Andhra govt, US firm announce challenge for startups, promise prizes worth $1 million

The Andhra Pradesh government in association with a US-based innovation platform for enterprises, founded by an Indian IT veteran, has announced a $1 million global challenge for startups to showcase their products and solutions in the fields of agriculture, emerging technology and Fintech.

As part of the challenge, roadshows are planned in Chicago, New York, San Francisco, Tel Aviv, Paris, London, Hong Kong and Bangalore. The first roadshow was held in Chicago on Friday, a press release said on Monday.

The challenge, organised by Fintech Valley Vizag in collaboration with Bizofit, will culminate in Vizag with presentations by 25 selected finalists on October 25.

Fintech Valley Vizag is an initiative of the Andhra Pradesh government to promote business infrastructure and attract investors and multinational corporations to set up offices in the state.

Bizofit, founded by Indian IT veteran Bala Palamadai, is a crowdsourced innovation platform connecting enterprises with tech companies.

A first prize of $1,50,000 ( ₹1 crore) and $1,00,000 ( ₹70 lakh) as second prize would be given to the winners. The finalists in each category would get ₹7 lakh each.

“The Andhra Pradesh government is committed to create a robust ecosystem of next-gen startups and a talent pool that corporates, investors and technology companies can leverage to navigate the emerging digital trends and enable co-innovation,” JA Chowdary, Special IT Advisor to the Andhra Chief Minister, said.

“Bizofit is pleased to have been chosen as the North America Challenge Partner of Andhra Pradesh in this exciting journey. We believe, this will position VIZAG as a ‘Virtual Innovation Zone Accelerating Growth’,” Bizofit founder and CEO Palamadai said.