In the Indian economic landscape, manufacturing has historically been a cornerstone. Yet, the rise of the IT sector has catapulted the service industry to unparalleled prominence, becoming one of India’s most expansive and rapidly-growing sectors. Still, as the line between digital and physical worlds continues to blur, India finds itself on the cusp of rejuvenating its manufacturing capabilities.
Consumer demand has surged to record highs, making it imperative for businesses to integrate ‘smart technologies.’ The ascent of Industry 4.0 — characterised by revolutionary advancements like Industrial Internet of Things (IIoT), artificial intelligence (AI), Big Data analytics, robotics, and automation — indicates a significant global shift. Its market value was $64.9 Bn in 2021 and is projected to reach $165.5 Bn by 2026, growing at a CAGR of 20.6%.
Now, we stand at the threshold of a new era, one that will define India’s manufacturing prowess for years to come. As Barath Shankar Subramanian, a partner at Accel India, told Inc42, Industry 5.0 will be the linchpin of India’s future manufacturing landscape. This new phase aims to optimise workplace processes, tailor solutions to individual employees, and promote a more human-centric and sustainable methodology.
To support Industry 5.0 startups, venture capital firm Accel is calling for applications for its accelerator programme’s third cohort, Accel Atoms. Set to begin on October 10, 2023, this six-month programme will offer a customised curriculum and mentorship to up to seven early stage startups from India and Southeast Asia.
Upon completion, each startup will have an opportunity to pitch for up to $500K in funding from Accel.
Accel Atoms 3.0 — Programme Overview
Accel Atoms is inviting applications from Industry 5.0 startups at the pre-product, MVP, and pre-revenue stages. The programme seeks visionary founders dedicated to merging human cognition with computational intelligence.
“The response has been great. We are seeing a lot of activity in the software for manufacturing space, robotics and IIoT. The companies are working to disrupt age-old tech and rejuvenate the factory floor,” Subramanian commented on the exceptional quality of applications received thus far.
During the programme, the startups will benefit from a curated community of founders, industry specialists, tech experts, and researchers for brainstorming and knowledge-sharing sessions. The handpicked startups will receive one-on-one mentorship to navigate unique challenges and gear up for the next wave of industrial disruption.
At Accel Atoms, startups will receive expert guidance to successfully navigate the initial hurdles of establishing a business. This includes creating a compelling MVP, finding the Product Market Fit (PMF), championing the go-to market strategy and building a loyal customer base among others.
In addition, mentorship will be provided for building effective pitch decks, coupled with mock pitch sessions to ensure that they are ready for the demo day.
Who Can Participate?
Accel Atoms has divided the cohort demographic into three categories:
People: Startups focusing on workforce effectiveness, including workflow management and health and safety training.
Processes: Startups aiming to digitise and automate factories, featuring smart procurement, intelligent vendor selection, and AI-driven efficiency improvements.
Machines: Startups targeting manufacturing efficiency through asset monitoring and intelligent maintenance solutions.
Accel Atoms’ mentor-led approach aims to equip Industry 5.0 startups with the tech and business skills they need to thrive in the rapidly changing manufacturing economy. It offers a great opportunity for early-stage startups to unleash their potential for innovation and growth, forge industry connections and raise funding for their next phase of expansion.
In the past two cohorts, Accel Atoms has hosted startups across diverse sectors including the likes of Ripik.AI, Innovist, Brik and Kluster. These startups have collectively raised more than $160 Mn in funding from both Accel and other funds.
The Bengaluru-based VC fund has invested in over 200 Indian startups including BookMyShow, Browserstack, Flipkart and Swiggy.
The post How Accel’s Accelerator Programme Aims To Empower Industry 5.0 Startups In India & SEA appeared first on Inc42 Media.
