Plans to identify and nurture entrepreneurs in the media and entertainment, mediatech and edutech sectors
The Subhash Chandra Foundation has launched 'Esselerator' programme to identify and mentor entrepreneurs in the media and entertainment, mediatech and edutech sectors in India.
Driven by a desire of #LetsFuelIdeas, the programme aims to co-develop and nurture 'early and growth stage start-ups' that have the potential to grow into successful companies in the future. A first-of-its-kind initiative by the foundation, this programme has been launched in association with the Essel Group and will be powered by TiE Mumbai, a non-profit global community.
Rajya Sabha MP and chairman of Essel Group Subhash Chandra had earlier this year launched the foundation to commemorate 90 years of Essel Group and pledged Rs 5,000 crore of his family wealth towards philanthropic initiatives of the foundation.
Commenting on the development, Chandra said that Essel Group's journey of 90 years has been marked by a series of milestones, which have been driven by a pioneering vision and an undying entrepreneurial spirit. "As we move ahead in this journey, our aim is to carry forward the entrepreneurial legacy of the group and with this objective in mind, we had launched the foundation earlier this year to help budding entrepreneurs and educationists, by not just providing them with funds but by creating a chain model.
"Under the aegis of the 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."
With the expertise of the Essel Group and the vision of the foundation, the programme aims to give the founding teams access to Essel resources, networks and platforms to test and grow their start-ups into viable businesses. The selected teams will be mentored by the eminent leadership of Essel Group including Subhash Chandra, the chief mentor, Punit Goenka, managing director and chief executive officer, Zee Entertainment Enterprises Ltd (Zeel) and Amit Goenka, chief executive officer – international broadcast business, Zee Entertainment Enterprises Ltd (Zeel) and senior management of Essel Group, along with industry experts from different fields.
The Esselerator programme, Amit Goenka said, has been launched keeping in mind Chandra's vision to nurture and grow entrepreneurs and create capacity for the nation through business models that will bring about change, increase effectiveness and provide growth opportunities.
"The focus of the Esselerator on media, entertainment and education is at the heart of Essel's business and leadership in these sectors," said Goenka.
The shortlisted teams will benefit from comprehensive knowledge and guidance from the best minds in the industry, and training across technology, consumer insights, fundraising and social media tools. Along with TiE Mumbai's strong mentorship and global network, start-ups passing through the Esselerator program will benefit tremendously.
The media and entertainment space, according to Anand Desai, president - TiE Mumbai and managing partner, DSK Legal, is highly fragmented and entrepreneurs face a number of challenges.
"This is a positive step towards nurturing the start-up ecosystem by getting corporates involved. The foundation, along with Essel Group's focus on mediatech and edutech, is the need of the hour. Through this partnership with TiE, the Esselerator programme will allow us to create a more mature ecosystem," said Desai.
The initiative will allow early- and growth-stage start-ups to apply into the programme and go through a selection process through a panel of experts. Start-ups involved in internet of things (IoT), artificial intelligence (AI) and machine learning (ML), cognitive computing, virtual/augmented reality, blockchain, etc, and willing to look at business opportunities in the media and entertainment or education space, will be eligible to apply.
The first round of applicants will be shortlisted through their online applications on the Esselerator website – www.subhashchandrafoundation.org/esselerator. The second round will include interviews with the accepted applicants which will be jointly conducted by Esselerator and TiE Mumbai.
GUIDING LIGHT
- Plans to identify and nurture entrepreneurs in the media and entertainment, mediatech and edutech sectors
- The program will be the first-of-its-kind initiative by the foundation along with the Essel Group, powered by TiE Mumbai
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