Monday, July 15, 2024

Fostering Innovation: IIMA Ventures Instruments Growth for 14 Startups via Indore Smart City Accelerator


IIMA Ventures Supports Innovation Through Indore Smart City Accelerator, Empowering 14 Startups

In a significant move aimed at fostering innovation within the realm of smart cities, IIMA Ventures (formerly known as IIMA-CIIE) is charting a new course by supporting 14 promising startups through the inaugural Cohort of the Indore Smart City Accelerator program. This initiative, endorsed by the Departments of Science and Technology of the Government of India alongside Smart City Indore, serves as a beacon for startups focusing on refining their business models and proposals in a bid to effectively engage with public sector customers.

The accelerator program embarked on a quest to sift through applications from 100 startup entities rooted in India. This search was not just any hunt; it was a meticulous effort to uncover innovative solutions tailored for the Indore Smart City across pivotal sectors such as Urban Mobility, Cleanliness, Citizen Safety & Security, and Air Quality. Moreover, a spotlight was placed on early-stage startups, guiding them towards validating their solutions through pilots with Urban Local Bodies (ULBs).

To set the stage for this groundbreaking initiative, the Indore Smart City Accelerator, in partnership with Indore Smart City, orchestrated a three-day comprehensive bootcamp held in Indore. This bootcamp served as a crucible, wherein startups were immersed in a series of sessions encompassing business modelling, unit economics, B2G (Business to Government) sales strategies, navigating the intricacies of government tenders, and honing their investment readiness under the tutelage of angel investors. Furthermore, these startups had the privilege of engaging in one-on-one mentoring sessions, thereby having personalized guidance from Subject Matter Experts through both virtual diagnostic panels and dedicated mentoring sessions.

From this enriching environment, three startups emerged, having been shortlisted for pilot projects by Indore Smart City, thereby illustrating the tangible outcomes of the program:

  • Aumsat Technologies: Spearheaded by Riddhish Soni, an alum of ISRO, Aumsat Technologies has ventured into the development of an innovative solution aimed at detecting water pipeline leakages. By harnessing IoT-based solutions and satellite imagery, this platform is capable of pinpointing leakages up to 10 feet underground, potentially reducing non-revenue water losses dramatically from an estimated 40% to 15%.
  • Arc Robotics: Comprising a team of vibrant engineers, Arc Robotics has brought to the fore a vehicle-mounted robot designed with six degrees of freedom. This invention is poised to detect and clean sewage pipelines, thus paving the way for the eradication of manual scavenging in India.
  • Pod Pitara: In collaboration with the Indore administration, Pod Pitara has embarked on an experimental journey to install IoT-enabled radios across public buses in the city. This initiative aims to empower ULBs in disseminating crucial city-related updates and raising awareness among the citizens of Indore.

Beyond these promising pilot projects, another startup, Electica, has caught the eye of IIMA Ventures, securing investment through one of its regional ecosystem development programs. Electica stands out with its automated battery-swapping solution, a strategic innovation targeting the establishment of a battery-swapping infrastructure within tier 2 and tier 3 cities.

Additionally, two startups from the cohort are set to be considered for grants up to INR 5 Lakh, marking another step towards supporting nascent innovations within the smart city framework.

With a legacy of mentoring over 7000 founders, accelerating more than 1500 startups, providing catalytic capital to over 700 companies, and inspiring over a million people through 400+ publications, IIMA Ventures has consistently been at the forefront of innovation. The organization prides itself on being a pioneer with numerous firsts under its belt, including India’s first accelerator (iAccelerator), India’s largest idea scouting competition (The Power of Ideas), India’s first climate fund (INFUSE Ventures), as well as being the driving force behind the Bharat Inclusion Initiative and the bestseller ‘Stay Hungry Stay Foolish’ among other notable achievements. Through initiatives like the Indore Smart City Accelerator, IIMA Ventures continues to push the boundaries, reinforcing its commitment to creating transformative change within India’s urban and technological landscapes.

Alex Sterling
Alex Sterling
Alex Sterling is a seasoned journalist with over a decade of experience covering the dynamic world of business and finance. With a keen eye for detail and a passion for uncovering the stories behind the headlines, Alex has become a respected voice in the industry. Before joining our business blog, Alex reported for major financial news outlets, where they developed a reputation for insightful analysis and compelling storytelling. Alex's work is driven by a commitment to provide readers with the information they need to make informed decisions. Whether it's breaking down complex economic trends or highlighting emerging business opportunities, Alex's writing is accessible, informative, and always engaging.

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