Axis Bank launch Thought Factory innovation lab facility in India to empower startups
Axis Bank, India’s third largest private sector bank this week announced the launch of ‘Thought Factory’, an innovation lab facility that is aaimed at developing innovative technology solutions for the banking sector. Located in Domlur, Bangalore, the Thought Works Innovation lab will work closely with startup community working on innovative new solutions that redefines banking in this new digital age. This is the first such lab in the country where an ecosystem is created for startups to create innovative products/solutions.
The Thought Works lab is divided into three zones. Accelerator and incubator zone, startups that are selected will be working on interesting ideas and experiment with emerging technologies to build breakthrough banking products. These teams will have 90 days to implement an idea and are provided with mentors, development tools, workspace, funding and get to meet potential investors and right people for guidance. At the end of 90 day program, Bank and Zone startups will organize Investor Day to facilitate funding for short listed startups. If the start up has lot of potential, Axis Bank may invest in-house without waiting for Investor Day.
The second zone is ‘Innovation Lab’ where the innovative products are developed and here, the start ups will collaborate with companies. The third zone is called ‘startup hub’ that is setup in tie up with Amazon and is similar to AWS Pop-up Lofts.
Commenting on the launch, Rajiv Anand, Executive Director (Retail Banking), Axis Bank said, “We are excited about the way financial industry is evolving and how millennials are reimagining the industry. ’Thought Factory’, our innovation lab is an endeavor to build on the ideas of innovators that can radically change consumers’ life in Banking and beyond. With this initiative, we are creating a vibrant ecosystem of Global Banks, startups & tech innovators.”
Axis Bank has also launched ‘Hack for Hire’ program to identify talent across the country through Hackathons for in-house innovation team at Thought Factory.
What makes Thought Factory tick?
Right now, startups have to independently run around financial institutions, brands, development tool makers, find mentors on their own and this takes up lot of time. Even though they get to create a great innovative product, getting the sales pitch at the right place and right time is harder than developing the tool. Axis Bank Thought Works is an eco system where every one works together and these start ups get all necessary funding, support and work place so that they can concentrate entirely on coverting that idea into a solution.
Who can apply?
Your startup must be a registered Indian company with an MVP. Axis Bank prefers exploring following technical areas(not an exclusive list):
- Artificial intelligence
- Big data and analytics
- Mobility
- Blockchain
- IoT
- Open API
- Networking
What should be the team size?
Due to limited space in Bangalore facility, Thought Facotry will be able to accommodate only 5-6 people per startup.
How to contact Axis Bank Thought Factory?
You may contact at thoughtfactory@axisbank.com or head to http://www.axisbank.com/thoughtfactory for more details
