Invest India, the national investment promotion and facilitation agency of India, has joined hands with two entities, Russia-based MTS Startup Hub and US-based Altair, to scout for technology-based startups through the MTS Innovation Challenge and Altair Grand Challenge, respectively.
MTS Innovation Challenge provides opportunities to startups that have developed a product to solve business problems in fintech, HR tech, Internet of Things, B2C digital products, and software/SaaS for ecommerce.
A startup can select the relevant sector and apply for any two problems listed in the respective sector. In order to sign up for the challenge, which is applicable for seed funded or Series A+ startups, the team should have a viable product or ready-to-deploy technology. At least one member from the team must be ready to participate in the Moscow-based sessions. The revenue prediction must be more than $5 million per year after 3-5 years.
Startups whose pilots are successful will be able to qualify for investments in the amount of $500,000 to $1,000,000.
Non fiscal incentives include two months of highly intensive work to accelerate the product using MTS industry expertise at MTS, Moscow, which consists of workshops and product feedback sessions from experts, access to education materials, individual focus on product development with trackers and business customers from MTS and Demo Day with the participation of MTS top-management and external experts. Winner also get access to Altair forums such as technology conferences, CXO events and other focused events as well as access to a prototyping facility for the chosen entries in the automotive sector with traction motor requirements.