Corporates and startups are often put on extreme polarities when it comes to ways of working, hierarchies, resource utilisation and business potential.
In reality, these worlds are merging at a fast pace. This owes to the fact that there is a growing interdependence between the two sides. Knowledge exchange is the need of the hour and there is a phenomenal release of innovation energy creating fruitful interactions when this collaboration happens.
Corporate accelerators and independent accelerators facilitate this collaboration by bringing together complementary sets of strengths from both parties, thereby creating new opportunities for both. Companies including Microsoft, Citrix and Telefonica were among the first companies to offer such programmes in the early 2010s (although now discontinued). Since then, there have been 70+ corporate accelerators launched worldwide. It is a strategic step that allows companies to stay within arm’s reach of innovation and gain essential insights into the business environment which is extremely dynamic.
Rolls-Royce, which has been a pioneer in cutting-edge technologies in the world, launched its first ever Acceleration Program — Rolls-Royce Startup Accelerator in Bengaluru. It resonates with the willingness of the engineering company to lead the way in the digital transformation, anticipate the challenges that their customers face and remain at the forefront of technology and innovation.
This initiative is led by R2 Data Labs which is the data innovation catalyst inside Rolls-Royce. The accelerator is powered by NUMA Bengaluru. It is a 6-month co-innovation program for future-tech startups. Along with a £10,000 equity-free grant, startups will connect, collaborate and commercialise with Rolls-Royce during the program. The program includes the three following steps.
In the beginning, startups will be taken through multiple bootcamps on the various core functions of a business to help them strengthen their product and build a business strategy. NUMA and Rolls-Royce teams will be helping each startup to create their OKR and support them on the execution of this roadmap through curated meetings and mentoring sessions.
During the execution phase, the startups will work very closely with the Rolls-Royce teams to develop their PoC. Additionally this phase will give the startups an opportunity to connect and collaborate with industry experts and mentors to tackle challenges or discuss potential opportunities with corporates.
This phase will support startups with the Product market fit & funding support. Startups will have the opportunity to pitch their solution to the ecosystem comprising of acceleration programs, companies, investors, mentors and the community during the Demo Day.
THE FOCUS — INDUSTRIAL TECHNOLOGY & STARTUPS
Industrial Technology, generally known as a set of engineering and manufacturing technology to make production faster, more effective and easier, is considered to be one of the booming sectors around the world. Its demand is increasing as corporates in different kind of industries look for ways to make production and manufacturing faster. In this regard, Rolls-Royce would like to capture these opportunities and answer the growing challenges linked to the complex automation systems, the implementation of artificial intelligence tools and services, fragmented value chains or the software implementation.
Rolls-Royce is looking to collaborate with startups bringing innovative solutions in their global focus areas.
Entry of Rolls-Royce in the startup ecosystem is sure to bring some disruptive innovations to light. Rolls-Royce has been powering the way the world moves forward. It’s time for startups to join them in their journey and propel their business into a new scale of opportunities.
Learn more and apply for the program before July, 14th 2019:
- How we assisted a prominent jewellery brand in India to enhance customer experience by streamlining billing processes and reducing turnaround time.
- How we developed an acceleration program involving internal teams for India’s largest food and beverage company.
- How we supported a multinational energy and petroleum company to promote a culture of customer centricity across various functions.
- How we empowered high-potential executives at a Swiss manufacturer of escalators, moving walkways, and elevators to leverage design thinking methodologies in crafting innovative products and services.
- How we guided Indian employees of an American pharmaceutical company to adopt the practice of identifying precise problem statements before delving into solution mode.