Hyderabad-based startup engine T-Hub, which is among the world’s leading startup engines powering entrepreneurship and innovation, is now calling for applications for the second batch of its flagship incubation program Lab32. This comes after the success of its first batch of 70 startups, graduating in April 2019.
Lab32 is designed to ensure the strategic growth of startups in India. The programme aims to support the government’s ‘Startup India Initiative’ by directing entrepreneurship, innovation and addressing the challenges faced by startups.
The second batch of Lab32 will commence on May 1, 2019, which will comprise chosen startups shortlisted after an extensive screening process. Applications are now open and close on 8 April 2019.
To be eligible to apply for the incubation program tech product startups should have initial market traction, an exceptional founding team, seed funding, series A funding or bootstrapped, a solution for, but not limited to, healthcare, finance, education, smart mobility, sustainability, social impact, and smart cities, using technology like artificial intelligence, machine learning, deep learning, augmented reality/virtual reality/extended reality, blockchain etc. These startups should also be ready to give a commitment to work from T-Hub facility full-time for 6 months or more
The eligible startups will face a structured evaluation process including face-to-face interviews, presentations, etc. before they can be part of the Lab32 programme. The final set of chosen startups will receive a host of benefits to ensure the strategic growth of startups.
These benefits include workshops and seminars from senior corporate executives/CXOs and serial entrepreneurs, a curated playbook and mentoring by industry experts, one-on-one interactions with its dedicated pool of mentors, investors, and partners, partnership initiations with T-Hub’s premium service providers like Amazon Web Services, DigitalOcean, Google Cloud, HubSpot, IBM, Microsoft, Zoho etc. and acess to the catalyst building facility 24/7 during the programme.
“The innovation ecosystem in India has to grow strategically and faster and there needs to be a constant supply of startups with trend-making innovative solutions. T-Hub’s second batch of Lab32 will focus on addressing these challenges. The startups at T-Hub will benefit from intensive mentorship that will enhance their business models and credibility of their products,” Ravi Narayan, CEO of T-Hub, said in a statement.
The first batch of Lab32, that saw 70 startups participate raised over Rs 112 crores, generated employment of over 2000 jobs and won over 50 awards so far, claims T-Hub. And each of the startups have an average revenue of Rs 27 lakh in the last three months.