Aditya Birla Group has launched Aditya Birla Bizlabs to collaborate with startups and provide scaling opportunities. The group will look to invest in various startups in the areas of retail, financial services and mobility, fields that Aditya Birla already has businesses in.
The Bizlabs program will last for 20 days, during which shortlisted startups will be provided with access to CEOs and CXOs of Aditya Birla, and to other industry experts. The startup will also be provided with an opportunity to scale up its business by entering into a commercial agreement with one of the Group’s businesses. Additionally, the startup might also receive and investment from an independent arm of the Group.
The last day for submission for entries by startups is on the 2nd of September, before which, interested startups can signup on the program’s official website. Startups will be then shortlisted to make a presentation to the CXOs of the Aditya Birla Group by the 15th of September, and the handful that get through will be let in on the core program that will last from the 21st of September to the 11th of October. Note that the company has not mentioned the number of startups it will let in on this program.
Similar initiatives: It’s pretty common for companies to look to invest in startups that either compliment their business model or can add to it. Other companies to take a similar approach include.
– Earlier in June, Tracxn announced it would launch an incubator called TracxnLabs, which would invest $20,000 to $50,000 in various startups. According to Tracxn, the incubator would invest in startups in over 100 sectors that it performs analytics in.
– In February, Cisco and GSF partnered up to launch an accelerator programme for startups in the Internet of Things and cloud space. The programme would focus on both software and hardware platforms. GSF would provide $45,000 in funding to each of the selected startups and startups would receive additional mentorship through GSF mentor network and Cisco.
– In October last year, Flipkart-owned online fashion retailer Myntra launched a year-long Designer in Residence program under its Myntra Fashion Incubator initiative. The company had first announced its plans to set up a fashion incubator in June last year, and the first batch was expected to kick-off in November, with 20 entrepreneurs onboard.
– Back in 2011, Times Internet Limited, launched an incubation & development program to mentor and support startups in the field of internet and mobile called T-Labs. T-Labs would invest in about 20 companies each year, offering each Rs 10 lakh in investment for a 10% stake.