The promoter and chairman for Essel Group, Subhash Chandra, launched a new accelerator program on Tuesday to support and mentor start-ups that specialize in media, entertainment, mediatech and eduTech. This is the first official initiative launched under the Subhash Chandra Foundation since its creation earlier this year.
Besides startups, the foundation will also work on social impact and aim to create a positive environment for businesses. The foundation has an Rs 5,000 investment budget coming from Chandra’s family wealth.
Subhas Chandra was overjoyed by the launch: “Under the aegis of the Subhash Chandra Foundation and in partnership with TiE Mumbai, we are proud to launch our initiative – the ‘Esselerator’ programme which promises to identify and groom the next generation of thinkers and innovators, who through their unique business models will play a significant role in building the capacity of the nation” he said to The Hindu Business Line.
The first mentorship programme is scheduled to start in mid-January and will last from 8 to 12 weeks. Out of many applying start-ups, the program will choose the selected few that they feel are the brightest candidates.
The programme will aim to provide the selected teams with mentorship and assistance by giving them access to Essel resources, network and platforms to test and develop their startups into complete and viable businesses.
Also, the selected teams will be mentored by the leadership of Essel Group such as Subhash Chandra, the chief mentor, Punit Goenka, MD and CEO, Zee Entertainment Enterprises Ltd and Amit Goenka, CEO International Broadcast Business, ZEEL, senior management of Essel Group and other industry experts from varying fields.
According to a new report by Nasscom published in may, the number of incubators and accelerators have grown by 40% in recent years which would suggest that incubators and accelerators play a crucial role in the development of the Indian start-up ecosystem.
