New Delhi: Pearl Academy announced that it has entered into an academic collaboration with ‘Runway’, an incubator initiative of the UPES Center for Innovation and Entrepreneurship (UCIE). “Runway” is an intense, mentor-led incubation program designed for those looking to start a business. He will work with start-ups inside and outside the academy on their ideas and help them make the transition to strong, scalable and successful businesses. The program aims to help brilliant innovators take the early stages of creating a start-up and reach the point where they have created a product / service impressive enough to raise funds. This will be done through a mix of mentoring, grants and investments, legal support and incorporation and allocation of space to work.
Throughout the program, start-ups will refine ideas and business models, develop prototypes, and identify key customers and investors. Since its inception, Runway has worked with several start-ups from all industries who have gone on to create compelling products that have made a difference for the company.
Speaking at the official launch of ‘Runway’ on the Delhi West Institute campus, Ms. Aditi Srivastava, President of Pearl Academy said: “Innovation and creativity are at the core of Pearl Academy’s values. Here we motivate aspirants to lead their innovation streak and encourage them to become the entrepreneurs and leaders of tomorrow. Runway is our most ambitious initiative in this direction. We are fully committed to the ideas, passion and dreams of our students, faculty members and individuals outside of Pearl Academy as they prepare for their entrepreneurial journey. “Track” is our effort to fuel our nation’s startup ecosystem and be an ally in the nation’s progress. “
The launch event took place in Bangalore and at the Delhi campus of the Pearl Academy and was chaired by Rahul Nainwal, CEO of ‘Runway’ and attended by Shivam Ahuja, Founder and Director – SkillCircle, DelhiAngels, Rahul Narveker , founder – NDTV Ethnic Retail Limited, Pearl Alumna Sheel Dwivedi, founding member of Innov8 Coworking and Kanika Singal, co-founder Jadooz, India Advisor Startup Genome, Ex-McKinsey, Nikhil Malhotra, Chief Innovation Officer, WEF AI Fellow, TEDx Speaker , Tech Mahindra; Ganesh Subhramanian, Founder-Stylumia; Prasad Bidapa Fashion Stylist and Advisory Board Member of Pearl Academy Bangalore
Panelists focused on the skills essential to becoming a successful entrepreneur in today’s high tech world. According to them, combining technology with design and knowledge to raise capital is essential to the success of any startup.
On “Runway”, start-ups will refine their ideas and business models, develop prototypes and identify key customers and investors. “Track” will also provide financial support through grants and funding. The process involves:
• Selection: start-ups in the idea phase and in the start-up phase will be selected through an open application process. “Track” is industry and location independent, implying that start-ups can come from any field and be located anywhere in India.
• Incubation: Shortlisted start-ups will go through an 8 week hybrid incubation program (online and offline). This will include refining business ideas and preparing them for the market and investors. Other important peripheral supports will also be provided to the selected start-ups, such as incorporation services, logo design, etc.
• Mentoring: each selected start-up will be aligned with a mentor to support them during and after the incubation process. They will also receive the necessary support for infrastructure, such as laboratories and offices.
• Presentation: The incubation program will end with the day of the demonstration when the presentations will be presented to a carefully selected audience including investors, advisers and others.
• Nurture: The “Track” team will continue to nurture and support start-ups even after they have completed the incubation program and taken off.
• Networking: Thanks to “Runway”, start-ups will meet the best in the industry at events and workshops both online and offline.
Although this is a very selective cohort, Runway looks forward to welcoming 20 to 30 innovative and scalable start-ups this year, who will provide them with expert advice. In addition, eligible start-ups will also receive grants of up to INR 1 lakh.