The Andhra Pradesh Government has joined up with Bizofit, a startup by Bala Palamadai, and Indian IT professional, asking startups to provide innovative solutions in the fields of financial technology, emerging technology and agriculture. The total prize money to be awarded is $1,000,000.00 and it will be broken up into $150,000.00 for the first prize, $100,000.00 for second prize, and finalists in each of the categories receiving $10,000.00. The final stage of this contest will see 25 finalists making their presentations in Vizag at a venue organized by Fintech Valley, on October 25, 2018.
J.A. Chowdary, Special IT Advisor to the Chief Minister of Andhra Pradesh on the announcement of this contest, said, “The Andhra Pradesh government is committed to create a robust ecosystem of next-gen startups and a talent pool that corporates, investors and technology companies can leverage to navigate the emerging digital trends and enable co-innovation.” These sentiments were echoed by Bala Palamadai who said, “Bizofit is pleased to have been chosen as the North America Challenge Partner of Andhra Pradesh in this exciting journey. We believe, this will position VIZAG as a ‘Virtual Innovation Zone Accelerating Growth’.”
This contest will see roadshows in cities around the world, with one in Chicago having been concluded on Friday, September 7, 2018, and with others planned for New York, San Francisco, Tel Aviv in Israel, Paris, France, London, Hong Kong and finally Bangalore.