Citrix's accelerator to fund 4 out of 9 startups it has incubated

BENGALURU: Citrix Systems' startup accelerator has financed four out of the nine startups it incubated, becoming the first corporate accelerator in the country to do so. Citrix had incubated the nine startups - five run by its own employees and four by outsiders - for three months as part of its Innovator's program.
"It was about how we bring what we've learnt about startups in the Valley. Most startups struggle with customers and we're here to help with that through corporate partners," said John McIntyre, MD, Citrix Startup Accelerator.

The four external startups have received a total of $10,000 in equity-free grant. Employees running the five internal startups were given a three-month sabbatical while they continued to receive their pay and benefits.

"I can safely say that each of the nine teams graduating from the first edition of the innovator's program in India are better prepared to bring great products, and have attracted investor interest," said Rakesh Singh, VP and general manager of Citrix India.

"By constantly challenging us with a mix of deadlines and tasks, the mentors and advisors trained us to adapt and tackle situations quickly," said Sandip Panda, CEO of InstaSafe, a private cloud network provider.