Bengaluru: ARTPARK, a non-profit that backs technology-driven solutions for social problems announced the launch of ARTPARK Innovation Program to bridge the “translation gap” existing between innovations developed in the renowned universities and deploy those technological advancements to solve problems in India.
While many incubators have been set up in top universities, there is a lack of coherent and strategic programs to convert academic research into market ready products and services for the future, a statement from ARTPARK said. The program aligns with the $100 million venture fund that ARTPARK is planning to launch to support startups in the artificial intelligence and robotics sector.
ARTPARK has already selected six startups incubated in universities for the first batch of AIP. It will work with these companies to help them emerge as future deep technology unicorns from India. “We have a globally connected investment committee allowing us to pick up and support companies that can be competitive not just in India but also in the global market,” ARTPARK co-founder Subhashis Banerjee said.
AIP will have four different categories: Spark, Ignite, Turbo and Boost.
- ARTPARK-Spark is a six-month program for recent graduates and young faculty.
- ARTPARK-Ignite is an Incubation program of 6-18 months to bring together senior faculty or deep technologists and experienced entrepreneurs, where capital along with data, domain, talent and research is provided.
- In the ARTPARK-Turbo, the non-profit funds existing startups around ARTPARK goals and objectives and leverages them in mission projects.
- Under the ARTPARK-Boost program, ARTPARK supports existing companies who are building critical technologies without any investment.
ARTPARK set up at the Indian Institute of Science campus will select various types of startups based on their mentorship needs.