Here’s why Comviva’s InnoNXT Tech Challenge is an unmissable opportunity for startups looking to shape the future
As the COVID-19 pandemic continues to change the way we live and work, there is a need for future-ready solutions that enable the world to carry on despite challenging circumstances. In tandem with this spirit, Comviva — a subsidiary of Tech Mahindra and a part of the $21-billion Mahindra Group — is inviting startups to participate in its InnoNXT Tech Challenge and design solutions that can empower the future.
The solutions will be selected on the basis of how effectively the startups leverage technologies like 5G, artificial intelligence, gamification, FinTech and chatbots to come up with disruptive ideas.
Comviva would select 10 startups as finalists who will be invited to pitch their ideas during the Demo Day of the challenge and the winners will be announced on 21 June, 2021.
The deadline for submitting applications has now been extended to May 17, 2021 due to popular demand and keeping the Covid-19 crisis in mind. The three startups with the best solutions will be eligible for cash grants of $10,000, $5,000 and $2,500 respectively.
Vision for the future
The participating startups will have to come up with working solutions that are based on six broad themes: gamification, digital personal finance managers, conversational AI platforms and customer engagement through vernacular voice bots, rich media content categorisation in 5G, unified subscription solution, and digital advertising platforms.
What sets this challenge apart is its focus on continuous innovation. “Through the InnoNXT Tech Challenge, we are extending an invitation to startups to come join us and nurture ideas to create solutions that can have a sustainable impact on customers and end users. We believe it to be a win-win for all, be it customers or startups, and to be completely aligned with Comviva’s philosophy of innovation by creating value for all,” says Manish Jain, CTO, Comviva.
What startups can expect from the challenge
The finalists will be evaluated on the basis of the following parameters:
- Business potential
- Clarity of thought or end-to-end execution plan
- Design/ technical excellence
- Ease of adoption/use
- Effective presentation & communication
The jury will feature eminent startup mentors and investors along with members from the Comviva leadership team.
“Innovation works with diversity. Just like we have diverse problem statements in the challenge, we are continuing with the same format for our jury. The names of the jury members will be kept confidential for now and will be disclosed during the Demo Day,” says Manish.
Apart from the cash prizes, the finalists will get access to the following opportunities during the challenge:
- Mentorship sessions by Comviva SMEs and business leaders to improve product and go-to-market strategies
- Opportunities to work with Comviva product teams and create stronger solution offerings
- Market access to Comviva customers across 100 countries
- Promotion via PR and social media verticals
- Free cloud credits and other benefits – AWS Activate and/or Microsoft Accelerator Programme
- Advice on business functions such as legal issues, tax and compliance, finance, marketing, and human resources
- Access to collaboration tools, productivity tools, and Comviva’s software solutions
Talking about the other benefits of the programme, Manish says, “Comviva would also be entering into white label software partner programmes with the winners, which will enable both the organisations to enhance their brand value while expanding their service offerings. Another interesting aspect of this challenge is the technologies that it deals with. These technologies are emerging use cases in today’s tech world.”
The Comviva InnoNXT Tech Challenge is an unmissable opportunity for startups as it will give them a chance to directly collaborate with Comviva products and solutions and will open new doors for them.