Good news for Hardware-based Startups

Recently at an event in Bangalore, Benjamin Joffe, General Partner,Hax Accelerator, said that the accelerator is planning to invest in Indian startups dealing in hardware development.

It was a group meet comprising of IoT startups here in Bangalore, where Joffepointed towards lack of incubators and resources for hardware startups in India. He also added that right now India is leagues behind China in this specific area but with proper resources and initiatives, it can grow on to become a big player.

Hax Accelerator’s Plans for India

The Chinese accelerator is planning to provide a platform to Indian startups in hardware space. They are looking at investing around $100,000 in each such startup.The company organizes a four-month long intensive program for 12 chosen hardware startups in Shenzhen and Silicon Valley. This is a great time for the Indian startups to prove their mettle in hardware space. The four-year old accelerator program has invested in more than 160 startups in field of IoT, healthcare and robotics till now.

Interestingly, a few days back, Joffe had said that Indian hardware startups must follow the Chinese model if they want to survive and grow. He had added that such startups must develop strategies to pool in funding from the local investors rather than relying on foreign investments. This is mainly due to the reason that the foreign investors don’t understand India’s hardware needs and so, convincing them becomes a greater task.

What problems do you think Indian hardware startups are facing in getting funds from domestic market? Share your thoughts in our comment section below.

Takeaways:-

• China’s Hax Accelerator is planning to invest in Indian startups dealing in hardware development.
• They are looking at investing around $100,000 in each such startup.
• The four-year-old accelerator program has invested in more than 160 startups in field of IoT, healthcare and robotics till now.

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