December 13, 2017

Subhash Chandra Foundation launches program for startups

Essel Group

To celebrate the 90 years of Essel Group, Chairman Subhash Chandra has launched the Subhash Chandra Foundation. Chandra has also pledged Rs 5000 crore of family wealth in philanthropic works.

The startup program called ‘Esselerator’ launched in association with the Essel Group and powered by TiE Mumbai will identify and mentor future entrepreneurs across startups in the fields of media and entertainment, mediatech and eduTech.

Commenting on the program, Chandra said, “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 Subhash Chandra Foundation earlier this year to help budding entrepreneurs and educationists, by not just providing them funds but by creating a chain model. Under the aegis of the Subhash Chandra Foundation and in partnership with TiE Mumbai, we are proud to launch our initiative, the ‘Esselerator’ program 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.”

Backing the program, Anand Desai, President, TiE Mumbai & Managing Partner, DSK Legal, said, “The Media and Entertainment space 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 Subhash Chandra Foundation along with Essel Group's focus on MediaTech and EduTech is the need of the hour. Through this partnership with TiE, the Esselerator programe will allow us to create a more mature ecosystem."

According to reports, the shortlisted teams will be mentored by the renowned leadership of Essel Group including Subhash Chandra, the Chief Mentor; Punit Goenka, MD & CEO; ZEEL and Amit Goenka, CEO International Broadcast Business ZEEL and senior management of Essel Group, among others.

“The program will allow early and growth stage start-ups to apply to the program 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 and Blockchain and willing to look at business opportunities in the media & entertainment or education space, can also apply. The first round of applicants will be shortlisted through their online applications,” the reports added.

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