Visakhapatnam, India, February 22, 2019 : In line with the strategic alliance between Federation of Indian Chambers of Commerce and Industry (FICCI) and Government of Andhra Pradesh, the Second Phase of the Flagship Global Accelerator and Incubation Programme XLR8AP was inaugurated in Visakhapatnam in the presence of CEO, Andhra Pradesh Innovation Society, Winny Patro, FICCI & XlR8AP officials and start-ups
XLR8AP is a joint venture between Innovation Society of the Government of Andhra Pradesh, FICCI, and IC2 Institute of the University of Texas at Austin.
XLR8AP aims to establish a world-class technology innovation ecosystem in Andhra Pradesh through training, advanced capacity-building for innovators and entrepreneurs, and, incubation and acceleration of tech companies. The initiative also assists in the mobilisation of venture capital and provides access to the global networks of both FICCI and IC2. Select qualifying tech companies looking at the global marketplace are co-located at Austin.
“We hope to give scope to several start-ups to scale-up,” APIS CEO Winy Patro said at the inauguration.
Xlr8AP trained 132 start-ups in its first phase thereby creating over 1,000 new jobs and paid internships, aiding next-generation entrepreneurs to learn high-impact entrepreneurship ‘from the inside’ and solving real societal and business challenges through innovation.
Over USD 3.4 million in incremental revenue and more than 200 commercial deals in various stages of development are in the works as a result of the initiative.
XLR8AP Phase 2 :
After the successful completion of Phase I in Tirupati, Phase II shall see another 4 Cohorts of the Programme. For every Cohort, 33 Start-ups shall be shortlisted, out of which 25 Start-ups shall be eligible for attending the Cohort which runs for four months. Out of these 25 Start-ups, based on their performance with the Cohort, 8 Start-ups shall be considered for Advanced Acceleration under which they will be provided with Domestic and International Business Development Support, Infrastructural Support, B2B Support, Facilitation for Participating in Conferences and Indirect Funding Support through Investor Meets.
The Advanced Acceleration Phase shall begin at the 4th Month of the Cohort and shall run for 18 months. Phase 2 of XLR8AP will be conducted at Ground Floor, Sunrise Incubation Tower, Innovation Valley, Hill No. 3, IT SEZ, Madhurawada, Visakhapatnam.