“Source:- Business Insider”
As the coronavirus pandemic spreads, startups and organizations have been working day and night on innovations that will help people across the world. According to StartupBlink, which has a global comprehensive startup ecosystem map and research centre, India ranks 19th in the world coronavirus innovation map.
On the innovation map, India has 0.16 score. Meanwhile, the United States of America tops the list followed by Canada and Estonia. The US has a score of 4.28.
“The first run of the rankings reveals an interesting insight that some of the cities that have been badly hit by the crisis such as New York, Milan, Paris, London, Beijing, and Barcelona, are the ones that have been mostly over-performing in the charts. This is counterintuitive since those cities are in a major crisis, but still, manage to excel and innovate due to the needs they are facing,” said the report by
India currently has over 17,200 positive coronavirus cases. Since late March, more and more organizations have been turning their businesses around to support the government during the coronavirus pandemic.
In his most recent speech, Indian Prime Minister Narendra Modi also urged scientists and researchers to come forward with innovative solutions to deal with the coronavirus.
While factories have started producing masks, testing kits and PPE kits, startups have pivoted to build a use case during the coronavirus pandemic. The first Made in India testing kit from Pune based startup MyLabs also recently received commercial approval.
India’s top VCs – Sequoia India, Matrix Partners, SAIF Partners, Lightspeed Ventures, Kalaari Capital, Accel, Chiratae Ventures, Omidyar Network and Nexus Partners along with several startup founders, launched a ₹100 crore grant to fund ideas that will lead the fight against the coronavirus pandemic.
The grant is purely charitable with no financial interest. The initial grants will be for ₹10 lakh but once the startup can prove a product-market fit, the investment can go as high as ₹10 crore per idea. So far, the VCs committed ₹2.5 crore to startups like IVR project, MyLab and Ventilator Splitter.