PES University and CoCreate Ventures have partnered to start PESU Venture Labs (PVL), a fund that operates in the pre-prototype or pre-ideation phase, focusing on industry professionals, student entrepreneurs, and academicians.
Apart from funding, PVL also plans to offer resources to start-ups to turbo-start their idea and provide entrepreneurs with in-house talent in design, marketing and product management, a statement from PESU Venture Labs said. PVL has so far incubated over 10 companies in the deep tech space, which at present are in the final stages of their product launch. Four companies are expected to hit the market by July. The lab also provides funds up to $150,000 and other services to help companies build products and test unit economics.
To mentor, PVL plans to tap experts from the industry to ensure the products meet global standards. Apart from inviting ideas from potential entrepreneurs, PVL has a facility to incubate companies based on the deep research by researchers.
The lab supports start-ups that are category creators, use deep-tech innovation as a differentiator, SAAS compliant apart from having a great entrepreneur and large market size.
Speaking about the initiative, Prof Jawahar Doreswamy, Pro-Chancellor, PESU, said, “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.”
Suresh Narasimha, a serial entrepreneur, founder of CoCreate Ventures and the brain behind PVL, said, “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 VC ecosystem from the campus.”