Reliance Group’s Internet of Things venture Unlimit and government of India’s investment facilitating arm Invest India have came together to run an IoT idea contest in the country for the budding entrepreneurs.
The IoT idea contest, called Interthrone, has also got support from Sardar Patel Institute of Technology and IB-Hubs and aims to provide a platform to ideate, create and make the best use of the Internet and connected devices. It will also play an incubator role for young turks and technocrats to participate and build their IoT businesses under the guidance of industry experts and stalwarts. The contest will also involve institutional and individual investors, who will evaluate the submitted ideas and invest in the winning projects.
“Reliance Group is embracing the digital way and is proactively engaging with the start-up ecosystem. Interthrone is an extension of our efforts to engage with budding entrepreneurs to lay a strong foundation for a truly global business enterprise,” said Anmol Ambani, Executive Director, Reliance Capital.
The ‘Digital India’ movement has received an overwhelmingly positive reception, indicating an environment ripe for a digital revolution. Customer-centric businesses like ours are embracing the depth and breadth of the changing technology landscape. Interthrone is a platform for start-ups working on world-class technological solutions to partner with us along this dynamic digital journey.”
The contest will feature 5 categories in 3 stages – ideation, concept & research and prototype. The contest will run over a period of 6 months, Reliance Group said in a statement.
The 5 categories include connected home, fintech, smart village, automotives/public transport and startups.
The winning teams across all categories will get a cash prize of Rs 300,000 and the runners up will receive Rs one lakh each. A total of 10 startups across categories will be incubated under this program.
“India has witnessed the third largest number of young start-ups worldwide. With IoT being a revolution in the making, we want to ensure that young entrepreneurs and innovators are actively engaged in this space. Interthrone will create an ecosystem for IoT in India which can take this wave forward,” said Juergen Hase, Chief Executive Officer of Unlimit.