Over the last 6 months, EU-India InnoCenter screened 100+ European startups out of which 10 Startups in the present cohort are coming to India to build a strategic network in the Indian Innovation Ecosystem
The EU-India InnoCenter, an initiative funded by the European Union’s research and innovation framework programme Horizon 2020, is bringing high-impact and unique tech startups (Series-A funded) to explore, enter and scale in the Indian market. The startups come with a focus on sustainability-tech, deep-tech, logistics, and mobility that will enhance the emerging tech talent pool while diversifying the technology outlook in the country. The combination of European R&D with Indian government investment in amplifying the same, will automate, digitise, and decarbonise the Indian market in these industry sectors and help deepen collaboration and innovation among European startups and the Indian Industrial ecosystem.
The EU, one of India’s largest trading partners and foreign investors, aims to deepen collaboration and innovation by bringing startups from Europe and stakeholders from India together through this initiative. The programme enables the startups to explore the Indian market, validate their offering, and learn about sector-specific opportunities and regulations while collaborating with Indian stakeholders.
Since InnoCenter’s onset in 2021, the project has screened over 400 European startups based on their stage of development (post series A funded), annual recurring value (>USD1M), growth rate (>30% YoY), and defensible IP in India. The shortlisted startups have a strong potential and commitment to grow in the Indian market. So far, the EU-India InnocCenter has matched 40+ European Scaleups with 280+ Indian companies and India based MNCs like Mahindra, Reliance, Adani Ports and Logistics, ITC Limited, etc.
The startups already have established operations in Europe and have finessed the understanding of the Indian market through the mentor guidance programmes. The EU-India InnoCenter is hosting its first in-country flagship event called Blue Carpet Night – Showcasing European Innovation on 15th November 2022 in Bangalore. The event will be opened (virtually) by the Ambassador of the European Union to India and facilitate a strategic networking platform for the startups to converge with Indian ecosystem players and industries to showcase their products, technologies, and plans to scale in the Indian market. The InnoCenter hosted its first version of the Blue Carpet Night online due to the travel restrictions, which attracted the presence of R&I counsellors from the European Commission, VCs, potential partners, large corporations, and public policy professionals.
The 10 innovative European startups in this cohort are, Cast AI, Loop, QANplatform, TokenMe, Cheesecake Energy, AgeVolt, Volektra, Echion Technologies, EnvoPAP, and Proglove. They will introduce cutting-edge technologies to the audience pool with supporting statements on how these technologies can nurture India in its growth across specific sectors. Some of these companies like Proglove, Echion, Cheesecake Energy, Cast.ai, amongst others are set to accelerate in the Indian market in the next 6-18 months. During the trip to Bengaluru, some of these startups will also interact at the Bengaluru Tech Summit under the Karnataka Digital Economy Mission (KDEM) to showcase how these technologies will help harness the full potential of the mission.
EU-India InnoCenter’s Programme Head, Juliane Frömmter, who is recognised as 40 under 40 Europe India Leader by EICI and has built Internationalisation Programmes for T-Hub Foundation, said, “Technologies brought by these startups have a high potential in solving challenges faced by Indian industries in automating,, digitising, and decarbonizing specific sectors. We have upgraded our framework to select startups with high-impact technology in sectors that require enhanced R&D in India. We believe that these startups will transfer tech and knowhow to the country while manufacturing and hiring local talent to scale in the Indian market. We are excited for our trip to India to make in-person matchmaking sessions with potential clients that will help foster strategic partnerships between India and Europe.”
Recognizing the role of the InnoCenter in deepening EU-India cooperation in innovation, the Ambassador of the European Union to India, H.E. Ugo Astuto said, “This programme will help to further foster collaboration and innovation among two of the world’s largest economies while strengthening EU-India trade relations. The first in-country Blue Carpet Night will facilitate an exchange of high-impact technologies and support transition towards a green, digital and resilient future.” He added, “India is a strategic partner of the EU. As we mark 60 years of diplomatic relationship, this initiative will help to further cement our ties.”
The EU-India InnoCenter programme further plans to expand its operation allowing Indian companies to explore the European market.