In a momentous celebration of collaborative innovation, the project funded by the European Commission under the Horizon 2020 research and innovation programme, completes the third year of this transformative initiative that has been a beacon, guiding European startups and SMEs into the thriving landscape of the Indian market.
The EU-India Innocenter Project
The foundation of the EU-India Innocenter project lies in its commitment to assisting European companies at various stages of readiness as they embark on their Indian market journey. The programme’s 4-phase approach was designed to cater to the specific needs and challenges faced by startups and SMEs:
- Discover the Market: Introductory sessions equip European companies with crucial insights into international expansion.
- Prepare to Expand: Two informative sessions delve into market opportunities and the intricacies of international expansion strategies.
- Explore and Validate: An intensive 8-week phase focuses on product validation with local customers and partners.
- Enter and Scale: A 3-month individualized support system facilitates a seamless entry and scaling process in the Indian market.
Bridging Innovation Across Continents
Over the course of these 3 years , startups at various stages of maturity underwent meticulous training and planning, preparing them for successful entry into the Indian market. The project’s thematic focus encompassed four key areas: Sustainability & Clean Tech, Healthtech & Life Sciences, Mobility & Logistics, as well as Emerging & Enterprise Tech.
The project collaborates closely with local technology and innovation structures guiding European tech companies in a soft landing, fostering co-creation, building a robust ecosystem of stakeholders, and facilitating a reciprocal technology and knowledge transfer.
This holistic approach underscores the project’s commitment to not only expanding business activities but also fostering innovation and sustainability across diverse sectors, making it a transformative force in EU-India collaborations.
Quantifying Impact: Numbers Speak Volumes
Success Cases: A Symphony of Innovation and Impact
Why India?
India’s vast population and increasing healthcare demands provided a strategic opportunity for Skinive. The widespread adoption of smartphones and technology, particularly in remote regions lacking immediate access to dermatological healthcare services, aligned perfectly with Skinive’s mission. The diversity of skin types in India offered a rich dataset for refining and optimizing Skinive’s AI algorithms.
India Expansion Results:
– Acquired approximately 80,000 app users in India.
– Published Skinive’s accuracy report in the Indian Journal of Dermatology.
– Signed NDA with KIMS Hospital for a clinical study in India.
“EU-India Innocenter proved useful in Skinive’s successful market entry in India. They guided us in adapting our business model, making it more relevant to the Indian market’s nuances. Their dedicated support led to promising funding meetings, catalysing our growth journey in India.”
Kirill Sokol – CEO & Co-Founder – Skinive
Connections and Expansion:
– Forged 7 impactful connections through the program, fostering collaborations and networking opportunities.
– Actively hired a sales lead and supporting tech staff in India, signaling a commitment to regional growth.
– In the process of establishing a local entity, a strategic move facilitated by the EU-India Innocenter programme.
– The company’s foray into the Indian FinTech scene is marked by a groundbreaking pilot project with a valued Indian FinTech partner at $700 million, promising a substantial 40% reduction in cloud costs, unlocking exciting cost-saving opportunities.
Ongoing Momentum:
– With $38 million in funding raised to date, CAST AI showcases resilience and continuous growth.
– Attracted interest from a leading digital bank in India, receiving an RFP for a potential pilot project, indicating sustained momentum and industry recognition
Future Prospects:
– Positioned for a bright future with innovative solutions that have captured the attention of key players in the Indian FinTech landscape.
– The possibilities for CAST AI seem boundless, with the potential to drive transformative change and innovation in the sector.
CAST AI’s journey within the EU-India Innocenter program is a testament to the power of cross-continental collaboration and innovation exchange. As it navigates the dynamic Indian FinTech landscape, CAST AI not only presents solutions for cloud cost optimization but also signifies a transformative force in the industry. The program has not only opened doors for strategic partnerships and connections but also positioned CAST AI for sustained growth and impact, with a promising future in the rapidly evolving FinTech ecosystem in India and beyond.
Localized Value Proposition for India:
Proglove’s success in the Indian market is anchored in its ability to offer a localized value proposition. Focused on productivity gains and space optimization, Proglove’s solutions address the unique challenges and opportunities within the Indian warehouse automation and logistics landscape.
Key Milestones:
– Patents: Boasting an impressive portfolio of 40 patents, primarily centered around wearables.
– Funding Raised: Secured a significant $49.1 million in funding, showcasing investor confidence in Proglove’s vision.
Achievements in India:
– Launched two successful pilot projects, demonstrating the adaptability and effectiveness of Proglove’s solutions in the Indian context.
– Forged valuable connections, including a strategic partnership with a prominent warehouse automation company in India.
– Obtained certifications for its hardware devices, underlining the commitment to quality and compliance.
Strategic Considerations:
– Considering a shift to an Operational Expenditure (Opex) model for its business, aligning with evolving market dynamics and customer preferences.
Proglove’s journey in the EU-India Innocenter programme exemplifies the transformative potential of cross-continental collaborations. With precision-engineered solutions, Proglove not only enhances efficiency in warehouse automation but also contributes to the evolution of India’s logistics landscape. As it continues to grow, Proglove stands as a beacon of innovation and excellence, building the future of warehouse automation in India and beyond.
