Product10x with an emphasis on the fast-growing sector – SaaS will expand to India. It will assist pre-seed, seed, and Series A firms with their funding and scaling issues.
Nine of the 16 companies in the portfolio of the San Ramon, California-based accelerator are currently operating, while two have been bought. Two of the 16 are in India, one is in Singapore, and the remaining fourteen are in the US.
India’s launch of the accelerator coincides with a period of rapid expansion for Indian SaaS startups. According to a report by Bessemer Venture Partners, the market value of the sector is anticipated to rise to $50 billion in annual recurring revenue (ARR) in 2030, five times the size in 2020. The annual recurring revenue (ARR) is the amount of money a company anticipates getting from its clients.
Suresh Krishna Madhuvarsu, co-founder and partner at Product10x, has experience as an entrepreneur and was a member of two founding teams at Sales table AI and Wizkids. He enjoys the challenge of getting a startup from “Zero to One,” a reference to the Peter Thiel and Blake Masters book of the same name, which is also a best-seller.
“I have huge respect for whoever is trying to create something. Once you have something out there, it is relatively easier,” says Suresh.
Mr Suresh claims that Product10x’s co-creation strategy sets it apart (as opposed to the cohort model). The accelerator works one-on-one with companies to support them in areas such as product-market fit, readiness to raise capital, and long-term mentoring and consulting.
“A lot of accelerators focus on one thing. They bring in a bunch of founders, put them in a classroom or a virtual room, and give these nice lectures. The startups read through materials on LMS (learning management system) for three to four weeks. The last day is the demo day where people invest in a startup or they’re out. It works for a lot of startup founders, especially those who have no clue about the entrepreneurial journey,” says Suresh.
The cohort model, however, was despised by the founders of Product10x because it is frequently generic and does not take into account the unique difficulties that startups have as they progress through various stages of development.
According to Suresh, the accelerator seeks to help businesses construct and sell goods at the ground level rather than providing them with “high-level information.” He claims that Product10x’s founders, partners, and subject matter experts assist firms with specific scaling-up challenges.
“We can bring our expertise and experience concerning scale and acceleration from Silicon Valley to India,” says Suresh.
The core staff of the accelerator consists of the two Co-founders Suresh and Jogi Daita, Anand Desikan, three associate partners, and a community director, who is currently the only member based in India. For Indian entrepreneurs, the core team at Product10x will serve as the lead partners and assist with scaling-up, international expansion, and linkages to venture fund.
To assist startups in growing and scaling into profitable businesses, Product10x also counts on the support of the advisory council, which is made up of 14 industry experts.
“We are looking to bolster our advisory committee and add more industry experts based in the country to offer support and guidance to startups,” says Niraj Mulani, Director, Startup Community & Engagement, Product10x.