#Marketwire is your quick summary of notable market movements in the technology industry. The firms covered in this segment include Cisco, Indian Government, Axis Bank and Facebook.
Cisco Inaugurates an Innovation Initiative LaunchPad to Accelerate Startups
Networking company Cisco has announced an innovation initiative LaunchPad under which it will partner with developers and enterprises in India to work with selected start-ups to develop products together. The applications for the four month long program are now open for startups and will initially focus on manufacturing, retail, transportation, education and healthcare sectors. The technology giant company will not take equity in the startups selected for the program.
“LaunchPad brings together Cisco’s partner ecosystem to actually create solutions for the next three billion people. We have a field team to identify the type of solutions and problems required to do this”, said Amit Phadnis, President, Engineering and India site leader for Cisco. Read More
Deposit Norms Relaxed to Help Startups Secure Funding
In order to boost startup ecosystem in India, the government has exempted any advance of more than Rs 25 lakh to a startup from being treated as deposit provided that the person giving the money does it in the form of convertible note. This exemption has only been made for companies that could be defined as startups under the notification issued by Department of Industrial Policy and Promotion (DIPP). A convertible note means an instrument either converted into equity or repaid within five years from the date of funding.
According to the Companies Act of 2013, any company including startups that received money from any person for over 365 days, it was considered as a deposit and the company had to follow the stringent acceptance of deposit rules to keep that deposit. Read More
Axis Bank Launches Thought Factory, an Innovation Lab to Invest in Fintech Startups
Private sector bank, Axis Bank recently launched an innovation lab ‘Thought Factory’ aimed at accelerating the development of innovative technology solutions for the banking sector. The innovation hub located in an area of 10,000 sq. feet in Bangalore has an in-house innovation team and a three month accelerator program. Rajiv Anand, Executive Director (Retail Banking), Axis Bank, said the bank had already been working with start-ups and had short-listed about seven players. Read More
Facebook is Shutting Down its Newsreading App Paper
Facebook has announced that it is shutting down Paper, a newsreading app that provides customised news spanning politics, technology, food and other fields. The app had two main functions: a feed of friend’s photos, videos and other activities, and a stream of news stories picked by Facebook. The social networking giant said the app will be shuttered by July 29.
“Our goal with Paper was to explore new immersive, interactive design elements for reading and interacting with content on Facebook, and we learned how important these elements are in giving people an engaging experience”, the Facebook message read. Read More
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