Startup Garage, the Next Venture by Tech Mahindra
Do you have a revolutionary idea that will pave newer ways in the entrepreneurial world but no idea where to or rather who to go to with it? Well, strap on them old boots of determination and get into honing your concepts. Tech Mahindra employees may have the answers you have been seeking all this time.
Jagdish Mitra, Chief Strategy Officer and head of the ‘Growth Factories’ programme has announced the planning of establishment of a first corporate garage for the startups in addition to the various companies within their setup that are already active.
TechMisready to establish a startup garage for its in-house entrepreneurs. TechM will invest in both in-house startups and the external companies promoted by its employees.
TechM, who began its association with startups two years ago, is creating the corporate startup garage to ensure the incumbent company is up to date with the latest trends in the digital era and not be caught unaware by leverage of competitors over global connectivity, achieving the same goals in more efficient methods.
TechM has laid out a variety of features for their forthcoming venture:
- The initiative will see a $150million investment from Tech Mahindra in the fields of Artificial Intelligence, Automation and Computing.
- It also plans to integrate a software defined network along with the ‘Internet of Things’.
- The Internet of Things aims to directly integrate the physical world into computer-based systems to improve their economic benefits, accuracy and efficiency.
The venture aims to result in a new age of corporate thinkers.
How will it work?
All the ventures will first be incubated and then housed together physically when their merit has been proven. This will provide them the opportunity to operate independently and allow TechM to mentor them without getting entangled in any major hassles.
The businesses to be incubated will be provided with a certain fund to run for a certain period of time and will have the chance to prove themselves with the given objectives.
Once the objectives are achieved the businesses can claim the next level of funding or seek funds from elsewhere. Thus, it will be a win-win for all.
It is important to note that once a venture has proved its merit, its entrepreneurs will be picked up by the growth factory and they will cease to be TechM employees in order to function independently thereon.
Success Story/Future Goals:
Tech Mahindra is well underway to implement the ‘startups garage’ that will comprise both in-house startups as well as external companies.
TechM currently has 15 businesses that have emerged from among their 1.05 lakh employees which are part of their ‘Growth Factories’.
They have also backed three startups sponsored / promoted by their employees. This helped TechM create a diverse, progressive and independent operation within its existing infrastructure.
Each of the five verticals in the TechM company are looking for parties with potentially disruptive ideas outside of the company to partner with or invest in as many of their competitors already have dedicated funds towards the encouragement of potentially disruptive ideas in the market.