GINSERV selects 24 startups for toolkit worth INR 25 lakhs
Bengaluru: Global Incubation Services (GINSERV), India’s leading Technology Business Incubator (TBI) based out of Bengaluru, today announced the first cohort of 24 startups involved in product development in Health, Medical, and Education-related technologies for its flagship GINCELERATOR program.
GINCELERATOR, GINSERV’s accelerator program has been designed with the support of the National Science Technology Entrepreneurship Development Board (NSTEDB) and Department of Science and Technology (DST), Government of India.
Each of the 24 startups will be eligible for Startup Kit worth Rs 25 Lakh. As many as 100 startups had submitted applications of which 24 were selected based on various parameters, according to a release here on Thursday.
GINSERV, COO Girish Hiremath said, “GINCELERATOR 2.0 is conceived to accelerate the growth and scale of Tech start-ups sustainably stronger and faster by providing access to mentors, industry experts, investors, and pilot access to potential customers. GINSERV being part the Mysuru-based JSS Group Institutions with its strong presence in Education, Medical and Healthcare space, can unlock huge opportunities for the Tech Start-ups from these sectors.”
GINSERV launched two new programs on the occasion – Virtual Incubation and Institutional Incubation Ecosystem.“Virtual incubation is the need of the hour. With work from home becoming a norm in the pandemic driven new normal, entrepreneurship has started to bloom in smaller cities, towns, and in drawing rooms of innovators,” Hiremath pointed out.
Institutional incubation is about setting up a startup ecosystem in various technical institutions like engineering colleges. GINSERV is an advanced stage with technology institutes across Karnataka. According to Hiremath, non-metros like Belagavi, Hubballi-Dharwad, and Mangaluru have the potential to develop into technology hubs.
C N Meena Nagaraj, Director, IT & BT, Science and Technology and Managing Director, KITS, Karnataka speaking as chief guest elaborated on the new Special Incentives Scheme for Electronics System Design and Manufacturing (ESDM) sector to attract industries moving out from China.
“Karnataka’s IT policy is focused on employment generation and Startups contribute significantly in this direction. The goal of the new policy (2020-2025) is to boost IT penetration and innovation in the state holistically, both in Bangalore and beyond. Tier 2 and tier 3 cities will be covered under Beyond Bangalore plan,” she added.
Kapil Khandelwal, Managing Partner, Toro Finserve LLP, which is the sponsor to India Healthcare Opportunities Fund and Director at EquNev Capital Pvt. Ltd was instrumental in starting the Bangalore Angels and has invested and exited several startups in the healthcare space.
As the keynote speaker, he said, “The National Digital Health Mission (NDHM) offers an immense opportunity. Digital healthcare can unlock the US $200-250 billion in the next 10 years to the nation’s economic value. To realize this, health-tech investments of around 5% ($12.5 billion) is needed right away. The overall India digital health opportunity is valued at USD 50 billion.”
“We need to create thousands of ventures that can create the depth and width of healthcare apps for the next billion today,” Khandelwal added.
Dr. PKB Menon, Managing Director, GINSERV, a former scientific advisor to DST and Head of NSTEDB, said, “It’s time for Start-ups to put behind the days of doubt, inaction and start catalyzing their ventures by joining initiatives like GINCELRATOR, where one can compress the learning and execution that could have taken over a year. GINCELRATOR will infuse a fresh lease of energy and motivation. We have the know-how and resource pool to roll out initiatives that can contribute tremendously to the Startup ecosystem.”
Global INcubation SERVices (GINSERV), is a state-of-the-art Technology Business Incubator (TBI) and was established in 2010 with the vision of nurturing tech start-ups to reach their true potential. GINSERV is a brainchild of JSS Mahavidyapeetha (JSS MVP), Mysore, one of India’s largest educational organizations in India. GINSERV is one of the recognized TBIs by the Department of Science and Technology (DST) and National Science Technology Entrepreneurship Development Board, (NSTEDB), Govt. of India.
Over 150 Tech Startups have graduated from GINSERV, till now and have raised over Rs. 1000 Crs. of funding for their businesses. These Startups have also been instrumental in generating employment for over 5000 while at GINSERV.
