Launches corporate engagement initiative Innovation for Corporates (ICI) at Think Next 2015
Microsoft Ventures launches new corporate engagement initiative – Innovation for Corporates (ICI). The program aims to work with enterprise businesses to develop and implement different models to attain innovation driven growth by engaging with startups. By acting as a catalyst between the corporates and startups, Microsoft Ventures aims to accomplish game-changing transformations in the innovation space and take the Indian technology industry to next level.
ICI will initially offer three programs, namely Market Access Program (MAP), Partner in Acceleration (PIA) and High Performance (Hi-Po) program.
MAP will bring startups and enterprise businesses together to showcase the latest offerings, designed to make enterprise growth more efficient.
Under PIA, corporates will be allowed to leverage on Microsoft Ventures’ knowhow, resources and network to setup their own engagement with startups including accelerator/incubation programs, deal flows, events etc.
The ‘Hi-Po’ Program will work with top startups which are nominated by corporates to build them into stronger businesses.
Speaking on the occasion, Ravi Narayan – Director at Microsoft Ventures in India said, “We have been working with various corporates for years to help them with their business problems with innovation from startups. More and more enterprise businesses are looking at us for guidance, and we are positive that institutionalizing our efforts under Innovation for Corporates Initiative (ICI) will help us scale up and help even more businesses. This is in line Microsoft’s philosophy of being a platform company that enables its partners to build products to suit their needs.”
Over the last three years, Microsoft Ventures in India has built a portfolio of 74 startups through its programs, with an impressive $500,000 average funding and four exits till date. It has established a thought leadership with its partnerships and presence in world’s top startup ecosystems – Tel Aviv, Paris, London, Beijing, Seattle, Berlin. In last one year, it has increased its focus on corporate engagement and has helped several enterprise businesses by leveraging on its position in the startup ecosystem.
In 2014, it also partnered with Reliance Industries for their accelerator program, GenNext Innovation Hub. Speaking on the partnership with Microsoft Ventures, Vivek Rai Gupta – GenNext Venture Fund said, “Our partnership with Microsoft Ventures has been very successful. We got a running start for GenNext Innovation Hub and together, we have been able to mentor the startups and help them gain traction very fast. We are looking forward to growing this association, as we expand our reach with more Innovation Hubs in future.”
