In January, the IC² Institute’s XLr8 Andhra Pradesh Technology Business Accelerator (XLr8 AP) completed its first four-month acceleration cycle for 33 Indian technology companies.
The companies have already created 35 jobs in Andhra Pradesh and are in the process of opening two new manufacturing operations.
Led by Managing Director Glenn Robinson of the IC² Institute and a team of three Indian staff members, XLr8 AP is a joint venture with the Innovation Society of the Government of Andhra Pradesh and the Federation of Indian Chambers of Commerce and Industry (FICCI). The vision for XLr8 AP is to establish the “Sunrise State” of Andhra Pradesh as a world-class technology innovation ecosystem and to create jobs and wealth in the state, working with technology startups in advanced capacity building, acceleration into the global marketplace, and mobilization of venture capital.
Beginning with a pool of 430 applicants from across India, XLr8 AP selected the cohort of 33 startups to receive training and mentoring from a team of US and Indian experts. Of these, 25 companies received technology validation and market assessment using the IC² Institute’s Quicklook® methodology, and nine participated in a formal technology and business model presentation competition before a binational panel of judges.
Four of the competing companies were selected to receive advanced commercial acceleration for a period of up to one year. The four winning companies were:
Nitrifying Bioreactor technology for Recirculating Aquaculture Systems (RAS) achieving optimum levels of nitrogenous compounds in water, and prevents Nitrate buildup.
SLS Cell Cure Technologies
Ethically and scientifically explore the full potential of Molecular Diagnostics & Regenerative medicine through cell therapies.
Syndrome Evaluation System is a gene-based medical diagnostic platform that identifies pathogens in life-threatening infections.
Burst Preventive Puncture Curative (BPPC) tyre: puncture proof, burst preventive and self-balancing tire.
In addition, XLr8 AP will continue to mentor other selected company from the first cohort to continue their market entry initiatives.
A new cohort of 33 companies will enter the acceleration program on February 1. In the course of the 16 months making up Phase 1 of the program, XLr8 AP will train and develop at least 132 companies, accelerate at least 16 new ventures, train over 400 entrepreneurs and innovators, and provide innovation and entrepreneurship training to at least 232 university students and faculty.
XLr8 AP is the latest chapter in the IC² Institute’s long engagement with India, including the decade-long DST-Lockheed Martin India Innovation Growth Program (IIGP), which has helped over 1,000 Indian innovators generate more than $814 million in revenue. IC²’s portfolio of activities in India will expand again in April 2017 with the planned launch of an incubator at the American Center in New Delhi.
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