Reinsurance major Swiss Re is setting up a startup accelerator in India, while in the wake of the government’s Startup India initiative IITs have put on fast track their incubation programmes.
Reinsurance firm Swiss Re launches startup accelerator in India
Swiss Re has partnered with Barclays Rise and the Alchemist Accelerator for the project, which would offer a 16-week programme aimed at mentoring startups, which are at the intersection of technology and insurance. It will also partner with Nasscom 10,000 Startups and Kyron to curate startups and foster technology innovation.
According to the report, Swiss Re is looking at startups in the areas of internet of things, innovative distribution channels and robotic advisors and analytics.
Swiss Re will work with 4-5 startups for the first batch and will provide non-equity grant to these startups along with mentorship and business engagement. “We will be open to partners, whether it’s from insurance firms or any other company ,“ said Amit Kalra, head of strategic initiatives in Swiss Re. The applications are open to startups from other emerging markets.
IITs put startup incubation programmes on fast track
Owing to the push provided by the government for startup incubation, the new IITs, have put their incubation plans on fast track. IITs at Patna, Ropar, Mandi, Gandhinagar and Hyderabad, are in the process of setting up new incubators and strengthening the existing ones, said a report in The Economic Times.
While IIT Mandi is setting up its incubator called IIT Mandi Catalyst, IIT Patna, which recently received government grant to to set up an incubation centre for electronics system design and manufacturing, is approaching the ministry of human resource development and department of science and technology to set up another technology business incubator ( Rs 5 crore) that will focus on agriculture, among other areas.
IIT Gandhinagar, which already has one incubation facility in place, will use the Rs 5 crore it has received from the government to strengthen the existing centre.