Turbostart has launched an Innovation Challenge for people who have started small companies that work with AI or have creative ideas. This is being done to celebrate Turbostart’s fourth birthday and its dedication to supporting new ideas in Artificial Intelligence. After looking closely at the applications, Turbostart will choose 10 startups to present their ideas. The best three out of these will have a chance to get an investment of up to 1 crore rupees, with one of them being selected.
The application window for startups to participate in the upcoming Turbostart Innovation Challenge opens today, Monday, August 14th, 2023 on Turbostart’s official website. The applications will remain open until August 23rd, 2023, providing participants a substantial amount of time to showcase their revolutionary AI concepts. Further, Turbostart will proceed with a multilevel selection process on September 1st in Bengaluru, consisting of a grand jury panel. The three startups will have the opportunity to secure investments of up to INR 1 Crore each, post-qualifying for the Global Investment Committee round, scheduled after the announcement of the top three winners.
To foster innovation and networking opportunities, a startup forum titled ‘Sparkplug’ featuring expert panel discussions and keynote speeches by industry leaders and accomplished entrepreneurs will also be hosted the same day. The announcement of the three winning startups and investment amount will be revealed post the forum.
Speaking about the importance of the challenge and its impact on AI innovation, Ganesh Raju, Founder and CEO, Turbostart said, “Artificial Intelligence (AI) and more recently, Generative AI, has emerged as a significant catalyst in the business world. Over the years, Turbostart has been at the forefront of nurturing innovative minds and transforming groundbreaking ideas into successful businesses. As we commemorate our 4th anniversary, we aim to discover promising AI-driven concepts and entrepreneurs, furthering our commitment to driving technological innovation in the enterprise ecosystem with this initiative.”
Launched in 2019, Turbostart is a global fund & accelerator tailored to scout and handpick outstanding early-stage startups. Their innovative cohort format, held in regular cycles, enables them to curate a top-tier selection of ventures from across the globe. Over the last 4 years, Turbostart has invested in approximately 30 startups, which includes deep-tech AI startups such as Sivi.ai, Argoid, Sciative and more. Unlike conventional funds or accelerators that offer short term engagement and one-size-fits-all mentorship, Turbostart prides itself on delivering consistent and tailor-made long-term support and guidance. What sets Turbostart apart is its influential board, dynamic team, and six Centers of Excellence provide dedicated guidance and services in areas such as Marketing, Technology, Design, Business Development, Sales and Investment Banking.