Bengaluru-based Startups Club a platform to accelerate early-stage startups has launched an incubator called SC Incurator (“SCIN”). SCIN will incubate, invest and accelerate early-stage startups over a 12-month period.
Earlier this week, Chinese accelerator and venture fund ZDream Ventures, known as Zhudao in China, also announced the launch of incubator ZDream Labs in Gurugram.
“India’s time is now. Startups are engaging to reshape the Indian economy and the daily lives of Indian people. The ecosystem of government, universities, incubators, and communities like Startups Club are crystallizing around the most innovative sector in one of the fastest-growing economies in the world. For investors, this represents an unprecedented opportunity to deploy capital intelligently as an elegant fit with this maturing ecosystem,” said Michael Marks co-founder at Innoventure Partners and mentor on Startups Club.
For the last five years, Startups Club has been engaged with early-stage companies across India. It has conducted about 500+ events, 7000+ hours of mentoring, and claims to have engaged with over 100 founders. Startups Club believes that mentorship, access to market and funding are the main requirements for early-stage firms. It is aiming to solve the gap through its Incurator.
The community comprises veteran investors and mentors on its board who have come together to form SCIN. These include Mahesh Bhalla (former Executive Director at Dell, former President at Qwikcilver) and Michael Marks (co-founder at Innoventure Partners). Marks has been involved in investments in companies such as Twitter, 23andMe, Palantir and SpaceX.
For startups to be eligible to apply to SCIN, they must be ‘early stage’ businesses that have been operating for less than five years. Apart from this the participating startup’s valuation should be below $1.56 Mn (INR 10 Cr).