June 21, 2018
Accenture Ventures, Consulate General of Israel and NASSCOM Launch “Scalerator” Program to Accelerate Innovation
Collaboration to strengthen technology startup ecosystem in India and Israel
Bengaluru, INDIA; June 21, 2018 – In a first-of-its-kind collaboration, Accenture (NYSE: ACN), the Consulate General of Israel to South India, and the National Association of Software and Services Companies (NASSCOM) have jointly launched ‘scalerator,’ an exclusive program that aims to enhance the collaboration between Israeli and Indian startups to create innovative solutions for global markets.
With support from Accenture Ventures’ Open Innovation initiative, scalerator will identify growth-stage Israeli startups with deep expertise in emerging technologies – particularly cybersecurity, cloud computing, artificial intelligence, automation, the Internet of Things, blockchain and extended reality – and connect them with India’s startup community through NASSCOM’s 10,000 Startups initiative.
Standing L-R in the photo:
Dr. Shai Moses, Consul for Economic and Trade Affairs, the Consulate General of Israel to South India; Dana Kursh, Consul General of Israel to South India; KS Viswanathan, vice president, Industry Initiative, NASSCOM; Rekha M. Menon, chairman and senior managing director, Accenture India; and Avnish Sabharwal, managing director, Accenture Ventures India, at the launch of the ’scalerator’ program
Commenting on the launch of scalerator, Rekha M. Menon, chairman and senior managing director, Accenture India said, “Collaboration is key to success in the digital economy. Enhancing the relationship between India and Israel is an opportunity to bring disruptive, advanced technology innovations to the world. The innovation ecosystems in both countries share common talent and technology traits and we are proud of our role in bringing them together.”
Dana Kursh, Consul General of Israel to South India, said, “We see the scalerator program as vital to further developing India-Israel collaboration. The industry environment in Bengaluru – the Silicon Valley of India – and in so many other places in India, is the perfect match to the Israeli technology sector. Through this collaboration with Accenture and NASSCOM, we can further connect our two ecosystems and enable Indian and Israeli startups to develop cutting-edge technological solutions that benefit all.”
Accenture Ventures will provide guidance to scalerator participants, leveraging its open innovation expertise and global reach to help startups build and bring to market innovative solutions that help address business challenges of Accenture’s Indian and global clients.
Avnish Sabharwal, managing director, Accenture Ventures India, said, “Building a rich open innovation ecosystem is critical for meeting the strategic business objectives of our Global 2000 clients and we are delighted to debut the scalerator as our latest milestone. We are excited about the prospects that the scalerator can create in India and Israel among startups, enterprises, research and academic institutions and investors.”
The Consulate General of Israel to South India will work with Accenture Ventures to oversee the process of selecting startups for the program. The Consulate will also provide business development support to the selected startups from Israel, and facilitate an understanding of the available local funding channels.
Dr. Shai Moses, Consul for Economic and Trade Affairs, the Consulate General of Israel to South India, added, “India and Israel share an appetite for new technology, and we’re glad to collaborate with Accenture and NASSCOM to support disruptive Israeli startups with knowledge sharing, access to India’s strong domestic market and the opportunity to collaborate with India’s technology industry.”
Startups in the scalerator program will be hosted at the NASSCOM Startup Warehouse in Bengaluru, as part of NASSCOM’s 10,000 Startups initiative. NASSCOM will provide mentorship opportunities for participants and involve them in market access forums including industry events and customer engagements.
KS Viswanathan, vice president, Industry Initiative, NASSCOM, said, “Collaboration between the two countries, ranging from socio-cultural exchanges to economic partnership, has nurtured Indo-Israeli ties over several decades. India’s large and growing market, characterized by entrepreneurial zeal, is evenly matched by Israel’s technological prowess. By streamlining intellectual and economic exchange, as well as forging new alliances that foster innovation and entrepreneurship, the scalerator will deepen these ties. NASSCOM’s start-up program reflects this vision to consolidate and streamline efforts in building state-of-the-art infrastructure, coupled with top industry level mentorship programs, funding and industry partnerships, to amplify the impact that emerging disruptive companies can indigenously create for the entire global ecosystem.”
The launch of the scalerator program follows an extensive study of Israel’s startup ecosystem undertaken by Accenture Ventures, outlined in the report, Collaborative Innovation: The vehicle driving Indo-Israel prosperity, published in collaboration with NASSCOM. The report highlights the opportunities and imperatives for the two countries to transcend from the orbit of cooperation to collaboration. It also outlines “Vision 25/25”, which estimates that a cumulative cross-border investment of USD $25 billion into Indian and Israeli start-ups by 2025 can create 25 world-class products across different sectors, unleashing a revenue potential of up-to USD 25 billion from these products by 2025.
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions – underpinned by the world’s largest delivery network – Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With approximately 442,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.
About The Consulate General of Israel to South India
The Consulate of Israel to South India (located in Bengaluru) mission is to promote the bilateral and economic relations, between the state of Israel and India. The Consulate jurisdiction is over the states of Karnataka, Tamil Nadu, Kerala and the union territory of Puducherry. The Consulate is focusing on strengthening the commercial, technological, academic and cultural partnership, by focusing on the following areas: agriculture, urban & rural development, water solutions, healthcare, education, homeland & cyber security, space etc.
NASSCOM® is the premier trade body and the chamber of commerce of the IT-BPM industries in India. NASSCOM is a global trade body with more than 2100 members, which include both Indian and multinational companies that have a presence in India. NASSCOM’s member and associate member companies are broadly in the business of software development, software services, software products, consulting services, BPO services, e-commerce & web services, engineering services and animation and gaming. NASSCOM’s membership base constitutes over 95% of the industry revenues in India and employs over 3.5 million professionals.
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Trade Assistant - Consulate General of Israel in Bangalore
+91 80 49406509
Communications Director at NASSCOM