26th August 2023 Vedanta announced the launch of the third edition of Vedanta Spark, their global corporate innovation, accelerator & ventures program aimed at providing over 100 project opportunities worth up to $ 5 million to startups in sustainable and transformative technologies.
With the resounding success of the previous two editions, engaging over 80 startups for more than 120 opportunities of around $3.5 million, Spark 3.0 is set to contribute significantly to Vedanta’s transformation and the growth of engaged startups.
Ms. Priya Agarwal Hebbar, Chairperson, Hindustan Zinc Limited & Non-Executive Director, Vedanta Limited, said, “Vedanta Spark 3.0 is a testament to our commitment towards fostering innovation and collaboration. Through this initiative, we also aim to inculcate a start-up culture by enabling the businesses to collaborate with some of the brightest minds in the nation as well as usher in the next generation of industry leaders. This year we hope to increase focus on ESG transformation through innovative solutions and are also looking to engage with & support more women-led startups.”
Vedanta Spark’s approach to fostering start-ups involves inviting solutions for real business challenges. Selected start-ups are provided opportunity to execute projects with Vedanta Group of companies and access to world-class infrastructure, resources, and insights from Vedanta’s seasoned in-house experts. This empowers start-ups to refine their products, scale their operations, and achieve sustainable growth.
Mr. Arun Misra, CEO – Zinc Sector, ED – Vedanta Limited, Digital & Spark Anchor highlighted, “The Spark initiative aligns with the Group’s vision of supporting start-ups that leverage ground-breaking technologies to solve real business problems and shape the future of the industry.”
Vedanta has partnered with MeitY and Nasscom’s Center of Excellence (CoE) for IoT & AI, CII’s CoE for Innovation, Entrepreneurship, & Start-ups and leading industry players like Forge Innovation & Ventures and to accelerate engagements involving emerging technologies. The program has also collaborated with global partner Austmine for advancing technology within the natural resources sector.
Mr. Amitesh Sinha, Head – Vedanta Spark, said “Spark 3.0 intends to bring forth more than 100 initiatives with opportunities upto $ 5 mn this year by partnering with innovative startups and utilizing their cutting-edge technologies. This collaboration serves as a powerful catalyst for Vedanta’s mission of creating large-scale impact by harnessing open innovation and technologies”.
The initiative focuses on three key areas to drive innovation: enhancing business efficiency, digital transformations and achieving Net Zero sustainability goals. The startups will work across the Vedanta group of companies and provide them with an avenue to showcase their innovative ideas.
With the launch of Vedanta Spark 3.0, Vedanta Group reiterates its commitment to foster innovation and inspire startups to drive positive change, disrupt industries, and create a lasting impact on the global stage.