RIL's GenNext Hub and Invest Ottawa ink pact for startups.

Invest Ottawa, the economic development agency for the city of Ottawa, has signed a two-year memorandum of understanding with Reliance Industries Ltd’s GenNext Ventures, which will provide Ottawa-based companies an opportunity to expand into India and offer Indian startups a springboard into the North American market.

GenNext Ventures along with Microsoft Ventures runs GenNext Innovation Hub, an incubator for startups, in Navi Mumbai.

“We think this MoU will provide Reliance with access to the most innovative companies in the world and provide the Ottawa companies with a world-class partner in India,” Jim Watson, Mayor of Ottawa said The Hindu .

In a statement, Reliance said the partnership with Invest Ottawa was for creating a bridge to engage innovative startups from India and Canada. “The spirit of the partnership and collaboration is captured and signified through an MoU, which includes co-branding, events invitation and information sharing,” it added.

Invest Ottawa will scout, evaluate, and nominate selected startups from Canada for proof of concept-focused programmes with Reliance business units across selected themes like logistics, security and network, according to the statement.

The startups can also participate in the GenNext Hub Startup Accelerator Program. In turn, Ottawa will help Indian startups connect with ecosystem partners in Canada and the US. The Ottawa ecosystem is known as the most vibrant in Canada with over 1,700 pure-play technology companies and almost 500 of those in the telecom space where Canada has been a world leader for over 100 years, a note from Invest Ottawa said.

THE HINDU