Forge, the Coimbatore-based private incubator for startups, has partnered with Vedanta Group for an open innovation programme (Vedanta Spark). Launched last year, the programme now has as many as 23 startups working on 32 innovation challenges.
Vish Sahasranamam, co-founder and CEO of Forge, told The Hindu on Tuesday that Forge signed an agreement with Vedanta last year. The programme has connected startups with a large company Vedanta. For Vedanta, the startups bring innovation and sustainable solutions for challenges in different sectors in which it operates. The Vedanta Group will invest ₹ 100 crore in startups through this programme and nearly ₹ 55 crore of it will be towards “paid pilots.” Some of the startups will demonstrate the commercial potential of the innovation in 12 months and they have received financial support from Vedanta to develop the pilots.
Forge and Vedanta developed 16 opportunity themes that will benefit the startups and the Vedanta Group, globally. These translated to 75 innovation challenges. A total of 1,350 applications were received from startups in 29 countries, including almost 900 India-based startups. Of these, 23 were identified and these will work on seven opportunities covering 32 innovation challenges. “The next 12 months will be given to startups to do the pilot implementation. It is estimated that investment of ₹ 55 crore for pilot projects will demonstrate a business impact of ₹ 400 crore to ₹ 450 crore,” he said. Forge will play the role of a knowledge partner and programme management partner.
