VISAKHAPATNAM: SOSA, a leader in providing innovative services to global corporations and investors has inked a Memorandum of Understanding (MoU) with Andhra Pradesh Innovation Society (APIS) during Vizag Fintech Festival on Wednesday.
“APIS has been at the forefront in recognising the importance of fostering entrepreneurship and a culture of innovation to increase knowledge, wealth, and employment in the region. We are happy to partner with them in order to support them in this quest,” Uzi Scheffer, CEO of SOSA, said.
For the first time in the country, SOSA, an Israel-based open innovation centre, which provides a platform to global investors is expanding its services through its Landing Pads in Tel Aviv in Israel and New York for the start-up in Andhra Pradesh, according to Lakshmi Potluri, CEO of DCF Ventures.
While talking to The New Indian Express, CEO of DCF Ventures Lakshmi Potluri said, “DCF is Indian strategic partner of SOSA and would work together to create a good ecosystem for entrepreneurs in the State.”
It will be launched in the second week of November and applications will be invited from the start-ups, which will have to pass through a screening committee, comprising experts and government representatives. The selected start-ups will have to meet all the criteria laid down by SOSA.
The agreement between APIS and SOSA will extend support to SOSA in connecting them with the leading corporate players in Fintech, Agritech, insurance, emerging-tech and other technology verticals in Andhra Pradesh.
APIS will offer all necessary resources to SOSA for grounding their strong base in the State. The success of selected start-ups will prompt many other ideas to be nurtured and it will encourage people to relocate their start-up offices to Andhra Pradesh, Potluri said.
The government has been proactive and constructive as the Landing Pads will be helpful to take these start-up ideas to the next level, she said.
In the first phase, SOSA will give access to Landing Pads for the start-ups, corporations, and the government representative from the State at Tel Aviv (Israel) and New York (USA).
It will also facilitate the start-ups in the international market, knowledge resources, financial resources, and to extend their start-up network globally.
Five start-ups are most likely to be selected for exploring the Landing Pads and will be granted a stay of one month in order to showcase their products/ideas in the global market.
Referring to Visakhapatnam, Potluri said, the city has a huge potential to become an Information Technology (IT) hub and the efforts to promote Fintech Valley will yield results in a couple of years. The DCF and SOSA are planning to open their India offices in Visakhapatnam, she added.