Hyderabad, 18 February 2019: T-Hub, which is among the world’s leading startup engines powering entrepreneurship and innovation, today announced the start of call for applications for the second batch of Lab32, a comprehensive incubation program, tailor-made for early-stage tech product startups. This comes after the success of its first batch of 70 startups, graduating in April 2019.
Lab32 is designed to ensure the strategic growth of startups in India. The programme aims to support the government’s ‘Startup India Initiative’ by directing entrepreneurship, innovation and addressing the challenges faced by startups.
The second batch of Lab32 will commence on 1 May 2019 with leading-edge solutions by startups in industries such as health-tech, fin-tech, smart mobility, sustainability, social impact, smart cities, and ed-tech, amongst others. It will comprise of chosen startups, which will be shortlisted from hundreds of applications after an extensive screening process. Applications will open on 18 February 2019 https://t-hub.co/lab32/ and close on 8 April 2019.
To meet the minimum eligibility criteria of the programme, the early-stage tech product startups should have:
● Initial market traction
● An exceptional founding team
● Seed funding, series A funding or bootstrapped
● Solution for, but not limited to, healthcare, finance, education, smart mobility, sustainability, social impact, and smart cities, using technology like artificial intelligence, machine learning, deep learning, augmented reality/virtual reality/extended reality, blockchain etc.
● Commitment to work from T-Hub facility full time for 6 months or more
The eligible startups will face a structured evaluation process like face to face interviews, presentations, etc. before they can be part of the Lab32 programme. The final set of thoughtfully chosen startups will receive a host of benefits to ensure the strategic growth of startups including:
● Workshops and seminars from senior corporate executives/CXOs and serial entrepreneurs
● Curated playbook and mentoring by industry experts
● One-on-one interactions with its dedicated pool of mentors, investors, and partners
● Partnership initiations with T-Hub’s premium service providers like Amazon Web Services, DigitalOcean, Google Cloud, HubSpot, IBM, Microsoft, Zoho etc.
● Access to the catalyst building facility 24/7 during the programme
Ravi Narayan, CEO of T-Hub, said “The innovation ecosystem in India has to grow strategically and faster and there needs to be a constant supply of startups with trend-making innovative solutions. T-Hub’s second batch of Lab32 will focus on addressing these challenges. The startups at T-Hub will benefit from intensive mentorship that will enhance their business models and credibility of their products.”
He further added, “The acceleration in growth and guidance that the first batch of 70 startups received from Lab32 is a testimony to the success of our incubation program. T-Hub elevated the level of market understanding for each of the incubated startup that enabled them to analyse the market appetite for their offerings.”
Success Metrics of Lab32 Programme Batch 2018
Average Revenue Per Start-up in the Last Three Months: INR 27 lakhs
Fund Raised: INR 112+ crores
Total Employment Creation: 2000+ jobs
Awards/ Notable Recognitions So Far: 50+ awards
Based on the on-going experience from the first batch of Lab32, Dr. Ramya Gujjula, Co-Founder, Nexrea said, “During the Lab32 programme, we never felt that we were in a race competing against any of the startups here. Instead, it felt like a large congregation of entrepreneurs trying to achieve what they want to, and in the process, lifting each other.”
“The exceptional entrepreneurs, powerful connections, inspiring workspace and T-Hub’s vision for building a new-generation innovation hub in Hyderabad define the Lab32 programme. Our experience with the first batch of the programme has been enriching, and it has played a pivotal role in our growth”, said Anjaneyulu Reddy, CEO at Evibe.