US-based ZilBank, led by CEO Sabeer Nelli, has initiated a $1 million startup accelerator programme, focusing on empowering startups in the remote areas of Kerala.
What is the aim of the program?
According to Zilbank, The programme aims to support young entrepreneurs by providing them with essential guidance and infrastructure support, enabling them to be competitive in the IT sector.
Nelli emphasized the need for startups to transition from offering service-related jobs to becoming product development firms.
“Rather than looking at funding, our role is mainly confined to offering them necessary guidance”, he said.
What would be the role of Zilbank?
Kerala, especially its remote areas, is identified as having immense potential for start-up development due to the high talent present.
ZilBank’s role is primarily to offer necessary guidance rather than just funding. Initially, 10 startups will be selected for the $1 million funding within one year, with the possibility of increasing the number based on demand.
A Hackathon is scheduled on November 1 at Manjeri in Malappuram district to evaluate the startups for funding, according to the company’s statement.
Accelerating job creation
ZilBank has established a global development centre in Manjeri and plans to hire 500 employees this year.
The company aims to demonstrate that remote areas can also facilitate IT development by setting up world-class facilities.
The startup accelerator programme and the venture capital fund are anticipated to significantly enhance job creation in the region and transform the IT landscape of Malabar.
Who is Sabeer Nelli?
Sabeer Nelli, the Malappuram-born US entrepreneur, is known for Texas-based Tyler Petroleum, counted among the 5,000 fastest-growing private companies of America, and the leading B2B payments platform OnlineCheckWriter.com with over 6,50,000 registered users and more than $50 billion in processed payments.
There are also plans to set up a 100-acre campus in Kerala to consolidate all projects under one roof and offer academic training along with industry exposure to students to equip them with new skills and ideas.
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