In conversation with Juliane Frommter, Programme Head at EU-India Innocenter
- Please provide an overview of the EU-India Innocenter program, its objectives, and how it fosters innovation partnerships between India and the EU.
The EU-India Innocenter is a European Commission funded initiative under the Research & Innovation Horizon 2020 framework, providing a free program for innovative European tech startups seeking to expand into the Indian market. The EU-India Innocenter consortium consists of six complementary companies with extensive experience in program development. Indian representatives are Mantra Launchspace and 91springboard and the European partners are Civitta, German Entrepreneurship, DutchBasecamp and uGlobally. The program’s primary objective is to foster qualitative innovation partnerships between India and the EU, establishing a conducive EU-India innovation corridor. By facilitating strategic collaborations between startups, corporates, venture capitalists, and government representatives from both regions, the program aims to create a platform for knowledge exchange and technology transfer. Leveraging European R&D and the Indian market’s effort to automate, digitize, and decarbonize the Indian market, EU-India Innocenter catalyzes innovation worldwide.
- What are the key focus areas for selecting startups for the EU-India Innocenter program, and how are they ensured to be well-suited for the Indian market?
The EU-India Innocenter selects startups based on specific criteria to ensure their suitability for the Indian market. The key focus areas include relevance to sectors like sustainability & clean-tech, healthtech & life sciences, logistics & mobility, emerging & enterprise tech, unique propositions with a strong Intellectual Property (IP) in India. The program also considers startups with a current annual recurring revenue between EUR 700K – 1M or more, a growth rate of 20-30% YoY, and a global addressable market of over USD 1B. Additionally, the startups must demonstrate potential for India to become a key revenue-generating market and possess a committed, technically prepared, and globally competitive founding team.
- What measurable impact has the EU-India Innocenter made in facilitating connections and collaborations between European and Indian startups since 2021?
Since its inception in 2021, the EU-India Innocenter has made substantial progress in facilitating connections and collaborations between European and Indian startups. It has successfully matched over 40 European scaleups with more than 280 Indian companies and India-based multinational corporations like 1MG, Mahindra, Reliance, Adani Ports and Logistics, and ITC Limited. With over 4,000 innovative European startups in its pipeline, the program has screened 473 companies, of which over 110 have graduated from preparation training, more than50 are currently in the process of market validation and over 14 were already selected for scaling in India.
- What challenges are faced by European startups expanding into India and how the EU-India Innocenter’s strategic network addresses these challenges?
European startups face several challenges when expanding into the Indian market, including unfamiliar regulations, cultural differences, and navigating complex business landscapes. The EU-India Innocenter addresses these challenges through its strategic network of ecosystem facilitators, who are a group of industry experts, mentors, policy officers, etc. By offering guidance, personalized advice, and continuous support, the program assists startups in understanding the Indian market, finding suitable areas to expand, potential local partners, and localizing their offerings. This network plays a crucial role in reducing risks for startups and maximizing their chances of success in India.
- What are some future plans for the EU-India Innocenter program and its role in driving global innovation?
Moving forward, the EU-India Innocenter aims to deepen the EU-India innovation corridor and continue fostering mutually beneficial partnerships between the two regions. The program envisions expanding its support to even Indian startups, facilitating market entry and scaling in European regions. By leveraging strategic collaborations and knowledge exchange, the initiative will drive global innovation, pushing boundaries in sectors like sustainability and clean-tech, healthtech & life sciences, logistics & mobility, as well as emerging & enterprise technologies. As India remains a key growth market with a stable economy, the program’s efforts are set to play a crucial role in strengthening ties between Europe and India and unlocking the full potential of both regions in the global innovation landscape.