ⓘ Featured Image: Ravi Narayan, CEO of T-Hub, addressing Lab32 startups; Credits: Supplied
Hyderabad, India-based T-Hub, an innovation intermediary and business incubator that leads India’s pioneering technology innovation ecosystem, on Tuesday, announced the launch of the fifth edition of its flagship pre-acceleration program Lab32 with the onboarding of 30 startups. The startups will receive goal-oriented consultation from leading experts on business goals like revenue growth, customer acquisition, market expansion and product roadmap.
The pre-acceleration programme will run until June 2021 and it will continue with its hybrid model, launched last year owing to the pandemic. Startups from various cities like Bangalore, Patna, Noida are part of the program along with startups in rural innovation space with social impact. The selected startups offer innovative solutions in key industries, such as Media, SaaS, Healthtech, E-Commerce, Drones, Social Commerce, Blockchain, Agritech, Rural Commerce, Robotics, Enterprise IT, Foodtech, Mobility, and Adtech.
Ravi Narayan, CEO of T-Hub said,
“Lab32, the pre-acceleration program aims at preparing startups for rapid growth making them investment ready. The idea is to increase and strengthen India’s innovation ecosystem, connecting entrepreneurs to each other and to mentors, investors and corporates, government for mutual benefiting collaborations. Most of our alumni have contributed to our country’s economy by successfully expanding their business to global locations. We are confident that chosen startups from various sectors, particularly the ones from the rural innovation level, will make sizeable contributions to the economy and society.”
More than 300 startups from across the country applied for this batch, and the same were evaluated by the startup innovation team of T-Hub. The startups were further shortlisted through one-on-one connection, with T-Hub interviewing and educating them about the program. The startups were selected based on the technology component of the startup, their market readiness and the maturity of founders who had a clear business roadmap.
In the first month of the Lab32 program, T-Hub will conduct a pre-program assessment to understand the requirements of the startups in detail, followed by consultant connections. The startups will then undergo rigorous training and consultation sessions by professional trainers, advisors, and subject matter experts, based on the needs of the startup. The program will also include a series of workshops for marketing and product design tracks. The program in the end will assess the progress made by each of the startups based on the objectives set at the beginning of the program. Extended support with T-Hub team.
Additionally, Lab32 will be offering the startups various opportunities for collaboration and relationship building with relevant Alumni startups, EIR (Entrepreneur in Residence) and startups that are part of T-Hub’s Community Membership. The program will conclude with a Demo Day during which startups will present their scaled-up solutions to investors, corporates, and mentors.
The startups will continue to receive support even after the program ends by being part of the Alumni community which offers access to events, deals and tailored introductions. A few of the shortlisted startups are Aireal Automation Private Limited, AquaExchange Agritech Private Limited, Born Bright, HESA Global, HivedIn, NaPanta, Skill Monks, and Prednalytics Health Private Limited.
Thirteen startups from the fourth batch graduated in February 2021 and attracted interest from investors and corporates during the take off.
Sri Jayesh Ranjan, IAS, Principal Secretary of the Industries & Commerce (I&C) and Information Technology (IT) Departments, said,
“It is good to see the Lab32 program progress successfully to its fifth batch. The program has continued to be a support system for the early stage startups, not just in Telangana but across India. It has been effectively impacting the startups to scale up stronger. We have seen the program also spreading its credibility such that out-stationed startups are eager to become a part of the Telangana innovation ecosystem.”
Rama Iyer, Head- Innovation at GMR, said,
“Emerging technologies will continue to play a critical role in the post-pandemic digital economy as business and IT leaders in India look ahead. The emerging entrepreneurs and startups of the country need all the help and support, now more than ever, due to the challenges presented by COVID-19. The Lab32 program helps startups to grow. The current batch brings in startups from diverse sectors, and we are excited to see the impact they bring to the innovation ecosystem of the country and the economy at large.”
Dr. Srikanth Sundararajan, GP, Ventureast Advisors Pvt Ltd, GC member CIE IIITH, Mentor to T-Hub, said,
“T-Hub has been providing intense, interactive mentorship and support to startups through its Lab32 program. This is very encouraging for not just the startups; it allows interventions/interactions from the investor, corporate community mentors to ensure startups are prepped up adequately.”
Shyamprasad Molugu, Founder of NearFi,
“We are at a critical stage of our startup journey and as an early stage startup, we need all the help possible, from the ecosystem. Hence, we have chosen the Lab32 program based on their excellent record of nurturing and fostering startups, also help fast-track their growth through expert mentorship, business scaling and networking opportunities. We expect to gain significant initial traction through the program and take us to the next level, by fine-tuning our marketing strategies and providing the right scaling and networking opportunities.”
Naveen Kumar V, Founder and Managing Director of NaPanta, shared,
“NaPanta, as an early-stage digital agricultural platform from Telangana, we look forward to being part of the Lab32 program. Through the program, we aspire to fine-tune our product offerings for scalability to 100 Mandals across the state by Sept 2021 while on the business front, we hope to connect to a host of corporate and government bodies. Lab32 program has a record of fast-tracking the growth of startups by helping them get access to the best of industry expertise and we hope to leverage that to learn, un-learn, evolve, and grow our business.”