Axis Bank Limited, the third largest private sector bank in India has opened up to startups with Axis Thought Factory – a lab wherein startups can work on innovative solutions in FinTech (Finance Technology). We have seen companies like SAP, Microsoft, Target etc. start Accelerator programs to nurture those startups having potential to develop great solutions and Axis Thought factory is a similar one but with solutions closely around FinTech.
Axis Thought Factory will consist of three zones – Accelerator Zone, Innovation Lab and Startup Hub. There is also ‘Hack for Hire’ programme for spotting talent from across the country through Hackathons and bringing them on board as full time employees at Thought Factory.
Accelerator zone is where Axis will select startups with innovative ideas around FinTech and provide them 90 days to work on that solution. During this period, the startup will be provided with all the necessary resources like workspace, development tools and even mentors who are experts from some of the big companies like Amazon and Visa to name a few. Startups will also get a chance to do POC (Proof of Concept) with Axis Bank to validate and scale their business models. At the end of 90 days, the lab will help startups attract fundings for the solution developed.
Innovation Lab – This zone is similar to the Incubator zone but the startups will be working on FinTech solutions in collaboration with various companies.
Startup Hub – Axis Bank will be collaborating with Amazon here to enable the startups with their innovations in a manner some what similar to the AWS Pop-up Lofts where there will be sessions and presentations from industry experts.
At the event, Vishal Gondal, the founder and CEO of GOQii elaborated on the importance of innovation in FinTech and HealthTech given the number of payment solutions introduced in the market by various companies. The company also showcased Axis Active, a solution using which we can make payments through the GOQii fitness band.
If you are a startup and wondering how to apply for the program, your company should be working on technologies like Artificial intelligence, Big data and analytics, IoT, Blockchain, Networking etc with a team consisting of 5-6 members.
Axis Thought factory is located at Tower C, 2nd Floor, Diamond District, Old Airport Road, Domlur, Bangalore – 560008. You can also contact the team by sending a mail to email@example.com.