APIS CEO opens XLR8AP in city

Visakhapatnam: In continuance with the strategic alliance between Federation of Indian Chambers of Commerce and Industry (FICCI) and the State government, the second phase of Flagship Global Accelerator and Incubation Programme ‘XLR8AP’ was inaugurated at Sunrise Incubation Towers, IT-SEZ in the presence of Winny Patro, Chief Executive Officer, Andhra Pradesh Innovation Society.

The XLR8AP is a joint venture between the APIS, FICCI and IC2 Institute of the University of Texas at Austin. Briefing about the XLR8AP, Winny Patro said that it aims to establish a world-class technology innovation ecosystem in the State through training, advanced capacity building for innovators and entrepreneurs and incubation and acceleration of tech companies.

The initiative also assists in mobilisation of venture capital and provides access to global networks of both FICCI and IC2. The qualifying tech companies looking at the global marketplace are co-located at Austin.

XLR8AP trained 132 startups in its first phase by creating 1,000 new jobs and internships, aiding next-generation entrepreneurs to learn high impact entrepreneurship ‘from the inside’ and solving real societal and business challenges through innovation, the CEO, APIS said. Over USD3.4 million in incremental revenue and more than 200 commercial deals in various stages of development are in the works as a result of the initiative, he said.