ACME Group to pump in Rs 500 cr to promote startups

By Mohd Ujaley Last updated Jul 25, 2018

#4 Startup India Hub: Understanding that many Startups do not reach their full potential due to limited guidance and access, the Government of India has decided to create a single point of contact, Startup India Hub, for the entire startup ecosystem and enable knowledge exchange and access to funding. The Startup India hub will work in a hub and spoke model and will collaborate actively with Central & State governments, Indian and foreign VCs, angel networks, banks, incubators, legal partners, consultants, universities and R&D institutions. It will also organise mentorship programs and will assist startups with respect to different aspects such as obtaining financing, feasibility testing, business structuring advisory, enhancement of marketing skills, technology commercialization and management evaluation.

Technology provider ACME Group will invest Rs 500 crore over five years to finance start-up entrepreneurs and innovators.

“ACME will invest Rs 500 crore over the next five years to support entrepreneurs under the initiative ‘Idea Factory’,” the company said in a statement.

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The initiative will act as an incubator for innovators and entrepreneurs who can deliver unprecedented solutions with economic viability, it said.

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ACME will invite technology based ideas across all sectors such as energy, IT, telecom and mobile applications.It will provide early stage capital along with full service office space and back office shared services as well as support in auxiliary services (Sales & Marketing, finance and Accounts, HR, IT & Legal).

The interested participants can submit their ideas at www.acmeideafactory.in.

“Idea Factory believes in the spirit of collaboration and aims to advance entrepreneurship following a partnership approach. The vision is to create an ideal environment for entrepreneurial growth, help build successful businesses and uplift the talent pool of the country,” Founder and Chairman, ACME Group Manoj Kumar Upadhyay said in the statement.

The ACME Group is a player in energy management and innovative solutions for wireless telecom.

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