In another fund created to support the startup ecosystem, PES University and CoCreate Ventures have come together to roll out a fund that operates in the pre-prototype phase, focusing on industry professionals, student entrepreneurs, and academicians.
The fund, called PESU Venture Labs, provides up to $150,000 in funding and other services to help companies build products and test out unit economics.
“PVL was set up with the objectives of making the brightest of our students, entrepreneurs, leveraging entrepreneurship to fund researchers and students, and creating a funnel of fundable, deep-tech companies for the VC ecosystem from the campus,” said Suresh Narasimha, a serial entrepreneur, founder of CoCreate Ventures.
Apart from funding, PVL will also offer resources to startups to turbo-start their idea. It will provide PVL entrepreneurs with in-house talent in design, marketing and product management. It will also incubate companies based on the deep research by researchers.
PVL has so far incubated over 10 companies in the deep tech space, which are present in the final stages of their product launch. Four of the companies are expected to hit the market next month.
“This unique initiative will help our students have an early exposure to the entrepreneurial ecosystem we have created at PESU. This is a beginning to amazing things that await students at PESU Venture Labs,” said Jawahar Doreswamy, Pro-Chancellor, PESU.