits of their cohorts being a part of Turbostart. We hope to attract quality startups from Tier-II and Tier-III cities as well.”
There is, however, a simple criteria for a startup to be considered eligible for the Turbostart programme – it should have been incorporated for a period of less than 10 years with a minimum viable product or proof of concept.
Besides this, the startup should also be working towards innovation and development or improvement of products or processes or services with a scalable business model.