Amazon launches startup accelerator to help consumer brands access global markets
Amazon has partnered with Startup India to launch an accelerator programme to help early-stage Indian startups in the consumer products space to launch in international markets and create global brands from India through Amazon’s Global Selling programme.
This comes as a part of Amazon Global Selling Propel (AGSP) launched on Tuesday, an initiative designed to provide dedicated support to emerging Indian brands and startups to reach customers around the world.
As part of the Startup Accelerator, Amazon has constituted a mentorship board consisting of Amazon leaders from India and across the world, VCs, and senior leaders from Startup India, who will engage with emerging brands and provide them tailored resources, 1:1 mentorship on the global demand patterns, and insights on building successful exports business through ecommerce.
Amit Agarwal, Global Senior Vice President and Country Head, Amazon India, said:
“Amazon Global Selling, our flagship programme to grow exports from India, is witnessing tremendous momentum with increasing interest from exporters across India. Our partnership with Startup India to launch this accelerator programme will provide emerging brands an opportunity to bring their business propositions to life and help create globally popular brands from India."
"With Amazon Global Selling, we will continue to make exports simple and accessible to businesses of all sizes and fulfill our commitment of enabling $10 billion in ecommerce exports from India by 2025,” he added.
The entries for the startup accelerator open today (January 19) until February 7, 2021. Interested startups can file the application on Amazon India's website.
The ecommerce giant is looking for early-stage startups in the consumer products space (raised funding in the post-seed to pre-series A stage, if funded) with a vision to expand their business to global markets. The entries will be evaluated by an Amazon-led panel on the basis of the business idea, scalability, and strength of the business plan/model, business metrics in launched markets, and founding team credentials, among others. Ten shortlisted applicants will be inducted into the startup accelerator.
Deepak Bagla, MD & CEO, Invest India said:
“The adoption of technology and digital transformation has paved the way for India to be at the forefront of innovation, giving rise to some of the best startups in the world. There are many promising, emerging brands that have the capability to become big and go global. This is a timely initiative by Amazon, which can prove to be a big stepping stone for startups to build their business and get access to global markets.”
Amazon will also host open virtual mentorship sessions focused on peer learning by inviting veteran entrepreneurs and members from its mentorship board for startups, to network and learn from their existing ecosystem.
The accelerator programme will also provide startups an opportunity to showcase their business proposition to partner VC firms – Sequoia Capital India and Fireside Ventures, and a chance to win a total equity-free grant of $50,000 from Amazon.