PALO ALTO, Calif.--(BUSINESS WIRE)--NEC X, the Silicon Valley innovation accelerator backed by NEC’s portfolio of advanced technologies, is once again accepting applications for Elev X! Ignite, its venture studio program that transforms early-stage founders into seed-ready startups.
Startups have until July 7, 2024, to apply for the upcoming cohort, Batch 12, of NEC X’s coveted venture studio program, which will commence in Q3 2024 following a multi-phase selection process.
“We're honored to welcome the next wave of visionaries to apply for Batch 12 and join NEC X's robust and growing ecosystem,” said Shintaro Matsumoto, President and CEO of NEC X. “It’s always inspiring to see the innovative ideas that emerge from our applicants, and even more inspirational to see their evolution and growth throughout our programs. I'm eager to see what the newest batch will create.”
Why Join Elev X! Ignite
Elev X! Ignite transcends traditional venture studio models, providing a unique blend of strategic collaboration, engineering expertise, extensive R&D resources, comprehensive support services and up to $200K in equity funding to propel transformative startups to success. The customized program is ideal for entrepreneurs and founding teams in the ideation or prototyping phase and is designed to fast-track innovations that synergize with NEC’s technologies, have a clear vision and the potential for substantial market impact.
During the six- to nine-month program, startups work closely with NEC X’s innovation team and engineers, NEC researchers, industry experts, coaches, mentors and advisors to refine their product. This collaborative journey includes conducting Customer Discovery and Validation with customer interviews, developing compelling Minimum Viable Products (MVPs), verifying Proof-of-Concept (POC), and engaging paying customers and investors.
Upon completion, participants will have validated a problem-solution fit and solution-product fit with a refined business model, a strong team, and scalable solutions, positioning them to generate recurring revenue and secure new funding.
While entrepreneurs and founding teams from all industries are eligible, NEC X has a particular strength and focus on B2B software and SaaS startups innovating in the fields of AI/ML, climate and agriculture, healthcare and digital health, marketing, and public safety.
How to Apply
Qualified candidates are those working on new business ideas, developing problem-solution hypotheses, or prototyping an MVP. It is not required to have launched a product or generated revenue. Submissions will be evaluated on innovation, market potential and scalability.
Approximately 30 applicants will be selected to advance to a pitch round and a pre-program of workshops and mentorship, followed by a final selection of six to eight startups to join Elev X!
Interested parties can learn more about the program by attending an introductory webinar.
For application information, materials, and deadlines, click here.
Fueling Startup Success
Since 2018, NEC X has helped launch and grow more than 100 startups. Past graduates of Elev X! include Metabob, eCommerceInsights.ai (now Indellia), Beagle Technology, NavigateIO, Flyhound, Qualitative Intelligence (Q.I.), WeWalk and many more.
- Manny Cerniglia, Co-founder & CEO, Flyhound (Batch 6): “We were impressed with the continued support of our business by NEC X. From facilitating investor introductions, connecting us with partners, and helping us grow, they have been an incredible ally and a key figure in our success.”
- Nipun Kumar, CEO, Chekable (Batch 10): “The program structure – with pre customer discovery, customer discovery, and validation – helped me to think about how I could find a product that would be extremely profitable and business worthy. The great thing about pre discovery is that you get access to top coaches and mentors and you get a preview and a taste of what it's like to work with NEC.”
- Tiffany Walling McGarity, CEO, Metapyxl (Batch 11): “The value of collaborating with NEC X has catalyzed our business scaling efforts by providing crucial insights into efficient operational practices and go-to-market strategies. This engagement has enriched our team’s capabilities in business acumen and strategic planning. Moreover, NEC X has fostered a vibrant network of peer companies, creating a collaborative community from which we all learn and grow. Their recognition of our efforts has also elevated our company’s profile, providing us with invaluable exposure and credibility in the industry.”
- Jean-Claude Junqua, Founder and Owner, CE2Innovate (Program Advisor): “Via the Elev X! program, a new venture or early-stage startup will have access to high quality workshops and expert guidance. They will also be able to experience a range of new perspectives while sharpening their problem solution fit via customer interviews. In a short period of time they will realize the power of a problem-centered approach. They will be able to do so with the guidance needed to be successful.”
To learn more about the Elev X! Program, please visit: https://elev-x.com.
About NEC X
NEC X is an innovation powerhouse and curator of disruptive startups backed by the global technology leadership of NEC. Leveraging 125 years of IT and network technologies expertise, NEC X’s startup-focused approach transforms visionary ideas into commercial successes that revolutionize how we work and live. Since its inception in 2018, NEC X has helped launch and grow more than 100 startups.
Their Silicon Valley programs – Elev X! Ignite and Elev X! Boost – equip early-stage startup founders with the tools to fast-track their tech development and adoption. Elev X fuels startup success from inception to launch, connecting innovators with NEC’s 45,000 patents; global network of partners, mentors and advisors; reach into 55+ international markets; and $8 billion R&D ecosystem.
For more information, visit https://nec-x.com and https://www.elev-x.com.
About NEC Corporation
NEC Corporation has established itself as a leader in the integration of IT and network technologies while promoting the brand statement of “Orchestrating a brighter world.” NEC enables businesses and communities to adapt to rapid changes taking place in both society and the market as it provides for the social values of safety, security, fairness and efficiency to promote a more sustainable world where everyone has the chance to reach their full potential.
For more information, visit NEC at https://www.nec.com.
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