Invest India Partner with Russia and the US to Help Tech Startups
Invest India joins with MTS Startup and Altair to boost startup entities through MTS Innovation Challenge and Altair Grand Challenge.
FREMONT, CA: Invest India has joined with MTS Startup Hub and Altair to search for tech-based startups through the MTS Innovation Challenge and Altair Grand Challenge.
MTS Innovation Challenge provides a way to the startups that have developed a product to solve business-related problems in fin-tech, HR tech, Internet of Things, B2C digital products and software/ SaaS for e-commerce.?
This challenge is applicable for seed fund or Series A plus startups, where the startups can select any particular sector and apply for any two problems listed in it. The team should have an operational product and fully functional ready-to-deploy the technology. Along with this, the criteria include the participation of any one-team member in the Moscow based sessions, in which the revenue prediction must be more than five million dollars per year after three to five years.
Startups that become successful get qualified for the investment for $500,000 to $1,000,000. The qualifiers selected will be awarded the prizes including three months of paid opportunities with MTS Startup Hub, up to $7,819.20 that includes working with business entities from MTS, access to MTS corporate resources.
The non-revenue incentive includes two continuous months of rigorous work to accelerate the particular product utilizing MTS industry expertise at MTS, Moscow, consisting of workshops, product feedback sessions from skilled firms.
From Altair Grand Challenge, Invest India is seeking ideas and scheme from the startup companies concerning three areas ? simulation technology for product design and development, algorithm development related to the embedded systems, and digital twin development.
Any start-ups with invention capability can take up the challenge and the qualifiers will be selected and awarded $2,533.56, $1,520.14 and $1,013.43. Like MTS, Altair technology also provides the non-fiscal incentives that are listed under HyperWorks, SolidThinking, for early concept design stage solution, SmartWorks for building a platform for IoT, and KnowledgeWorks, for data science application. This also lets them get access to the mentors in the design to testing period for 10 hours each month from the list of experts. The winners of the Altair challenge also get the opportunity to Altair Forums like tech conferences, CXO events, and get access to a prototyping facility for the qualified entities in the automotive sector with traction motor requirements.
The last application to submit for both MTS Innovation Challenge and Altair Grand Challenge is on July 15, 2019, as mentioned in the statement.