Hyderabad: Boeing along with T-Hub that had launched the Boeing HorizonX India Innovation Challenge at the Global Entrepreneurship Summit in November 2017 is now in the last leg of the challenge.
From 4,500 applications received for the challenge, the company shortlisted 80 entries and has now zeroed on 13 startup teams for the challenge. In addition, six teams from Boeing’s research and technology centre have also been selected for the final round of the challenge.
Out of the 19 startup teams, the company plans to select three from outside startup and three from their in-house centre to provide support and funding.
The selected startups and internal teams will now work on perfecting their ideas and concepts to develop disruptive solutions and tackle complex challenges in areas of aerospace, including autonomous and unmanned systems, advanced manufacturing, industrial IOT and automation, analytics, artificial intelligence (AI) and machine learning (ML).
The winners of the challenge will get to take forward their product and get full support and investment from Boeing and will be situated in T-Hub.
Without revealing details about funding size, Boeing HorizonX director, Pradeep Fernandes said, “The startups are from different levels starting from early stage to mid stage and some don’t even have a product to showcase. But we bet on the idea and will provide all kind of support for the startup to grow.”
Launched in April 2017, Boeing HorizonX functions as a pathfinder organization for Boeing. The team makes targeted investments in new ventures and startups; seeks unique business opportunities for the company’s aerospace technology; and assesses disruptive innovations and business strategies.