On a Saturday morning, when we prefer lazing around or be in bed, few of the youngsters came together at Diamond District, Bengaluru to grab the opportunity that Axis Bank was about to launch. There are N number of ideas each one of us has got, but not everybody has the right resources and mentoring to convert that idea into reality. With Startups and Entrepreneurs increasing in India, if a right platform is given to them there is no doubt we can have many successful stories of Startups. Keeping the same thought in mind, Axis Bank started its Accelerator program called as Thought Factory
Here is a Video featuring Exec Director & CIO Rajiv Anand of Axis Bank, introducing the Thought Factory and inviting startups and entrepreneurs to come and join. He also stated that “we have already received over 200 applications and are in process of scrutinizing the same”
Axis is the First bank in India to introduce a dedicated innovation lab, ‘Thought Factory’ at Bangalore to constantly drive the FinTech innovation. Thought Factory will house an ‘Accelerator’ to collaborate closely with the high potential startup Ecosystem. The Innovation Lab will work closely with the startup community that are redefining banking in the digital era.
It will be a dedicated 3 months’ program where Axis Bank will engage with the start-up community to fast – track the innovation journey. Each start up group will be provided with mentors who will be specialists from Amazon Internet Services, Payment products company Visa and Overseas Chinese Banking Corporation(OCBC). At the end of 3 months’ program, the Bank along with Zone startups would organize an Investor Day to facilitate funding for the short-listed startups. Axis Bank may also offer to invest in high potential startups before the Investor Day.
The Main technologies bank is experimenting with are block chain, artificial intelligence, mobility, and cloud to bring about disruptions across functions including Credits, Deposits, wealth Management, Mobile Payments, and Security. They also Launched ‘Hack for Hire’ programme for spotting talent from across the country through Hackathons and bringing them on board as full time employees at Thought Factory.
The Bank will also be reaching out to startup hubs across India through roadshows for curating the best fit startups for the program. The short listed startups will be taken through a structured mentor ship program for fine- tuning, validating and scaling their business.
The first Accelerator Program is due to start in September and the launch event showcased demo of few Ideas. Tenith Adithyaa, who is just 18 but has many innovations in his name was there at the launch to share his success story. Axis bank collaborated with GOQiiLife to make a fitness app which will pay you for being fit was also launched in this event.
Such Accelerator programs shall motivate youngsters to think out of the box and work towards innovation and becoming future Entrepreneurs. If you have ideas of start up then you should definitely consider applying here.
More events happening around shall be covered on the blog, so don’t forget to come back 🙂