The first batch of 11 startups is all set to graduate from the GenNenxt innovation hub after four months of rigorous training.
Start-ups are the flavour of the season. Both the Modi government and corporate India are putting their time and money behind nurturing innovative entrepreneurial ventures.
To encourage disruptive tech startups, Reliance Industries in partnership with Microsoft Ventures has set up the GenNext innovation hub start up accelerator.
The first batch of 11 startups is all set to graduate from the GenNenxt innovation hub after four months of rigorous training, reports CNBC-TV18's Shruti Mishra.
RA Mashelkar, Chairman, GenNext Ventures and board member, RIL said: "We are not just looking at Reliance we want to have 100 start-ups come in and we want to create 1000 job providers not job seekers. That's the ambition."
Bhaskar Pramanik, Chairman, Microsoft India said, when the company first came it wasn't that crystal clear and precise as to what it was trying to achieve and by going through this mentorship program it has achieved that.
It has been able to focus, able to make its value proposition much clearer. It has been able to scope what the opportunity is and more important it has been able to establish the network which we believe will help them to go to the next stage.
The four-month long incubation programme helped the 11 fine tune their business models with the help of industry leaders who played mentors.
"The first thing we provided was mentorship, the reason is most of the problems we see among start-up community in India is that they don't have a face to talk to. Because one you are talking to an industry expert or a tech expert, a lot of problems can be resolved.
Second is the connects that we have with industry leaders so that's where the day to day problems are kind of relayed down to start-ups. So they don't do the same mistakes again and again. Third is the customer connects, because end of the day everyone needs customer," said Rajinish Menon, director, Microsoft Ventures.
For the graduating class the entrepreneurial journey has just begun. The GenNext innovation hub has also opened applications for its second batch that will start in June this year. So if you are a startup looking for some mentoring, sign up now.
Reliance stock price
On March 13, 2015, Reliance Industries closed at Rs 850.15, down Rs 13.6, or 1.57 percent. The 52-week high of the share was Rs 1142.50 and the 52-week low was Rs 831.10.
The company's trailing 12-month (TTM) EPS was at Rs 68.32 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 12.44. The latest book value of the company is Rs 609.07 per share. At current value, the price-to-book value of the company is 1.40.
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