Applications open for Panasonic’s Ignition Challenge II – a corporate innovation accelerator programme

·         The second edition of the Corporate Innovation Programme aims at enhancingIndian consumer’s lifestyle

·         Beyond Next Ventures is the Venture Partner, Dentsu is the theme partner, and Zinnov will be the consulting partner

·         Registration for Panasonic Ignition’s 2^nd edition startfrom 23^rd October to 29^thNovember 2024, for details log on to https://ignition.in.panasonic.com

Panasonic Life Solutions India (PLSIND), a leading diversified technology company, and Panasonic Corporation (PC) today launched the second edition of “Panasonic Ignition” challenge in association with Beyond Next Ventures, the venture partner.Panasonic Ignition challenge is a corporate innovation accelerator programme focused on improving Indian consumer lifestylesthrough technology innovations in areas such as smart living technologies, personal health and wellness, sustainable living, energy efficiency, connected devices, lifestyle services, and personalized experiences. The startups may apply for the Panasonic Ignition’s 2^nd editionathttps://ignition.in.panasonic.comfrom 23^rd October to 30^th November 2024.

The second edition of Panasonic Ignition – the accelerator programme has been designed byPanasonic’s India Innovation Centre (IIC)in collaborationwith Beyond Next Ventures, Denstu, and Zinnov. Here, the selected startups will receive potential investment, access to various masterclasses, expert mentorship, and support around product strategy and growth that would assist them towards building innovative technologies andproducts that enhance people's lifestyles in India.

Mr. Kunio Gohara, Chief Transformation Officer (CTRO) & Head of CVC office, Panasonic Corporation said, “Panasonic Ignition is a key component of our broader innovation strategy, i.e., to stay at the forefront of emerging technology and consumer trends. The Ignition Program fosters open innovation by collaborating with agile startups to complement our internal R&D efforts, allowing us to rapidly prototype and test new ideas in the Indian market. This initiativeis further to our mission to improve people's lives through technology, and in parallel, helping us identify potential investment opportunities through our Panasonic KURASHI Visionary Fund (PKVF). Through this collaborative initiative not only we are adapting to change but also actively shaping the future of consumer technology and lifestyles in India and beyond.”

Commenting on the launch, Mr. Manish Misra, Chief Innovation Officer, Panasonic Life Solutions India said,“Currently, India has the third largest startup ecosystem globally with over 1,12,700 startups.And there has been a remarkable 15X increase in total funding since 2015, further,depicting the immense potential of our entrepreneurs. This presents a unique opportunity for us to address thelifestyle challenges faced by our customers.The first edition of Ignition Challenge*focused on real-life challenges around Energy Management Systems for Commercial Spaces. This year's theme focuses on understanding and adapting to the emerging lifestyle changes of Indian consumers in the next few years, with the goal of creating personalized and holistic solutions that enhances their overall well-being and upgrade their lifestyles. Here, we look forward to working withBeyond Next Ventures, Denstu, Zinnov and the emerging startups.”

Tsuyoshi Ito, the CEO and Managing Partner of Beyond Next Ventures commented, “India has a thriving startup ecosystem with many innovators building new products and services that help improve the lifestyles and well-being of people. As a venture capital firm, our mission is to find such innovators and help them scale. Panasonic Ignition is an ideal platform for startups to partner with a global market leader like Panasonic and collectively serve the needs of future consumers. We are honoured to partner with Panasonic for this unique and exciting program.”

Together with Beyond Next Ventures (Venture Partner), Dentsu (Theme Partner), and Zinnov (Consulting partner), Panasonic is committed to driving meaningful innovation that enhances Indian consumer lifestyles. By leveraging Dentsu’s insights into future trends, Beyond Next Ventures’ startup network, and Zinnov’s strategic collaboration frameworks, Panasonic aims to co-create cutting-edge solutions that align with emerging market needs. This collaborative effort reinforces Panasonic's vision of staying at the forefront of technological advancements and consumer-centric innovations, fostering sustainable growth and positive societal impact in India.

In the first edition of Panasonic Ignition Challenge – Enlite and Clairco were recognized as the winners.Enlite focuses on AI-enabled wireless building management system and Clairco develops IoT-based smart air purification devices & space optimization solutions. Both the start-ups are currently involved in strategic customer trials and parallelly Panasonic Holdings Corporation is conducting a formal investment due diligence.