Through Tech Rocketship, governments of both countries are laying a strong foundation for startups and entrepreneurs, and nurturing them to build a stronger company.
Last year was a tough year for Indian startups. Market analysis showed that the value of deals fell over 50% in the final quarter. But some startups defied the trend and excelled in gaining the necessary traction, which is going to make 2017 a busy year for them.
Hundreds of startups and entrepreneurs were given a platform to pitch their ideas and win global recognition through the Tech Rocketship Awards, backed by the Department for International Trade (DIT) – a department of the UK government.
Only 10 startups made it through and they are all enjoying the perks of an Indo-UK alliance.
British Deputy High Commissioner Dominic McAllister visited Bengaluru to meet IT firms in Electronic City and the three winners of the Tech Rocketship awards, based in the city, earlier this week.
International Business Times, India, sat in on the interaction between McAllister and the winning teams — BendFlex, Cashkumar and Outsell — alongside Gita Krisnankutty, first secretary of head of Inward Investment India.
McAllister and the team of winners were discussing the upcoming trip to the UK and the level of extended support the startups would receive throughout their journey, and after.
The Tech Rocketship awards winners will be traveling to the UK from January 29 to February 3, where they will have access to the country's innovative ecosystem, connect with future investors, mentors, and prominent professional services firms, to guide them on establishing a strong international foothold.
Most of these winners already have a stable presence in India with and with the help of the governments in both countries, they will also be able to foster growth, technology, innovation and collaboration abroad.
I know they will make the most of this once-in-a-lifetime chance to visit London, the world's best place to set up a digital business, but also Scotland and Bristol(!) too. I know they will make the very most of time spent with DIT's (Department for International Trade) experts and leading professional services firms who will give them the very best advice on internationalizing their business through the UK. I wish them the very best, and hope they get to experience the sights and sounds of the UK too. Who knows which big-ticket break can be round the corner!" said Amo Kalar, Deputy Director Investment, in a statement.
The co-founders of the winning teams attended the meeting in Bengaluru on Wednesday, sharing the enthusiasm for the DIT in visiting the UK for their future growth as a company. These startups, at least the ones we met, have a unique approach in making things simpler for businesses and consumers.
Cashkumar: The name McAllister applauded, saying it was registered in his mind since the first time he heard it — is a peer-to-peer lending firm. The startup's aim is to simplify and digitize the loan process completely, Cashkumar's co-founder Dhiren Makhija said. The startup is aiming to make loan eligibility available in a matter of a few minutes for its customers, which currently is a process that takes at least a few days.
Bendflex: the brainchild of NIT alumni Ramnath Babu TJ and Santosh Bhargav DB, is on the verge of a breakthrough in the way IVF is done. The startup specializes in designing devices using a novel design paradigm called compliant mechanisms. Babu, who is the startup's director and co-founder, said that the company is addressing the toughest norms and bringing the finest services to India.
Finally, there's Outsell from Bengaluru, which aims at improving sales by training salespersons with sufficient knowledge. When asked if the company's focus would be divided with their expansion abroad, co-founder Miraj Vora said that it is the focus that drives the expansion and it would help push focus more in the future.
Other winners of the Tech Rocketship awards are Get My Parking, Promethean Energy Pvt. Ltd., QuizWorks, RepUp, Greenlit India Opto Electronics Pvt Ltd, Planet Superheroes, and Paratus Knowledge Ventures. Joining the winners on their international expedition will be Mother Diagnostic Systems and JK Nanosolutions – the winners of the Dev tech awards.