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Philips launches first start-up programme for artificial intelligence in healthcare

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Bengaluru, Oct 23:  Global health technology firm Philips selected 19 start-up companies for its first global start-up collaboration programme that is focused on the application of artificial intelligence (AI) in healthcare, the company said in a statement on Tuesday.

The 12-week ‘AI in Healthcare for Radiology, Ultrasound and Oncology’ programme will give 19 AI start-up companies access to Philips’ health technology expertise and its ecosystem of knowledge partners.

The programme focuses on the application of AI-based clinical decision support tools, such as image interpretation, analysis and integration and workflow tools, such as intelligent treatment plans for radiology, ultrasound and oncology.

“The Indian Start-up ecosystem is demonstrating an increasing trend of applications based on deep learning and AI in healthcare domain. Philips is engaging with entrepreneurs who are developing AI-enabled solutions for improving clinical and operational outcomes,” Srinivas Prasad, CEO, Philips Innovation Campus-Bangalore, said in a statement.

Out of 750 applicants, the most promising 19 start-ups were selected for inclusion in Philips’ proven accelerator programme for early stage start-up companies.

“This year, the chosen start-ups are unique and the team at Philips Innovation Campus is committed to help start-ups strengthen their value proposition and become successful sustainable business.”

The programme will be carried out at Philips’ innovation hubs in Bengaluru (India), Cambridge (US), Eindhoven (the Netherlands) and Shanghai (China).

IANS

Business

Microsoft’s venture fund to invest in Indian startups

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Bengaluru, Jan 16: Microsoft on Wednesday announced that its corporate venture fund M12 will invest in Indian startups with a funding size of $2 million to $10 million.

Rashmi Gopinath, partner at M12, will lead the fund’s investment portfolio in the country.

M12 announced its first India investment in the healthcare SaaS (software-as-a-service) startup called “Innovaccer”.

“M12 offers unique access to strategic go-to-market resources and relationships globally. I hope we will get a great traction in the Indian market,” Gopinath told reporters here.

As the corporate venture arm for Microsoft, M12 (formerly Microsoft Ventures) invests in enterprise software companies in the Series A through C funding stage.

According to reports, venture capital investments in Indian tech business-to-business (B2B) start-ups have been trending upwards, with over $3.09 billion raised in equity funding across 415 deals in 2018 — 28 per cent more than $2.41 billion in 2017.

“India offers unique competitive advantages by being home to top technical talent in the world in areas like including computer vision, robotics, blockchain and autonomous driving,” said Microsoft.

“We are thrilled to broaden M12’s reach to include India,” said Nagraj Kashyap, Global head of M12 and Corporate Vice President, Microsoft.

IANS

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82% start-ups did not get Startup India benefits: Report

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New Delhi, Jan 3: Around 82 per cent of start-ups in the country are yet to receive any benefit under the Centre’s Startup India initiative, a report said on Thursday.

“Only 18 per cent start-ups and SMEs (small and medium enterprises) in the next poll claimed to have benefited from the Startup India Mission. This means that a huge 82 per cent start-ups or SMEs felt that they did not receive any benefit from the highly publicised scheme,” said the LocalCircles Annual Startup Survey 2019.

LocalCircles, a community social media platform, conducted the survey among over 15,000 start-ups, SMEs and entrepreneurs in the country, it said.

The Startup India initiative was launched in January 2016 with an aim to support the growth of start-ups in the country by providing incubation, funds and tax exemptions among other benefits.

Further, bringing the glare back to the “angel tax” issue faced by start-ups, the survey showed that about 32 per cent start-ups received multiple notices from the Income Tax Department in 2018.

“The angel tax has not made the life of an entrepreneur any easier with many SMEs and start-ups receiving income tax notices this year,” the report said.

“32 per cent said they had received multiple notices while six per cent said they had received one notice. 62 per cent said they did not receive any notices.”

The issue of tax notices to start-ups received public gaze after several start-up founders took to social media after receiving tax notices.

This led to the government ordering the Income Tax (IT) Department on December 24 not to take coercive measures to recover the outstanding angel-tax dues.

The order issued by the Central Board of Direct Taxes (CBDT) said the matter was under consideration and directions were issued to the IT Department not to take any coercive measures to recover the outstanding demand till further instructions.

However, according to the report, issuance of assessment orders against start-ups continued despite the government orders.

“Though an order was issued to not take coercive measures to recover the demand, assessment orders continue to be issued against start-ups,” it said.

About 97 per cent of the people surveyed felt the IT Department officials should be educated on start-up valuations.

On the outlook for the year ahead, 71 per cent of start-up founders said they would like to grow their organisation while 24 per cent said they would close their businesses and the remaining five per cent intend to sell their business.

IANS

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Strategies to Quash Financial Crisis for those who are into Mid-Life Entrepreneurship

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Dec 8 : There are an  increasing number of Entrepreneurs going through financial struggles, because of poor planning and knowledge and let’s discuss the way out

The nascent stage of entrepreneurship is not the easy road, especially if one is a mid-life entrepreneur. Most have them have started their journeys by taking a dip in their savings and leveraging it to catapult their business forward. Vaibhav Datar calls for a sound planning and strong command over one’s financial assets which would assuredly help resolve expenditure, stress related to expenditure and negate the involvement of middle men (read taxmen) haggling the hard earned money and taking control over whatever little time the entrepreneurs have.

Not having a well paved path can lead to entrapment of the ventures who go back to the safety net of their salaried jobs but without any lessons learnt. These once enthusiastic entrepreneurs often end up blaming the market, the customer and external factors without realizing that the real change needs to occur within. Only if they had taken a hard look at their money and controlled their urge to splurge, things would have been different.
To avoid this conundrum, listed are the few strategies which will help mid-life entrepreneurs to move away from financial crisis towards financial abundance.

Vaibhav Datar said, “Creativity is directly proportional to the capital influx. In certain times if the entrepreneur experiences a dry financial spell, it is time to change the strategy and put creativity in full gear. The distinct element of being ‘out-of-the-box’ is helpful while it remains aligned to the industry and the business motive. This leads to combination of creativity and proactivity that can concord the perfect recipe for success.”

Vaibhav Datar said, “It has been observed that people tend to reject monetary help with no conscience. It is in the nature of human to be sceptical about the compliments or help that because one does not accept and acknowledge that what he/she earns is a reward for their hard work and knowledge. Compliments often digress to negativity where the receiver tends to believe in the ulterior intention of the other party and create a disbelief over something absolutely trivial. Humans immediately reciprocate a compliment with another one as we do not like obligations. Same thing can be applied to monetary assistance. We are inclined to believe that borrowing funds sets a bad example and any monetary transaction is pushed away because human mind doesn’t allow one to feel worthy of it.

Unless there is a valid reason behind this understanding, one should not push away help of any sorts and this idea needs to be implemented with immediate effect.”

Vaibhav Datar  said, “Quite often, people end up giving more funds than required. Why does one do that? The answer is recognition and appreciation. In one’s zest for adaptability & acceptability, it is accepted that respect and love can be bought with money.However it does not work that way. By spending more, people create an impression that monetary benefit is something that doesn’t matter as much as it should and by adopting this reckless behaviour, people often pave path to more such opportunities. Nothing can be negatively drastic than that.

In this time of online transaction and digital money, the feel of the actual currency is taking a back seat and earning money is no more a joyous option as it once was. By being grateful towards the earned money and understanding the value, not only entrepreneurs but every person will reminisce the value of every rupee earned and be more conscious of where it is being spent.

Financial knowledge has utmost importance when it comes to managing money and being aware of the flow of money takes the cake in any financial planning. Buy a book on financial independence, play business games like Cash flow 101, make friends with financial planners, read financial papers and increase one’s financial literacy.

Money is equated with water. As always said by the traditional people in India, akin to water flowing through leaking taps money goes away faster than you thought. By undertaking a critical analysis of the money being spent and understanding the conjecture at which it can be optimized, the entrepreneur can reduce the chances of acute dearth of cash and can rely on the well thought measures to punctuate the entire money repository for various other purposes.

As I go through innumerable life coaching conversations with mid-life entrepreneurs, I find an increasing number of them going through financial struggles, because of poor planning and knowledge. Let’s be more aware about our future financial needs and take concrete steps towards becoming a rich mid-life entrepreneur.

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