Rolls-Royce has picked three Indian companies for a co-innovation programme
R2 Data Labs, the data innovation catalyst inside Rolls-Royce, has identified three start-ups for its first-ever start-up accelerator programme in Bengaluru. The start-ups ClearQuote (Xenon Automotive), PiChain Innovations and Imaginate Technologies will be given an equity-free grant of £10,000 each and put through a six-month co-innovation programme that will include mentoring and technical support from Rolls-Royce.
The start-ups were identified through a rigorous selection process, wherein they were evaluated on the basis of their ideas, capabilities and project fitment.
A jury of Rolls-Royce and ecosystem mentors selected three winners from 15 shortlisted finalists.
Speaking about the initiative, Kishore Jayaraman, president, Rolls-Royce India & South Asia, said: “With the stated mission of encouraging cutting-edge technologies that deliver clean, safe and competitive solutions to meet our planet’s vital power needs, Rolls-Royce believes in the disruptive power of digital technologies in shaping the future of our industry. Our India start-up accelerator programme is a reinforcement of our faith in the potential of Indian start-up minds in creating innovative solutions fundamental to the digital future of the industrial technology sector.”
“We look forward to not only coaching and mentoring them but also collaborating with them to co-create and co-innovate to solve some of the most complex challenges in our business,” he added.
Under the programme, Rolls-Royce will provide mentoring to the selected start-ups and offer them an opportunity to connect, collaborate and commercialise their projects. The programme will be kick-started with the allotment of £10,000 of equity free grant to each of the start-ups, along with the prospect of strengthening their products as well as building a business strategy.
In 2018, Rolls-Royce invested £1.4 billion on research and development.
R2 Data Labs works on a global network of digital capability of building an ecosystem of diverse partners which includes over 500 partners from across Europe, India, USA and Asia-Pacific. The labs focus on AI & advanced analytics, blockchain and quantum, autonomous and sensing, and industrial IoT.
Caroline Gorski, group director of R2 Data Labs, said: “Successfully delivering value from data innovation is key to Rolls-Royce's digital strategy. Working with start-ups helps us engage with technology innovators who can bring us new technical insights and allow us to get broader perspective on the possibilities of data innovation. At the same time, we also get to help those innovators to succeed and share in their creativity and energy.”
The start-ups will work closely with the Rolls-Royce team and also get an opportunity to collaborate with industry experts as they work through the development of a proof of concept.
The initiative is in line with Rolls-Royce’s commitment to collaborative innovation and building an ecosystem of partners that harnesses the latest thinking and technologies from a wide community of innovators.
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Last Updated 2, Oct 2019, 11:27 AM