Thought Factory is Axis bank's innovation lab for FinTech startups

Leave a Comment
Startup scenario is booming across the world. India is not untouched from the same. Every other day, numerous startups spawn from garages and bedrooms of thinkers. Some fail to kick off, while others gather massive funding and try to make a dent in the startup ecosystem. Seeing all this, Indian leg of Axis Bank has come up with an innovative idea to nurture and house a few such startups. They are calling it the Axis Thought Factory.

Axis Bank Thought Factory

Needless to say, all or most of the selected ideas pertain to the finance domain. Moreover, since a startup these days tries to solve a problem using computing and available technology, all this ends up in an amalgamation of finance and technology to address real-world problems. Hence the term FinTech. So, if you have an idea and are thinking of enrolling in the program (details on how to do that later in the article), you have a better shot if it relates to finance. If not, you can still give it a try as there is no such limitation on paper. It is just that the odds are higher in the former case.

Before I go into the details, it is important to note that it is yet another incubator, but with specialization in finance domain. Their specialization pertains to the fact that people working for Axis Bank (read having years of experience in the area) will mentor the to-be-entrepreneurs on anything financial.

How does it work?

The entire concept is divided into three steps. In the in-house incubation step, various ideas and technologies are discussed. In the accelerator step, workspace, mentorship, and tools are provided to improve and realize those ideas. In the final step, social engagements are arranged wherein products and further concepts are presented to potential investors (Axis Bank is one them).

Why should a startup consider enrolling?

There are various convincing reasons for the same:
  1. A chance to display your idea to the world
  2. It is always better to have another helping mind
  3. Support and mentorship from industry experts
  4. Help in getting funded. 
  5. Invaluable experience and lot to learn

How can one enroll?

One of the following will work:
  1. Participate in road shows conducted in various cities across the country
  2. Look out for hackathons being arranged under "Hack for Hire" label
  3. Just drop the team an email and wish you get lucky
For details like email address and exact locations, refer to the official website.

Good luck.


Post a Comment