US banking company Citigroup has launched a corporate accelerator program for the Asia-Pacific region to actively engage with startups from countries like India. The initiative is an 8-10 week program, called Citi Mobile Challenge.
The program will involve a virtual hackathon with an incubator and developers invited by Citi from all across the region to participate in this programme, as reported by ET.
Citi received around 1600 applications and is currently incubating about 24 ideas internally as part of this accelerator program. Citi has partnered with a number of Indian and multinational corporates to help select startups in e-commerce and payments sector.
IBM, Google, Amazon Microsoft Ventures, PwC Wipro and Nasscom’s 10,000 startups program have signed up as partners for the initiative.
Startups will have to pitch in their ideas on a demo day. The selected startups will compete for a share of $100,000 of cash rewards, mentoring, office space and further investment. “This program would support the government’s Digital India and Startup India initiatives,” said Citi.
With the boom in the startup sector we see many big companies and now the banking sector launching various startup programs to promote and support their idea. Aditya Birla group also launched a 20 day startup program known as Bizlabs to work with startups in the areas of Retail, Financial Services or Mobility. StartupXseed Ventures LLP, launched Aaruha Technology Fund to invest in startups focusing around areas of High Technology Businesses including Security, Semicon and Embedded Devices.