Third season of NXP India Tech Startup Challenge is here
NXP Semiconductors has collaborated with Startup India to kick off 3rd season of Tech Startup Challenge 2023.
NXP India, one of NXP Semiconductors' largest R&D facilities, has announced the opening of Season III of NXP India Tech Startup Challenge 2023. It is a platform for upcoming startups. This challenge aims to support and mentor start-ups working on embedded product development for the automotive, industrial & internet of things, mobile, and communication infrastructures. Applications open from 06 February, 2023.
The event is being organized in collaboration with Startup India Hub, a platform to connect the Indian start-up ecosystem by the Ministry of Commerce and Industry, which will host all the applications.
The Extreme Tech Challenge will invite the top 3 startups as finalists at the XTC's bootcamp event where they will be evaluated by a panel of investors thus giving them global exposure.
In addition to the monetary benefits, the top 10 Tech Startups will also receive equity-free pre-incubations from incubator partners Electropreneur Park (ESDM Incubator) and Semiconductor Fabless Acceleration Lab (SFAL), as well as lab test equipment to turn ideas into prototypes complimented with mentorship sessions for business, technology and scale up opportunities.
The top 3 winners of Season 2 were awarded prize money of Rs. 3.33 lakhs, a mentorship opportunity with NXP India's panel of Technical Leadership Experts, and a chance to participate as finalists in the Extreme Tech Challenge (XTC).
Explaining what the exercise is about, Hitesh Garg, India Country Manager, NXP Semiconductors said, “Tech Startup challenge is a platform that provides tech entrepreneurs a chance to showcase their brilliance in their domain. Making India a global leader in the development of environmentally friendly technology firms is our goal.”
Benefits for Top 3 selected startups include:
Total prize money of INR 10 Lacs along with mentorship opportunity (3 interactive sessions with mentor each month for 3 months) from NXP India Technical Leadership Experts
Invitation as finalists in the Extreme Tech Challenge (XTC) and XTC's bootcamp event. XTC will also have the finalists evaluated by an elite panel of investors for global exposure.
Benefits for Top 10 selected startups include:
They will get an opportunity to share their business value proposition to NXP and industry partners along with networking
Invitation as an entrant for up to 3-month equity-free pre-incubation at Electropreneur Park (ESDM Incubator), free of charge access to state-of-the-art ESDM Lab test equipment to convert the idea to prototype, mentorship sessions for business plan refinement, technical mentorship, connect to ESDM suppliers and reimbursement of up to Rs. 50,000 for prototyping expenses.
Invitation as an entrant for up to 4-month equity-free cohort period together with SFAL - Semiconductor Fabless Acceleration Lab that will include access to In-kind Partner (IKP) assets (worth per startup can be upwards of INR 10L): FPGA Innovation Lab@SFAL, tools from In-Kind Partners, access to webinars and guidance on business and potential investments from SFAL and IKP partners.
Top 3 finalists will be provided with total prize money of INR 10 Lacs along with mentorship opportunity with NXP India.
Apart from Startup India Hub, a platform by Ministry of Commerce and Industry, Global partner: Extreme Tech Challenge (XTC), and Incubation partners: Electropreneur Park and Semiconductor Fabless Acceleration Lab (SFAL) will support the program
The finalist will be invited to participate in the Extreme Tech Challenge (XTC) and XTC's bootcamp event.