Lowe’s Innovation Labs launch CONSTRUCT, its new startup accelerator program in India, and announces members of inaugural cohort
Seven Indian startups join CONSTRUCT by Lowe’s Innovation Labs, a stage-agnostic program designed to reimagine home improvement retail
Bengaluru, Karnataka, India – Business Wire India
Lowe’s Innovation Labs, the innovation hub of FORTUNE® 50 retailer Lowe’s Companies Inc., today launched the first Indian cohort of its signature, stage-agnostic startup accelerator program, CONSTRUCT by Lowe’s Innovation Labs. Seven startups from across India, representing a diverse range of interests including merchandising, AI-driven trend forecasting, automated content generation, talent acquisition, hyper real AI and sustainable next-gen home construction technology were selected after a five-city roadshow conducted earlier this year.
CONSTRUCT is designed to be a flexible alternative to traditional corporate accelerators. Keeping with Lowe’s Innovation Labs’ mission to use exponential technology to accelerate experiences that customers expect today and to deliver tomorrow’s breakthrough capabilities, the program is open to deep technology companies of all sizes and at all stages. Programming centers around highly personalised, one-on-one working relationships, access to internal and external mentors, and an emphasis on working together to reimagine prototype and ultimately bring to market the future of home improvement retail.
Participants in the first cohort include:
•Stylumia: A Bangalore-based startup focused on providing product insights through its AI-powered consumer-driven, demand-sensing engine for seen and unseen products
•Infilect: A Bangalore-based startup with strong computer vision capabilities and AI platforms, helping brands and retailers in measuring, monitoring and improving retail processes such as product distribution, placement and sales.
•StoryXpress: A Delhi NCR-based startup with an end-to-end video marketing platform that enables brands and retailers to convert their e-commerce product catalogs into videos at a fraction of the standard time and cost.
•Headway: A Bangalore-based startup focused on talent acquisition powered by AI and behavioral science, helping talent acquisition teams function faster with deep talent analytics.
•Siddhi.ai: A Bangalore-based startup focused on using AI to craft actionable insights from the vast, unstructured resources of the open web to help lifestyle brands and retailers personalise product decisions.
•Rephrase.ai: A Bangalore-based startup focused on building generative AI tools to make professional automated human-like videos with applications involving Hyperreal AI.
•Nanospan: A Hyderabad-based startup focused on nanotechnology, producing graphene and nano composites with applications in building the next-gen homes, defence tech and energy storage.
“India is home to a wide network of innovators developing solutions to global issues. We have set up CONSTRUCT as a way to partner with the brightest minds to reinvent home improvement retail,” said Abhay Tandon, Director – Innovation and Head of Lowe’s Innovation Labs – India. “CONSTRUCT provides startups of all stages and sizes with an opportunity to apply their solutions in a highly conducive environment.”
“We’re launching our signature start-up engagement program, CONSTRUCT, in India to reimagine and build the future of home improvement retail with startups that bring diverse, global perspectives,” said Cheryl Friedman, Vice President of Lowe’s Innovation Labs.
CONSTRUCT is designed around Lowe’s start-up partners, who receive personalised attention from functional and technical leaders at Lowe’s, as well as external mentors from venture capitalist firms, companies and enablers.
“Our vision at Lowe’s India is to transform home improvement retail by building world-class experiences for our customers with the right products and technology,” said Ankur Mittal, Vice President Technology and Managing Director of Lowe’s India. “Our focus has always been to use deep technologies such as AI, analytics and robotics to power tomorrow’s retail, and CONSTRUCT will help accelerate that work.”
The virtual launch event was held on 17th June 2020 with more than 5000+ participants, leaders and speakers from across the globe. Cheryl Friedman, Vice President of Lowe’s Innovation Labs from Lowe’s Global and Ankur Mittal Vice President Technology and Managing Director of Lowe’s India provided the keynote remarks. Speakers from Gojek, Udaan, Haptik, The Brigade Group and Accenture engaged in a fireside chat and panel discussion about the future of home improvement retail.
Lowe’s India is the retail technology and analytics center for Lowe’s Companies, Inc. With more than 2,500 associates, Lowe’s India focuses on technology, analytics and shared services. For more information, visit Lowe’s India on Facebook, Instagram and LinkedIn.
Lowe’s Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 18 million customers a week in the United States and Canada. With fiscal year 2019 sales of $72.1 billion, Lowe’s and its related businesses operate or service more than 2,200 home improvement and hardware stores and employ approximately 300,000 associates. Based in Mooresville, N.C., Lowe’s supports the communities it serves through programs focused on creating safe, affordable housing and helping to develop the next generation of skilled trade experts. For more information, visit Lowes.com.
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