Startups and investors join hands to launch Action COVID-19 Team (ACT) with Rs 100 Cr grants
To help Indian startups survive the coronavirus pandemic, founders from leading startups, independent advisors, investors, supporters, and mentors of the startup ecosystem have come together to announce the launch of Action COVID-19 Team (ACT).
ACT Grants, a Rs 100 crore programme, aims to seed over 50 initiatives through grants to combat the economic fallout of COVID-19 in India.
The idea is to have capital-efficient and scalable solutions that need initial seed grant to fight COVID-19. Additionally, the ACT platform will bring its networks, team money and startup assets to create a force multiplier to help these initiatives make rapid meaningful progress.
A 25-member team has been formed to combine the resources of the startup community, and to enable rapid evaluation and recommendations on potential projects.
A leadership team comprising members of the investment advisory community, founders, and independent advisors has been formed to make grant decisions. Further, a mentoring team has been constituted which can monitor and support post-investment for the projects.
The mission of ACT is to provide resources, and guidance to startup founders and employees. The idea is to empower teams through mentoring and financial grants in order to create large-scale impact in the fight against COVID-19. The group will be supported by partner NGOs and leading industry veterans. It will also collaborate with government agencies to scale up solutions that show promising results.
In a press statement, the team shared: “As members of the startup ecosystem, not only are we feeling the massive impact of COVID-19 in our industry, but we are also conscious of our collective responsibility in helping fight the long-term effects this global pandemic will have on our society. Through the Action COVID-19 Team (ACT), founders, investment advisors, business leaders and service providers have come together as a community. Our mission is to provide a springboard for Indian startups and innovators in their fight against COVID-19.”
The idea is to build a collective effort to help startup founders navigate tough times like these with advice and support. The team added that several investors, industry veterans and founders will collaborate and support startup founders in their preparation and planning as they face significant economic impact caused by COVID-19.
"It will be a dynamic resource to share best practices with them and enable them to collaborate and co-operate efficiently with business partners and various other external and internal stakeholders," the statement mentioned.
(Edited by Kanishk Singh)