Panasonic Introduces “Panasonic Ignition” Innovation Accelerator Program in Partnership with 100X.VC
- ByStartupStory | October 13, 2023
Panasonic Life Solutions India, a leading diversified technology company, has joined hands with Panasonic Corporation and 100X.VC, a prominent seed-stage venture capital firm, to launch the “Panasonic Ignition” corporate innovation accelerator program. This initiative is aimed at mentoring, guiding, and funding early to mid-stage startups that are focused on creating innovative solutions in the field of Energy Management for commercial and residential segments.
“Panasonic Ignition” is designed by Panasonic India Innovation Centre (IIC) in collaboration with 100X.VC. It provides a platform for emerging startup founders who will receive investments, access to masterclasses, expert mentorship, and support for product strategy and growth. This comprehensive support will assist them in developing innovative technologies and products while addressing real-life challenges related to energy management in spatial infrastructures.
Mr. Manish Sharma, Chairman of Panasonic Life Solutions India and South Asia, emphasized the importance of India’s dynamic startup ecosystem. With over 750 million active internet users and a growing number of startups, India is a fertile ground for innovation. Mr. Sharma expressed Panasonic’s commitment to support Indian entrepreneurs and contribute to the growth of the Indian economy. The collaboration with 100X.VC and the launch of the “Panasonic Ignition” program demonstrate Panasonic’s dedication to becoming a prominent player in the Indian startup ecosystem.
Mr. Kunio Gohara, Chief Transformation Officer and Head of the Corporate Venture Capital (CVC) office at Panasonic Corporation, introduced the Panasonic KURASHI Visionary Fund (PKVF). This CVC fund, established in July 2022, is committed to investing a total of Yen 8 Billion (approximately INR 450 crores) in early to mid-stage startups across Japan, Europe, and India. Mr. Gohara explained that “Panasonic Ignition” represents a strategic investment approach that mutually benefits startups and the broader market and society. Startups can leverage Panasonic’s extensive local and global experience and expertise to develop innovative products, boosting their competitiveness and growth potential.
Yagnesh Sanghrajka, Founder and CFO of 100X.VC, expressed excitement about the partnership with Panasonic Group and the “Panasonic Ignition” initiative. 100X.VC is dedicated to identifying and nurturing promising startups, and this collaboration with Panasonic Group will further support startups in the fields of Energy Management, Building Management, EV Charging, Consumer IoT, and more.
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Startups interested in hands-on mentorship, product training, design guidance, growth strategies, and leadership development in the areas of Energy Management, Building Management, EV Charging, Consumer IoT, and related fields can apply for the inaugural class of the Panasonic Ignition program from October 11th to October 31st, 2023, at Panasonic Ignition.
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