India is rapidly moving towards becoming one of the largest startup ecosystems in the world, as per statistics. It is ever-evolving, with the launch of more than 49,000 start-ups that have raised a combined total of more than $ 51 billion from 2008 to 2018. Research from Tracxn shows that Indian startups have raised $ 14.5 billion in 2019, breaking the previous record of $ 10.6 billion. Ranging from backgrounds like e-commerce and fintech to logistics and consumer services, these start-ups have already created a value of over $ 130 billion. With 26 “unicorns” – $ 1+ billion valued startups cumulatively worth more than $ 73 billion – and 31 “Soonicorns” – companies on the path to becoming unicorns by 2020– startups are redefining the Indian economy.
Although India is highly conducive to entrepreneurial activity, most start-ups go through plentiful misadventures in order to scale heights. According to the findings of a survey by the Institute for Business Value and Oxford Economics, 90% of India’s startups fail within the first five years. It added that while negative cash flow and money management are deterrents, the lack of pioneering innovation is the major reason for the failure of Indian startups.
But it doesn’t have to be.
Start-ups that have turned great ideas into businesses and are looking to scale up aggressively, should know about Turbostart – a sector-agnostic, pan-India startup programme. It operates with the vision to select promising startups from around the country and enhance their ideas through its energetic and empowering network that will power transformative & disruptive solutions.
Entrepreneur-friendly programmes like Turbostart are the icing on the cake in a growing economy like India
It was conceptualized with an aim to identify the most promising startups via a competitive format, reward them and create an assured path for success by eliminating hurdles and challenges typically faced by most founders. Turbostart offers services from market assessment to narrowing down the right customer segment; product positioning to associated marketing; funding to legal support, finance and infrastructure services and so on. The Turbostart programme will run twice a year – in January and June – to identify and honour the most innovative start-ups in the country.
The programme ensures that the selected startups execute their innovations with adequate and relevant support, and grow to be well-positioned to succeed in the market. The path of development is made smooth for these entrepreneurs by providing them with an open, flexible and accessible environment that will prepare them for the next stage of funding.
Organized in a competition-format with a liberal eligibility criteria, these applications go through a rigorous curation process by Turbostart’s experienced analytical team, followed by further evaluation from relevant sector specialists within their network.
Cohort 1 concludes with The Founders’ Fellowship on the 12th of February, 2020
For the very first cohort that was launched in October 2019, Turbostart received an overwhelming 1000+ applications in less than 45 days. The programme instantly extended its selection from an initial 10 startups to 25 per cohort, broadening its vision from funding 100 startups in 5 years to 250.
Each startup application went through a diligent shortlisting process. The selected startups are what make up The Founders’ Fellowship – the winners of which will be announced and felicitated on the 12th of February, 2020.
Who can apply?
Each entry for the Turbostart programme had to match the following minimum criteria:
- It is incorporated for 10 years or less;
- It has a minimum viable product or proof of concept;
- It has a scalable business model;
- It works towards innovation, development or improvement of products, processes or services.
What are the benefits for start-ups?
The winning 25 best startups will have access to the following benefits:
- Funding: Up to INR 7 Crore.
- Strategy Consulting: Product Validation, Business Modelling, Capital Structure, Marketing Strategies, HR Strategies and more
- Services: From legal to brand strategies, this encompasses almost everything that occupies the mind space of the founder
Turbostart will select the winners basis the following criteria:
- Innovative nature of the products and solutions the startup offers
- Team strength
- Potential and scalability of the business model
- Market depth
- Viability of unit economics
- Traction and impact analytics
The 25 winning startups will be felicitated at an Awards Ceremony on February 12th, 2020 in Bangalore at a highly curated, invitation-only gathering of the best minds in the country. The audience will comprise of stakeholders from the Indian business ecosystem – startups, investors, corporates, family offices, academia and government bodies. There will be a keynote address along with panel discussions apart from the much-awaited awards ceremony. The event is expected to be a rich ground for networking as well as an exhibition of ideas and innovations.
If you’ve got a start-up that could use the expertise of industry veterans, Turbostart could be the transformative force for your business. Don’t fret if you couldn’t send in your entry to the first cohort, keep an eye on the Awards Ceremony, and apply for the second cohort that will be open on their website in April 2020. If selected, your business could become an important component of India’s consolidated startup ecosystem. Turbostart aims to create synergies and put the country’s best entrepreneurs under the spotlight.